Kirkland Advises Ares on Partnership with ENGIE for a 2.7 GW Portfolio of U.S. Renewables and Storage Assets

Kirkland & Ellis counseled Ares Management Infrastructure Opportunities funds in an investment in a partnership with ENGIE North America holding a 2.7 GW portfolio consisting of 15 projects in operation across ERCOT, MISO, PJM and SPP, of which 53% is solar, 25% wind and 22% co-located battery storage capacity. This transaction is one of the largest sales completed in the renewables sector based on total capacity. ENGIE will retain a controlling share in the portfolio and will continue to operate and manage the assets.

In connection with the investment, Kirkland also advised Ares on securing a new backleveraged first lien credit facility, which was jointly arranged by MUFG Bank, Ltd. and BNP Paribas.

Read the transaction press release

The Kirkland team was led by corporate partners Rob Goodin, Michael Cline and Daniel Cadis and associates Alexandra David and Brad Johnson; debt finance partners Rohit Chaudhry and Olivia George; tax equity partners William Nicholson, Michael Masri and Sophia Han; and tax partners Bill Dong and Jacob Walley.