Funds managed by Ares Management to acquire majority stake in Apex Clean Energy


CHARLOTTESVILLE, Virginia – (COMMERCIAL THREAD) – Apex Clean Energy (“Apex”) and Ares Management Corporation (NYSE: ARES) (“Ares”) today announced that funds and other accounts managed by Ares Infrastructure and Power strategy have entered into an agreement to acquire a controlling interest in Apex. The transaction will provide Apex with additional growth equity as it seeks to transition to an independent power producer (IPP) of pure renewable energy.

To date, Apex has commercialized over $ 9 billion in large-scale projects and has a leading and diverse clean energy portfolio with over 30 GW in development. Apex has transactions with utilities, the commercial and industrial (C&I) market, and global financial institutions. Apex has been a leader in selling clean energy to the C&I market for the past decade.

Funds managed by the Ares Infrastructure and Power strategy have been negotiated with Apex on a number of energy projects, including the 525 MW Aviator Wind farm, the largest single-phase, single-site wind farm in the United States, the Lincoln Land Wind 302 MW and the 121 MW Ford Ridge Wind.

“Apex and Ares are aligned on a shared mission to accelerate the transition to clean energy,” said Mark Goodwin, President and CEO of Apex Clean Energy. “The energy transition has never been so urgent, and the opportunity offered by the dynamics of the industry is both immediate and massive. Apex has grown over the past decade to respond to this moment, and the injection of growth capital provided by this agreement will allow the company to strengthen its position as a leader in the development of clean energy at scale. utilities in the United States, operate projects as an IPP, and accelerate strategic expansion. in energy storage, distributed energy resources and green fuels.

“There is a deep and long-standing relationship between Ares and Apex, which gives us great confidence and enthusiasm for this opportunity,” said Keith Derman, Partner and Co-Head of Ares Infrastructure and Power Strategy. . “Apex has an industry-leading renewable energy company that positions our investors at the forefront of the energy transition in North America. ”

“The transition to a low carbon economy is our lifelong challenge and will require substantial capital investment and expertise,” said Steve Porto, Managing Director of Infrastructure and Power Strategy for Ares. “Apex is a leader in clean energy with a highly talented and experienced team. We’re excited to provide additional capital to help Apex meet this challenge.

Apex’s current management team will continue to lead the business. The deal is subject to customary approvals and is expected to close before the end of 2021. Lazard served as senior financial advisor and CohnReznick Capital served as financial advisor to Apex, and Orrick, Herrington & Sutcliffe LLP served as external advisor to Apex. ‘Apex. Nomura Greentech served as financial advisor to Ares and Kirkland & Ellis LLP served as external advisor to Ares on the transaction.

A consortium of co-investors, comprising EGCO Group, Varma Mutual Pension Insurance Company, Clal Insurance & Finance, Menora Mivtachim Group, ST International Corporation, investors represented by Morgan Stanley Investment Management Portfolio Solutions Group, The Hartford, Poalim Equity and IMM Investment Global participate in this transaction through funds and other co-investment accounts managed by Ares.

About Apex Clean Energy

Apex Clean Energy was founded with a single goal: to accelerate the transition to clean energy. Through the creation, construction and operation of large-scale wind, solar and storage facilities, distributed energy resources and green fuel technologies, Apex expands the renewable energy frontier across North America. North. Our mission-driven team of over 300 professionals use a data-centric approach and unmatched project portfolio to create solutions for the world’s most innovative and forward-thinking clients. For more information on how Apex is building the energy company of the future, visit apexcleanenergy.com or follow us on Facebook, Twitter, and LinkedIn.

About Ares Management Corporation

Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager providing clients with complementary primary and secondary investment solutions in the asset classes of credit, private equity, real estate. and infrastructure. We seek to provide flexible capital to support businesses and create value for our stakeholders and within our communities. By working with our investment groups, we aim to generate consistent and attractive investment returns throughout market cycles. As of June 30, 2021, including the acquisition of Black Creek Group which closed on July 1, 2021, Ares Management Corporation’s global platform had approximately $ 262 billion in assets under management, with approximately 2,000 employees. operating in North America, Europe, Asia-Pacific and the Middle East. For more information, please visit www.aresmgmt.com.

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