Engie attracts Ares as partner in 2.7-GW portfolio of US renewables

The North American arm of French power utility Engie SA (EPA:ENGI) has attracted a unit of Ares Management Corp (NYSE:ARES) as a minority partner in a portfolio of 2.7 GW of operational solar, wind and co-located storage assets across the US.

In a press statement, the French group described the transaction as its largest operating portfolio sell-down in the US and one of the largest sales in the renewables sector based on total capacity.

The overall portfolio comprises 15 plants in operation across ERCOT, MISO, PJM and SPP. Solar power makes for 53% of the whole bundle, 25% is wind and 22% is co-located battery energy storage systems (BESS).

Under the partnership closed between Engie North America and Ares Management Infrastructure Opportunities funds, Engie retains a controlling stake in the portfolio and will continue to operate and manage the assets.

Engie has more than 8 GW of renewable power production in operation or under construction across the US and Canada.

The partnership with Ares supports the company’s strategy in North America by simultaneously recycling capital and adding a leading infrastructure investor to its select pool of partners, the French firm noted in the statement.

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