The US investment manager Ares Management has announced that a fund managed by its Infrastructure Opportunities unit had acquired a 49% stake in diversified US renewable energy assets from Portugal’s EDP Renováveis (EDPR), valuing the business at approximately US$2.9bn (for 100% of the portfolio).

The deal includes 10 assets totalling 1,632 MW of capacity, comprising 1,030 MW of solar, 402 MW of wind, and 200 MW of storage across four US power markets. All projects have secured long-term power purchase agreements (PPAs), with an average remaining contract duration of 18 years.

This acquisition brings the total capacity bought by Ares Infrastructure Opportunities funds since September 2024 to about 5.7 GW spread across 11 states and five US power markets. EDPR operates renewable energy assets throughout Europe, North America, South America, and the Asia Pacific region.