Ares establishes JV with Savion to invest in U.S. solar power generation

Ares Management Corporation (ARES) announced that a fund managed by the Ares Infrastructure Opportunities strategy and Savion Equity, LLC, a subsidiary of Shell (SHEL), have established Tango Holdings, LLC, a joint venture that will support solar energy development and management in the United States. Founded in 2019, Savion develops large-scale solar and energy storage projects across 28 states. Tango will manage 496 megawatts of Savion-developed solar projects in Ohio, Kentucky, Oklahoma and Indiana. Tango is jointly owned by the Ares fund (80%) and Savion (20%) and will hold equity interests in Martin County Solar Project, Kiowa County Solar Project and in three additional solar projects currently under construction. “We look forward to partnering with Savion on this exciting initiative that allows us to draw on our combined capabilities in power generation to support these important assets,” said Steve Porto, Partner in the Ares Infrastructure Opportunities strategy. “As a leading investor in critical private infrastructure projects, we believe Ares’ scale and experience across the asset life cycle alongside Savion’s operational prowess will help bolster the supply of electricity in key U.S. markets as we seek to deliver attractive returns for our investors.” Savion will serve as the managing member of Tango with Shell Renewable Asset Management International overseeing asset management of its projects. This deal is structured to simultaneously sign and close, with an immediate effective date. Additional terms of the transaction were not disclosed.