SB Energy receives investment led by Ares to accelerate solar and renewable deployment
SB Energy announced today that funds managed by the Infrastructure and Power strategy of Ares Management Corporation (Ares) are leading a strategic equity investment of up to $600 million, including capital from potential co-investors, in SB Energy. The Ares-managed funds have committed the majority of the financing, with the balance expected to come from co-investors. This investment brings together leading technology and climate infrastructure investors to drive innovation and the deployment of clean energy at scale.
SB Energy was launched by SoftBank as the finance group’s US Climate Infrastructure Technology platform to accelerate access to reliable and cost-effective renewable energy. SoftBank believes that combining AI and high-end technologies with renewable deployment at scale is critical to the energy transformation. This new investment from Ares brings together Ares’ climate infrastructure experience, SoftBank’s AI and technology ecosystem, and SB Energy’s track record of execution into a single platform to deliver flexible renewable energy.
Since launching in the US market in 2019, SB Energy has completed development of, financed, and started construction on nearly 1.7 GW of utility-scale solar projects. And 1.3 GW of the capacity is currently providing clean, reliable energy to Texas and California.
SB Energy continues to aggressively grow its renewable energy and storage project pipeline through various channels, including greenfield development, partnerships, and acquisitions, while expanding its digital and technology capabilities. It also plans to deliver 10 gigawatts (GW) of renewable energy and storage projects either in operation or under construction by the end of 2025.
“With the support of both Ares and SoftBank, SB Energy will rapidly scale our strategic platform in renewable energy, storage, and new digital products as a developer, owner, and operator of the next generation of climate infrastructure and technology, ” said Rich Hossfeld, co-CEO at SB Energy.
In addition to capital from SoftBank and Ares, SB Energy has forged partnerships with other leading financial institutions to secure more than $4 billion in tax equity and project financing.