Ares and Savion form Tango Holdings to manage 496 MW of solar energy assets in Ohio, Kentucky, Oklahoma, and Indiana.
Tango will hold equity in five Savion-developed solar projects, including the Martin County and Kiowa County Solar Projects.
The joint venture expands Ares’ $4B+ infrastructure portfolio and strengthens solar generation in key U.S. markets.
Ares Management Corporation and Savion Equity, LLC—a subsidiary of Shell plc—have established a joint venture, Tango Holdings, LLC, to advance solar energy development and management in the United States.
Tango will oversee a 496-megawatt portfolio of solar projects developed by Savion across Ohio, Kentucky, Oklahoma, and Indiana. The joint venture is structured with the Ares Infrastructure Opportunities fund holding an 80% equity stake, while Savion retains the remaining 20%.
Tango’s portfolio includes the Martin County Solar Project and Kiowa County Solar Project, along with three additional projects currently under construction. Savion, founded in 2019, develops large-scale solar and energy storage assets across 28 states and will serve as the managing member of Tango. Shell Renewable Asset Management International will provide asset management oversight.
RELATED ARTICLE: Shell Acquires Largest European RNG Producer Nature Energy for $2 Billion
“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.”
The joint venture builds on Ares’ expanding track record in infrastructure investment. Over the past 12 months, the Ares fund has acquired interests in power generation assets totaling over 4.0 gigawatts across nine states and four power markets. The 30-member Ares Infrastructure Opportunities team continues to focus on assets with stable cash flows and long-term growth potential.
The deal was structured to sign and close simultaneously, with immediate effect. Financial terms of the transaction were not disclosed.
Follow ESG News on LinkedIn
