RENEW and Ares Infrastructure and Power to Provide Energy Efficiency Infrastructure Projects to Customers
BOSTON, Aug. 3, 2020 /PRNewswire/ -- RENEW Energy Partners announced today that, together with private investment funds managed by Ares Infrastructure and Power ("AIP"), a strategy of Ares Management Corporation ("Ares"), they will acquire a portfolio of contracted energy efficiency and distributed power generation infrastructure projects serving the commercial, industrial, and institutional end markets.
The investment will support RENEW's "energy-efficiency-as-a-service" business, which provides building owners and businesses with a turnkey solution for the design, construction, funding, and oversight of energy-efficiency retrofits. The retrofits include lighting, steam, building automation, and distributed power generation systems and provide immediate cost savings, as well as environmental and resiliency benefits, to the customer. Energy efficiency upgrades typically represent low-cost and readily deployable solutions to curb electricity usage and emissions from buildings and industrial processes. The industry is benefiting from tailwinds from businesses motivated by energy cost savings, increased resiliency, GHG footprint reduction, as well as regulatory requirements.
"Energy efficiency is a high priority asset class to Ares and it is a key component of the energy transition. These projects will simultaneously help companies save on costs, increase resiliency, and meet their sustainability targets, a win-win value proposition that we are excited to support," said Keith Derman, Partner and Co-Head of Ares Infrastructure and Power.
The portfolio adds to the more than 60 investments in the climate infrastructure market made by funds managed by AIP, which together represent over $2.5 billion of invested capital.
"RENEW has been singularly focused on reducing climate emissions from Commercial, Industrial and Institutional buildings through innovative funding solutions since our inception in 2013. Ares' support will enable us to continue that mission and expand our reach and capabilities," said Charlie Lord, Principal of RENEW.
About Ares Management Corporation
Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager operating integrated businesses across Credit, Private Equity and Real Estate. Ares Management's investment groups collaborate to deliver innovative investment solutions and consistent and attractive investment returns for fund investors throughout market cycles. Ares Management's global platform had $149 billion in assets under management as of March 31, 2020 with more than 1,250 employees operating across North America, Europe, Asia and Australia. Please visit www.aresmgmt.com for additional information.
About Ares Infrastructure and Power
Ares Infrastructure and Power ("AIP") seeks to provide flexible capital for cash-generating assets across the climate infrastructure, natural gas generation, and energy transportation sectors. AIP leverages a broadly skilled and cohesive team with deep domain experience and has deployed over $8.5 billion of capital in over 140 investments and more than 200 different infrastructure and power assets and companies.
About RENEW Energy Partners
Renew Energy Partners provides turnkey solutions for funding, installing, and managing energy efficiency and on-site clean power generation projects. The company helps building owners reduce their carbon footprint and save money while making their buildings cleaner, nicer, and more resilient. With its energy-as-a-service model, energy upgrades and retrofits are funded by future savings and are at no cost to the building owner. Notable customers that represent RENEW's range and flexibility of solutions include YMCAs, United Health Services Hospitals Inc, Northrop Grumman, and the historic Waldorf Astoria Building in New York City. For more information, visit www.renewep.com.
RENEW Media Contact:
Michael Savage
888-938-6256 x 703
[email protected]
www.RENEWEP.com
SOURCE RENEW Energy Partners
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