Heelstone's Granger facility in San Diego, CA. Source: Heelstone Energy
US asset manager Ares Management Corporation announced on Monday that it has “made an investment” in US utility-scale solar investor Heelstone Energy.
Ares declined to shed light on the transaction's financials and the solar strategy the new Heelstone group will follow post-investment when contacted by PV Tech this week.
The company will be rebranded as Heelstone Renewable Energy and has a new logo and website.
The deal is the latest in a flurry of solar investments by major asset managers in the US of late. In July, the world’s largest asset manager, Blackrock, bought a majority stake in General Electric’s solar and storage business, relaunching it as Distributed Solar Development. One month prior, Capital Dynamics formed a joint venture with solar development company Sol Systems.
Based in North Carolina, Heelstone Renewable Energy develops, constructs, operates and finances solar projects. It has a project pipeline of over 1.5GW and an existing portfolio of 500MW.
Los Angeles-headquartered Ares’ infrastructure and power strategy is propped by 26 investment professionals and has deployed US$8 million in infrastructure assets.
May 26 - May 27, 2021
Looking at the drivers and dynamics of utility scale solar in the UK & Ireland over the next five years. This event will consider the immediate challenges as we enter the build phase in both these markets where we could see as much as 4GW deployed in 2021 alone! What developments will continue the growth of 100MW+ sites and what impact will government policy have on the rate of deployment in both markets?Join leading developers and manufacturers shaping the direction of one of Europe’s most active markets and hear from speakers with a history of influencing innovation and change.