Ares Management acquires majority stake in Apex Clean Energy

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on email
Apex is aiming to transition to become a renewables IPP. Image: Apex Clean Energy via Twitter.

Funds managed by private equity firm Ares Management Corporation have acquired a majority stake in US renewables developer Apex Clean Energy.

The companies said the transaction will provide Virginia-based Apex with additional capital as it seeks to transition to pure-play a renewables independent power producer (IPP). The deal is expected to close by the end of the year, with Apex’s existing management team continuing to lead the firm.

A developer and operator of utility-scale solar, wind and energy storage facilities, Apex last year secured a US$200 million loan and now has a clean energy portfolio with more than 30GW in development.

Among the solar PV projects it has worked on is the 80MW Altavista plant in Virginia, which was completed earlier this year and has an offtake agreement in place with Facebook.

Apex CEO Mark Goodwin said the Ares deal will allow his company to bolster its position in US utility-scale renewables development, operate projects as an IPP and accelerate its expansion into energy storage, distributed energy resources and green fuels.

“The energy transition has never been more urgent, and the opportunity presented by the industry’s momentum is both immediate and massive,” Goodwin said.

Ares’s previous transactions in the solar sector have seen it invest in PV project developer Heelstone Energy and in 2018 acquire a majority stake in Conti Solar, an engineering, procurement and construction provider that was rebranded to CS Energy and acquired by private equity firm American Securities earlier this year.

Read Next

October 27, 2021
Microinverter supplier Enphase Energy reported record quarterly revenue in Q3 2021 but stressed the importance of price increases to help offset price volatility in its supply chain.
October 26, 2021
Trade body the Solar Energy Industries Association (SEIA) has urged the US Department of Commerce (DOC) to throw out petitions from an alliance of companies that are pushing for investigations into alleged circumvention of antidumping and countervailing duties (AD/CVD) on solar PV cells from China.
October 26, 2021
A consortium led by Sunseap Group has signed a memorandum of understanding to develop 7GWp of PV projects at an Indonesian archipelago that will transmit energy to Singapore via a proposed subsea cable.
October 25, 2021
Global renewables industries are expectant as COP26 looms, however supply chain volatility has continued to dent deployment prospects going into a crucial decade. We discuss this and much more in this month's Solar Media Podcast.
October 22, 2021
The clean energy business of US utility NextEra Energy had a record quarter of origination success in Q3, adding approximately 2,160MW to its backlog, including 515MW of new solar projects.
October 21, 2021
A round-up of the latest news from the US solar market, featuring project financing from Cypress Creek and DE Shaw, SolarEdge project launches and solar loan securitisations from Sunnova and Mosaic.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
November 10, 2021
8am (PST) | 5pm (CET)
Solar Media Events
December 1, 2021