ENGIE Expands Partnership with Ares Management with Addition of Nearly 1 GW Portfolio of Solar and Storage Assets in the U.S.

Rhea-AI Summary

ENGIE North America has expanded its partnership with Ares Management Infrastructure Opportunities funds, adding a new 0.9 GW portfolio of renewable assets in the U.S. The portfolio includes three operational solar projects across ERCOT and MISO regions, plus one co-located battery storage project in ERCOT. ENGIE will maintain a controlling stake and continue managing these assets.

This expansion brings the total partnership investment to 3.7 GW of U.S. generation capacity. ENGIE currently operates over 11 GW of renewable production across the U.S. and Canada, with 51 GW globally. The company aims to reach 95 GW of renewables and storage by 2030.

The transaction aligns with ENGIE's strategy to recycle capital and expand renewable generation in North America, responding to increasing power demand while advancing their goal of achieving net-zero carbon by 2045.

Positive

• Expansion of renewable portfolio by 0.9 GW through strategic partnership
• Maintains controlling stake in new assets, ensuring operational control
• Total partnership with Ares reaches 3.7 GW of U.S. generation capacity
• Strong presence with 11 GW renewable capacity in North America
• Capital recycling strategy enables continued expansion

Negative

• None.

Additional Portfolio Brings Relationship to 3.7 GW of Investment in U.S. Generation

HOUSTON, March 24, 2025 /PRNewswire/ -- ENGIE North America (ENGIE) announced that it recently expanded its partnership with Ares Management Infrastructure Opportunities funds (Ares) via the addition of a new almost 1 GW portfolio. ENGIE will retain a controlling share in the portfolio and will continue to operate and manage the assets.

The overall 0.9 GW portfolio consists of three solar projects in operation across ERCOT and MISO, and one co-located battery storage project in ERCOT.

"The expansion of our relationship with Ares reflects the strength of ENGIE's portfolio of assets and our track record of delivering, operating and financing growth in the U.S.," said Dave Carroll, Chief Renewables Officer and SVP, ENGIE North America. "The addition of another almost 1 GW of generation and storage to our existing relationship reflects the commitment both ENGIE and Ares have to meeting growing demand for power in the U.S. and continuing to deploy clean energy."

ENGIE is a leader in the energy transition and currently has more than 11 GW of renewable production in operation or construction across the U.S. and Canada. Globally, ENGIE has 51 GW of renewables and storage in operation, and targeting 95 GW by 2030.

This transaction supports ENGIE's strategy of continued investment in North America by deepening its partnership with a leading infrastructure investor, recycling capital to facilitate continued expansion of renewable generation to meet strong demand for power in the U.S.

"We are excited to be expanding our relationship with ENGIE through this latest transaction," said Steve Porto, Partner in Ares' Infrastructure Opportunities strategy. "We have seen first-hand the ENGIE team's strength as an operator, and the growth of this partnership reflects our shared confidence in the value proposition of this diversified portfolio and opportunities ahead in the infrastructure sector."

Based in Houston, Texas, ENGIE North America Inc. is a regional hub of ENGIE, a major player in the energy transition, whose purpose is to accelerate the transition towards a carbon-neutral economy. With 98,000 employees in 30 countries, the Group covers the entire energy value chain, from production to infrastructures and sales. ENGIE combines complementary activities: renewable electricity and green gas production, flexibility assets (notably batteries), gas and electricity transmission and distribution networks, local energy infrastructures (heating and cooling networks) and the supply of energy to local authorities and businesses. Every year, ENGIE invests more than $10 billion to drive forward the energy transition and achieve its net zero carbon goal by 2045. ENGIE (ENGI), is listed on the Paris and Brussels Stock Exchanges.  For more information on ENGIE in North America, please visit our website at www.engie-na.com or our LinkedIn page at www.linkedin.com/company/engie-north-america-inc.

About Ares Management 
Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, real estate, private equity and infrastructure asset classes. We seek to provide flexible capital to support businesses and create value for our stakeholders and within our communities. By collaborating across our investment groups, we aim to generate consistent and attractive investment returns throughout market cycles. As of December 31, 2024, including the acquisition of GCP International which closed on March 1, 2025, Ares Management Corporation's global platform had over $525 billion of assets under management, with operations across North America, South America, Europe, Asia Pacific and the Middle East. For more information, please visit www.aresmgmt.com.

Contacts:

ENGIE North America
Michael Clingan, External Relations
Michael.clingan@external.engie.com
832-745-6057

Ares Management 
Jacob Silber | Brennan O'Toole
media@aresmgmt.com

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SOURCE Engie North America Inc.

FAQ

What is the size of ENGIE's new solar and storage portfolio expansion with Ares Management (ENGIY)?

The new portfolio expansion comprises 0.9 GW, consisting of three solar projects and one co-located battery storage project across ERCOT and MISO regions.

How much renewable capacity does ENGIE (ENGIY) currently operate in North America?

ENGIE operates more than 11 GW of renewable production in operation or construction across the U.S. and Canada.

What is ENGIE's (ENGIY) global renewable energy target for 2030?

ENGIE aims to reach 95 GW of renewables and storage capacity globally by 2030, up from their current 51 GW.

What is the total generation capacity of ENGIE's partnership with Ares Management (ENGIY)?

The partnership between ENGIE and Ares Management now totals 3.7 GW of investment in U.S. generation capacity.

When does ENGIE (ENGIY) plan to achieve its net-zero carbon goal?

ENGIE aims to achieve its net-zero carbon goal by 2045, investing more than $10 billion annually in energy transition.