Engie Partners with Ares Management to Sell 2.7 GW Renewable Portfolio, Retains Control and Management.

The North American arm of French power utility Engie SA has secured a partnership with Ares Management Corp (NYSE:ARES) as a minority partner in a portfolio of 2.7 GW of operational solar, wind and co-located storage assets across the US. The transaction is described as Engie’s largest operating portfolio sell-down in the US and one of the largest sales in the renewables sector based on total capacity. The overall portfolio comprises 15 plants across ERCOT, MISO, PJM and SPP. Under the partnership, Engie retains a controlling stake in the portfolio and will continue to operate and manage the assets. The partnership supports Engie’s strategy in North America by recycling capital and adding a leading infrastructure investor to its select pool of partners.