EDISON, NJ & LOS
ANGELES-– April 17, 2018 -- Conti Solar, an industry-leading renewable energy development,
engineering, procurement, and construction company, announced today that it has
received a strategic investment from a fund managed by Ares EIF, the power and
energy infrastructure strategy in the Private Equity Group at Ares Management,
L.P. (NYSE: ARES). Expected to close at the end of April, the investment will
give Ares EIF a majority ownership stake in Conti Solar with a minority
position retained by The Conti Group. Terms of the transaction were not
disclosed. The company will continue to operate as Conti Solar, maintain its
current offices, and be managed by its current executive team. The Conti Group
will continue to be involved in the oversight and strategic direction of the
company.
Conti Solar, previously a wholly-owned subsidiary of The Conti Group,
has been active in the development, engineering, procurement, construction, and
operations of solar and energy storage projects totaling more than 500 MW throughout
the United States and in select international markets for more than a decade.
“The investment from Ares EIF will make Conti Solar a
more dynamic company and will enable us to accelerate our growth and pursue
additional strategic initiatives,” said Matthew Skidmore, CEO of Conti Solar. “Together,
we will drive more value to our customers and partners across the industry.”
Ares EIF is an experienced investor in the U.S. power and energy
infrastructure sector and has invested in nearly 130 different power and energy
infrastructure assets with a combined underlying enterprise value exceeding $20
billion.
“Our investment in Conti Solar is a great strategic fit for Ares EIF, but,
above all, it is an investment in Conti Solar’s management and the strong team
and culture they have built over the years,” said Keith Derman, Partner with
Ares EIF. “We will work collaboratively with Matt and his team to continue to
build upon the successes they have already achieved.”
“We are extremely excited to partner with Ares EIF as there is a strong
cultural fit between our organizations in addition to complementary skill sets
and a shared strategic vision,” said Kurt Conti, Chairman of The Conti Group. “This
investment continues to advance our longstanding vision of building a world-class
renewable energy company.”
About Conti Solar
Conti Solar is an industry-leading solar power and energy storage
development, EPC and O&M company. Our attention to detail, flawless
execution and collaborative culture has enabled us to successfully develop and
install over 500MW of solar projects. We leverage established partnerships with
solar developers, IPPs, utilities, off-takers, suppliers and landowners to
streamline project development, design, construction and operations, driving
down project costs and creating value across all project stakeholders. www.contisolar.com
About Ares Management, L.P.
Ares Management, L.P. is a
publicly traded, leading global alternative asset manager with approximately
$106 billion of assets under management as of December 31, 2017 and more than
15 offices in the United States, Europe, Asia and Australia. Since its
inception in 1997, Ares has adhered to a disciplined investment philosophy that
focuses on delivering strong risk-adjusted investment returns throughout market
cycles. Ares believes each of its three distinct but complementary investment
groups in Credit, Private Equity and Real Estate is a market leader based on
assets under management and investment performance. Ares was built upon the
fundamental principle that each group benefits from being part of the greater
whole. For more information, visit www.aresmgmt.com
Ares EIF is the power and
energy infrastructure strategy within Ares’ Private Equity Group, with a
31-year track record of investing in assets and companies in the power
generation, transmission and midstream sectors. Since inception, Ares
EIF-managed funds have made approximately 70 equity investments in nearly 130
different power and energy infrastructure assets with a combined underlying
enterprise value exceeding $20 billion. During the last 15 years, Ares EIF has
invested in nearly 9,000 MW of greenfield generation and transmission projects,
as well as 200 miles of greenfield pipeline projects, representing over $11 billion
of capital costs.
About The Conti Group
The Conti Group is a holding company which owns businesses, assets and
invests in development, engineering, construction, infrastructure, real estate,
renewable energy, logistics, software and healthcare.
The Conti Group has a 112-year history of building successful,
reputable businesses which make a positive impact. www.thecontigroup.com
