Engie North America announced today an expansion of its partnership with alterative asset management Ares Management, with an investment in a 0.9 GW portfolio of U.S.-based solar and storage assets.

Engie said that it will retain a controlling share in the portfolio and continue to operate and manage the assets.

The transaction follows the launch of the partnership between Engie and Ares in September 2024, with Engie selling down a stake in a 2.7 GW portfolio of solar, wind and battery storage assets to Ares Management Infrastructure Opportunities funds in the U.S. across grids including ERCOT, MISO, PJM and SPP.

The new announcement expands the investment to 3.7 GW of U.S. generation. According to Engie, the transaction supports its strategy to recycle capital to facilitate continued expansion of renewable generation to meet strong demand for power in the U.S. by deepening its partnership with a leading infrastructure investor.

Dave Carroll, Chief Renewables Officer and SVP, ENGIE North America, said:

“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. 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.”

The new transaction consists of three solar projects in operation across ERCOT and MISO, as well as a co-located battery storage project in ERCOT.

Steve Porto, Partner in Ares’ Infrastructure Opportunities strategy, said:

“We are excited to be expanding our relationship with ENGIE through this latest transaction. 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.”