Funds Managed By Global Alternative Investment Manager To Acquire Majority Stake In Parent Of Retail Energy Supplier

Apex Clean Energy and Ares Management Corporation today 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.

As exclusively first reported by EnergyChoiceMatters.com, Apex recently created retail supplier Apex Clean Energy Retail, LLC, which has received an Option 1 Texas retail electric provider certificate

"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)," the companies said

To date, Apex has commercialized more than $9 billion of utility-scale projects with more than 30 GW in development. Apex has transacted with utilities, the commercial and industrial (C&I) market, and global financial institutions. Apex has been engaged in clean energy sales to the C&I market over the past decade.

"Apex has grown over the past decade to meet this moment, and the infusion of growth capital provided by this agreement will allow the company to strengthen its leadership position in U.S. utility-scale clean energy development, operate projects as an IPP, and accelerate strategic expansion into energy storage, distributed energy resources, and green fuels," said Mark Goodwin, President and CEO of Apex Clean Energy

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.

A consortium of co-investors, including the EGCO Group, Varma Mutual Pension Insurance Company, Clal Insurance & Finance, Menora Mivtachim Group, ST International Corporation, investors represented by Morgan Stanley Investment Management’s Portfolio Solutions Group, The Hartford, Poalim Equity, and IMM Investment Global are participating in this transaction through funds and other co-investment accounts managed by Ares.