UPDATE 2-Ares Management buys stake in EDPR assets in about $2.9 billion deal

(Adds transaction details in paragraphs 4 and 5) Oct 6 (Reuters) – Ares Management said on Monday that a fund managed by its Infrastructure Opportunities unit has acquired a 49% stake in a diversified U.S. renewable energy platform from EDP Renovaveis (EDPR), valuing the business at about $2.9 billion. The deal brings the total capacity owned by Ares Infrastructure Opportunities funds to roughly 5.7 gigawatts across 11 states and five U.S. power markets since September 2024. The investment manager has been doubling down on renewable energy and infrastructure assets amid rising demand for power, fueled by data centers and the rapid expansion of artificial intelligence. The EDPR deal comprises 10 assets representing about 1,632 megawatts (MW) of capacity, including 1,030 MW of solar, 402 MW of wind and 200 MW of storage capacity across four U.S. power markets. All the projects have already signed long-term power purchase agreements, with an average remaining contract duration of 18 years. Ares said the transaction would expand its presence in key domestic power markets and broaden its exposure to fast-growing clean energy segments. EDPR owns renewable energy assets across Europe, North America, South America and the Asia Pacific. (Reporting by Vallari Srivastava and Katha Kalia in Bengaluru; Editing by Shinjini Ganguli)

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