Ares Management invests up to US$600m in SB Energy

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
SB Energy has received more than US$4 billion in tax equity and project financing since its creation. Image: SB Energy.

Private equity firm Ares Management is leading an equity investment of up to US$600 million in SB Energy, the SoftBank-owned solar developer.

This newest partnership with Ares will add to the already more than US$4 billion in tax equity and project financing SB Energy has received since its creation in order to bolster its portfolio of renewable and energy storage projects around the world.

Michel Combes, CEO of SoftBank Group International, said: “Our new investment from Ares brings together Ares’ climate infrastructure experience, SoftBank’s AI and technology ecosystem, and SB Energy’s track record of execution into a single platform to deliver flexible renewable energy at scale.”

SB Energy aims to build a portfolio of 10GW of renewable energy and storage projects in operation or under construction by the end of 2025.

Since it entered the US market in 2019, SB Energy has worked on 1.7GW of utility-scale solar projects, with the majority (1.3GW) in Texas and California.

Rich Hossfeld, SB Energy co-CEO, said the support of Ares and SoftBank will help scale up its strategic platform in developing new renewable and storage projects.

Last week, SB Energy signed a deal with First Solar for 1.5GW of thin-film PV modules to be deployed across several plants in the US.

In recent years, Ares Management has invested in the solar sector with the acquisitions of a majority stake in Conti Solar in 2018 and Apex Clean Energy last October, as well as investing US$200 million in DSD Renewables last week.

14 June 2022
Join us in Napa to unlock the key to reliable PV module supply to the U.S. market in 2022 & 2023. We'll also be gathering the main players in the US solar market for some wine tasting!

Read Next

PV Tech Premium
May 19, 2022
PV Tech speaks to Qcells CEO Justin Lee about the manufacturer's recent solar manufacturing capacity expansion, its use of TOPCon as a 'stepping stone' to future cell technologies and its new clean energy strategy.
May 19, 2022
More than 80 US House representatives have joined a chorus of lawmakers opposing the solar tariffs investigation and pressed US President Joe Biden to expedite it.
May 18, 2022
US solar EPC company iSun doubled its Q1 revenue year-on-year but has lowered its 2022 guidance as a result of module procurement challenges within its utility-scale unit.
May 18, 2022
Shoals Technologies has become the latest solar manufacturer to adjust its guidance for the year, blaming an “increasingly challenging environment” caused by the US AD/CVD investigation.
May 17, 2022
Arizona Public Service (APS) has issued an all-source request for proposals (RFP) for 1-1.5GW of resources to be added before 2027.
May 16, 2022
JinkoSolar, Trina Solar and Hanwha Q CELLS are among eight PV manufacturers that have been selected by the US Department of Commerce (DOC) to provide further information on their operations as part of the agency’s ongoing tariff circumvention investigation.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
June 14, 2022
Napa, USA
Solar Media Events
October 4, 2022
New York, USA