ENGIE Expands Partnership with Ares Management with Addition of Nearly 1 GW Portfolio of Solar and Storage Assets in the U.S.

ENGIE North America (ENGIE) announced that it recently expanded its partnership with Ares Management Infrastructure Opportunities funds (Ares) via the addition of a new almost 1 GW portfolio. ENGIE will retain a controlling share in the portfolio and will continue to operate and manage the assets.

The overall 0.9 GW portfolio consists of three solar projects in operation across ERCOT and MISO, and one co-located battery storage project in ERCOT.

"The expansion of our relationship with Ares reflects the strength of ENGIE's portfolio of assets and our track record of delivering, operating and financing growth in the U.S.," said Dave Carroll, Chief Renewables Officer and SVP, ENGIE North America. "The addition of another almost 1 GW of generation and storage to our existing relationship reflects the commitment both ENGIE and Ares have to meeting growing demand for power in the U.S. and continuing to deploy clean energy."

ENGIE is a leader in the energy transition and currently has more than 11 GW of renewable production in operation or construction across the U.S. and Canada. Globally, ENGIE has 51 GW of renewables and storage in operation, and targeting 95 GW by 2030.

This transaction supports ENGIE's strategy of continued investment in North America by deepening its partnership with a leading infrastructure investor, recycling capital to facilitate continued expansion of renewable generation to meet strong demand for power in the U.S.

"We are excited to be expanding our relationship with ENGIE through this latest transaction," said Steve Porto, Partner in Ares' Infrastructure Opportunities strategy. "We have seen first-hand the ENGIE team's strength as an operator, and the growth of this partnership reflects our shared confidence in the value proposition of this diversified portfolio and opportunities ahead in the infrastructure sector."

ENGIE North America I www.engie-na.com

Ares Management Corporation | www.aresmgmt.com