Apex Clean Energy (Apex) and Ares Management Corporation (Ares) have announced that funds and other accounts managed by Ares’ Infrastructure and Power strategy have entered into an agreement to acquire a majority stake in Apex.
The transaction will provide Apex with additional equity growth capital as it seeks to transition to a pure-play renewable energy independent power producer (IPP). Apex’s existing management team will continue to lead the company. The agreement is subject to customary approvals and is expected to close prior to the end of 2021. To date, Apex has commercialised more than US$ 9 billion of utility-scale projects and has a diversified clean energy portfolio with more than 30GW in development.