Ares Energy Infrastructure Fund, a unit at Century City-based private equity firm Ares Management, has acquired a majority stake in Conti Solar of Edison, N.J, the parties announced April 17.
Terms of the purchase were not disclosed.
Conti Solar, a unit of 110-year-old infrastructure firm Conti Group, has developed and brought to operation over 500 megawatts of solar projects, mostly in the mid-Atlantic and New England regions.
Ares’ investment is expected to close at the end of April. The companies announced that Conti Solar will retain its name, maintain its current offices and be managed by its current executive team.
For Ares EIF, this stake purchase is the latest of nearly 130 power and energy infrastructure ventures, giving the unit a combined underlying enterprise value exceeding $20 billion.
“Our investment in Conti Solar is a great strategic fit for Ares EIF, but, above all, it is an investment in Conti Solar’s management and the strong team and culture they have built over the years,” Keith Derman, partner with Ares EIF, said in a statement.
Economy, education, energy and transportation reporter Howard Fine can be reached at email@example.com. Follow him on Twitter @howardafine.