ENGIE North America has formed a collaboration with Ares Management Infrastructure Opportunities, representing the largest operating portfolio selldown for ENGIE in the U.S.
ENGIE is set to retain a controlling share in the portfolio and will continue to operate and manage the assets.
The 2.7 GW portfolio consists of 15 projects in operation across ERCOT, MISO, PJM and SPP, of which 53% is solar, 25% wind and 22% co-located battery storage capacity.
“We are delighted that ENGIE and Ares will be partners in such a large-scale renewables and co-located storage portfolio to further accelerate the energy transition towards a net zero future,” says Dave Carroll, chief renewables officer, ENGIE North America.
“The investment by Ares reflects ENGIE’s proven and recognized track record in developing, building, operating and financing renewable assets, both in North America and globally.”