- ENGIE North America announced an expanded partnership with Ares Management, adding nearly 1 GW of solar and storage assets in the U.S. - This new portfolio increases their relationship to a total of 3.7 GW in U.S. generation investment. - The 0.9 GW portfolio includes three operational solar projects in ERCOT and MISO, along with a co-located battery storage project in ERCOT. - ENGIE will maintain a controlling share and continue to operate and manage these assets. - Dave Carroll, ENGIE's Chief Renewables Officer, emphasized the partnership's strength and commitment to clean energy. - ENGIE is a leader in the energy transition with over 11 GW of renewable production operating or under construction in North America. - The company aims to expand its renewable and storage capacity globally to 95 GW by 2030. - The transaction helps ENGIE recycle capital for further investments in North America's renewable generation. - Ares Management expressed confidence in ENGIE's operational strength and the value of their diversified portfolio. - ENGIE North America is part of a larger group focused on accelerating progress towards a carbon-neutral economy. - The company invests more than $10 billion annually to support the energy transition and aims for net zero carbon by 2045. - ENGIE is publicly traded on the Paris and Brussels Stock Exchanges. - Ares Management, with over $525 billion of assets under management, is a global alternative investment manager offering diverse investment solutions.

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


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
[email protected]
832-745-6057

Ares Management
Jacob Silber | Brennan O'Toole
[email protected]

SOURCE Engie North America Inc.