Ares Management, a renowned publicly traded asset management company, and Dimension Renewable Energy, a leading organization that develops renewable energy projects, together announced a new partnership that would focus on the development of a portfolio of the utility-scale battery storage projects.
These projects are situated in New York State and are presently under development by Dimension, a company that boasts of generating over 200 MW of solar and more than 1 GWh energy storage across the United States since its establishment in 2018. After the completion of particular development milestones, funds monitored by Ares Infrastructure and Power would purchase and then construct the projects.
This is the third investment for Ares Infrastructure and Power in the field of battery storage. This investment also adds to the strategy’s over 60 climate infrastructure industry investments, representing more than $2 billion of the invested capital.
Co-Head and Partner of Ares Infrastructure and Power, Keith Derman stated that this transaction would offer access to the company’s investors towards a very attractive development opportunity within the utility-scale battery storage department.
Derman further added that the company is observing a remarkable transformation of the country’s energy sector. Such projects demonstrate that battery storage is an enabling technology for seamless expansion of renewables and an investable sector within its own right.
Managing Director of Ares Infrastructure and Power, Steve Porto stated that the company is thrilled to collaborate with Dimension in this battery energy portfolio and to support faster development of renewables in New York.
Chief Executive Officer of Dimension Renewable Energy, Rafael Dobrzynski stated that the company is thrilled to collaborate with Ares on this creative opportunity in the state of New York that would further help to push the energy transition. Ares and Dimension together would leverage their integrated experience to bring this new portfolio to fruition.