Ares Acquires Stake in U.S. Solar Energy and Battery Portfolio from EDPR

NEW YORK - September 22, 2026 - Ares Management Corporation (NYSE: ARES), a leading global alternative investment manager, announced today that an Ares Infrastructure Equity fund ("Ares") has acquired an 80% stake in a 384 MW solar and storage portfolio from EDP Renewables, S.A. ("EDPR"), a leading global developer, owner and operator of renewable energy infrastructure. The total estimated enterprise value for 100% of the portfolio at the start of operations amounts to approximately $0.8 billion.

The portfolio includes 200 MW of solar and 184 MW of battery energy storage in California. The solar capacity is contracted through a 20-year Power Purchase Agreement, and the storage capacity has a 20-year Capacity Tolling Agreement.

"We are pleased to expand our relationship with EDPR through our investment in this portfolio, which combines utility-scale solar generation and battery storage supported by long-term contractual arrangements," said Josh Bellet, Managing Director in Ares Infrastructure Equity. "The transaction reflects our focus on providing flexible capital to high-quality, essential infrastructure assets with durable cash flows, while contributing to the buildout of a more reliable and resilient U.S. power system."

"This transaction highlights the strength of our business and the confidence leading investors have in our long-term growth strategy," said Sandhya Ganapathy, Chief Executive Officer of EDP Renewables North America. "By partnering with Ares, we are further strengthening our ability to accelerate renewable energy development and create lasting value for our stakeholders."

The transaction builds on Ares Infrastructure Equity's previously announced investment in a 1,632 MW diversified energy portfolio from EDPR in 2025. That portfolio included 1,030 MW of solar, 402 MW of wind and 200 MW of storage capacity across four U.S. power markets.

About Ares Management Corporation
Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, real estate, private equity and infrastructure asset classes. We seek to advance our stakeholders' long-term goals by providing flexible capital that supports businesses and creates value for our investors and within our communities. By collaborating across our investment groups, we aim to generate consistent and attractive investment returns throughout market cycles. As of June 30, 2026, Ares Management Corporation's global platform had over $671 billion of assets under management, with operations across North America, South America, Europe, Asia Pacific and the Middle East. For more information, please visit www.ares.com.

About EDP Renewables
EDP Renewables (EDPR) is a global leader in the renewable energy sector and the world's fourth-largest renewable energy producer, backed by a robust development pipeline, high-quality assets, and market-leading operational capabilities.

Over the past few years, EDPR has experienced strong and consistent growth and is now present across four major regions: Europe, North America, South America, and Asia-Pacific. Its diversified portfolio includes onshore wind, utility-scale and distributed solar, offshore wind through Ocean Winds (a 50/50 joint venture), and complementary renewable technologies such as hybridization and energy storage.

North America is one of EDPR's largest growth markets and a cornerstone of the company's long-term strategy, representing approximately 60% of EDPR's planned investments over the coming years. Through EDP Renewables North America, headquartered in Houston, the company has become one of the largest renewable energy owners and operators in the region.

EDPR currently operates globally more than 20 GW of installed capacity and has a €7.5 billion investment plan through 2028. The company is committed to driving social progress, with a strong focus on sustainability, diversity, and inclusion. Its employee-centered policies have earned the company a place in the Bloomberg Gender-Equality Index, while it has also been recognized as a Top Employer 2024 across Europe (Spain, Italy, France, Romania, Portugal, Poland, and Greece), as well as in Singapore, Brazil, Colombia, and Chile.

EDP, EDPR's main shareholder, is a global energy company recognized for its leadership in value creation, innovation, and sustainability. The Group has been included in the Dow Jones Sustainability Index for 14 consecutive years and was recently recognized as the world's most sustainable electric utility in the index.

Media

Ares Management
Jacob Silber | Brennan O'Toole
[email protected]

EDPR
Amy Varghese
[email protected]