Ares Management Corporation’s Ares fund secures 49% ownership in an energy asset portfolio from EDP Renováveis (EDPR) worth $2.9bn, comprising 1,632MW capacity in solar, wind, and storage across four US power markets with long-term contracts. The deal expands Ares’ presence in domestic power markets and grows energy subsectors.

EDPR North America CEO Sandhya Ganapathy values the partnership with Ares, reflecting business growth and platform strength. The investment increases Ares’ total power generation capacity to 5.7GW in 11 US states and five markets. EDPR is a global renewable energy developer operating in Europe, Americas, and Asia-Pacific regions.

Read more at Yahoo Finance: Ares Management secures 49% ownership in energy portfolio from EDPR