Funds managed by US investment firm Ares Management Corporation have agreed to acquire a majority stake in renewables developer, Apex Clean Energy.
The companies have not revealed the size of the stake, nor the price.
The acquisition will help Apex to grow its core businesses of wind and solar development and project management, as well as to expand into new ones, such as energy storage, according to its CEO.
It has a further 30GW of wind, solar and energy storage projects in its development pipeline.
Mark Goodwin, president and CEO of Apex Clean Energy, said: “The infusion of growth capital provided by this agreement will allow the company to strengthen its leadership position in US utility-scale clean energy development, operate projects as an independent power producer and accelerate strategic expansion into energy storage, distributed energy resources and green fuels.”
The deal is subject to customary approvals and is expected to close before the end of 2021.
Following completion of the deal, Apex’s existing management team will continue to lead the company.