Ares Management acquired an 80% stake in a 384 MW solar and battery storage portfolio in California from EDP Renewables (EDPR), deepening its push into contracted US clean energy infrastructure. The portfolio combines 200 MW of solar generation with 184 MW of battery storage, both locked into 20-year contracts: a power purchase agreement for solar and a capacity tolling agreement for storage.

"We are pleased to expand our relationship with EDPR through our investment in this portfolio, which combines utility-scale solar generation and battery storage supported by long-term contractual arrangements," said Josh Bellet, a managing director in Ares Infrastructure Equity. He noted the transaction reflects the firm's focus on "providing flexible capital to high-quality, essential infrastructure assets with durable cash flows."

Notably, this is the second deal between the parties in as many years, building on Ares Infrastructure Equity's 2025 investment in a larger 1,632 MW diversified energy portfolio from EDPR. The repeat structure gives Ares a growing pipeline of de-risked assets and EDPR a reliable capital partner to recycle proceeds into new development. Ares manages over $671bn across credit, real estate, private equity, and infrastructure as of 30 June 2026. EDPR, the world's fourth-largest renewable energy producer, operates more than 20 GW of installed capacity globally and pursues a €7.5bn investment plan through 2028.