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Ares Management Corp. is deepening its renewable energy footprint. The Los Angeles-based investment giant announced Monday that a fund managed under its Infrastructure Opportunities strategy has acquired a 49% stake in a renewable energy portfolio owned by Spain’s EDP Renováveis SA, valuing the assets at about $2.9 billion.

The landmark deal bundles 10 energy assets totaling 1,632 megawatts of capacity — including 1,030 megawatts of solar, 402 megawatts of wind, and 200 megawatts of battery storage — spread across four U.S. power markets.

Each of these projects carries long-term power purchase agreements with an average remaining term of 18 years, providing the kind of steady, predictable revenue investors crave in a volatile energy market.

Ares Expands Its Green Empire

For Ares, this acquisition is more than a financial maneuver — it’s a strategic leap into the future of sustainable power. The firm emphasized that the deal aligns perfectly with its mission to channel capital into long-term contracted, diversified, and growth-oriented clean energy assets.

“As we continue to provide capital to support the buildout of high-quality infrastructure assets, this investment presents a compelling opportunity to further diversify Ares’ presence across key domestic power markets and growing energy subsectors,”
said Steve Porto, partner in the Ares Infrastructure Opportunities strategy.

EDP Strengthens Its U.S. Footprint

On the other side of the Atlantic, EDP Renewables North America CEO Sandhya Ganapathy hailed the partnership as a catalyst for long-term growth:

“This collaboration reinforces our ability to deliver long-term value while expanding our presence in key markets across the United States.”

The synergy blends EDPR’s operational and development expertise with Ares’ infrastructure investment acumen, forming a powerful alliance in America’s accelerating clean energy transition.

A Growing Portfolio of Power

This transaction marks another milestone in Ares’ ongoing expansion. Since September 2024, the Ares Infrastructure Opportunities fund has snapped up interests in 5.7 gigawatts of renewable capacity across 11 states and five power markets.

Meanwhile, Madrid-based EDP Renováveis, a subsidiary of EDP, continues to push forward its global ambitions, with 16.5 gigawatts of operating capacity and a €12 billion ($14 billion) investment plan through 2026.

The collaboration underscores a shared vision: powering tomorrow with cleaner, smarter energy.

Counsel information for the deal was not immediately available.