Century City alternative asset management firm Ares Management Corp. has agreed to partner with Atlanta-based Dimension Renewable Energy to further develop large-scale battery energy storage projects in New York state.
Ares Management and Dimension Renewable Energy announced the partnership on Feb. 4.
Upon completion of certain unspecified development milestones, funds managed by Ares’ Infrastructure and Power unit will buy the projects from Dimension Renewable Energy and proceed with construction.
Dimension’s portfolio includes a mix of proposed projects across New York state, including at least one on Long Island, according to the joint announcement.
The potential size of the portfolio is more than 300 megawatts, which is the equivalent of providing 300,000 homes with on-demand power in the region.
“This transaction will provide our investors with access to an attractive growth opportunity in the utility-scale battery storage sector,” Keith Derman, co-head of Ares Infrastructure and Power, said in the announcement.
“Projects like these demonstrate that battery storage is not only an enabling technology for the continued growth of renewables, but also an investable sector in their own right,” Derman added.
The companies declined to release further details about the transaction, such as the number of battery storage projects and the potential acquisition price.
This is the third acquisition of a major battery energy storage project for Ares Infrastructure and Power. In April 2018, the Ares unit acquired a majority stake in Conti Solar, which had both solar power generation and battery energy storage projects in its portfolio.
Ares Management’s global platform had $144 billion in assets under management as of Sept. 30. The company has approximately 1,200 employees in more than 20 offices across more than 10 countries.
Dimension Renewable Energy has developed, built and financed solar projects across the United States.
