Ares raises $2.2 billion for climate infrastructure investment – Reuters
Wind turbines generate power on a farm near Throckmorton, Texas U.S. August 24, 2018. REUTERS/Nick Oxford
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NEW YORK, Dec 16 (Reuters) – Los Angeles-based private equity firm Ares Management Corp (ARES.N) said on Thursday it has raised $2.2 billion to invest in infrastructure businesses operating in the renewable energy, energy efficiency, and energy storage sectors.
Ares said it raised $1.4 billion for its inaugural Ares Climate Infrastructure Partners Fund, and an additional $800 million in managed accounts that will be deployed alongside the fund.
The targeted investments will include renewable energy, resource and energy efficiency, energy storage and vehicle electrification, the firm said.
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Ares said about 50% of the new fund’s capital has already been invested via equity, preferred equity and structured debt in climate infrastructure projects mostly in North America and Europe.
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