Los Angeles-based private equity firm Ares Management Corp. said on Dec. 16 it has raised $2.2 billion to invest in infrastructure businesses operating in the renewable energy, energy efficiency, and energy storage sectors.
Ares said it raised $1.4 billion for its inaugural Ares Climate Infrastructure Partners Fund, and an additional $800 million in managed accounts that will be deployed alongside the fund.
The targeted investments will include renewable energy, resource and energy efficiency, energy storage and vehicle electrification, the firm said. Ares said about 50% of the new fund's capital has already been invested via equity, preferred equity and structured debt in climate infrastructure projects mostly in North America and Europe.
"We're investing in the energy transition, meaning a decarbonization of the power sector particularly with wind, solar and battery storage," Keith Derman, co-head of Ares Infrastructure and Power, said in an interview.
Ares said it has invested more than $9 billion in about 250 infrastructure and power assets in the climate infrastructure, natural gas generation, and energy transportation sectors. It sold the 302 megawatts Lincoln Land Wind project in Morgan County, Illinois to Danish power company Ørsted A/S. Ares has about $282 billion of assets under management.
During a March meeting, U.S. officials asked Petrobras if the company had the capacity to increase short-term production, according to U.S. government and Petrobras sources, who requested anonymity to discuss private talks.
Crude oil production in the U.S. climbed 100,000 bbl/d to a record 12.2 million bbl/d, after hovering around 12 million and 12.1 million bbl/d since mid-February, according to EIA data.
Overall U.S. crude oil output fell by 1.1 million bbl/d to 9.7 million bbl/d in the week to Feb. 19, the EIA said, as Texas’ deep freeze forced most of the state’s operators and refiners to shut as components and pipelines froze.