SB Energy Global, SoftBank Group鈥檚 US renewables platform, has received up to $600m (鈧�518.4m) equity investment commitments from investors including Ares funds.
SB Energy said the Ares infrastructure and power strategy funds have committed the majority of the financing, with the balance expected to come from co-investors.
Since launching in the US market in 2019, SB Energy has completed development of, financed, and started construction on nearly 1.7GW of utility-scale solar projects, of which 1.3GW are currently providing clean, reliable energy to Texas and California.
Michel Combes, CEO of SoftBank Group International, said: 鈥淪oftBank launched SB Energy to accelerate access to reliable, cost-effective, renewable energy. Combining AI and technology with renewable deployment at scale is critical to the energy transformation and benefits people across the globe.
鈥淥ur new investment from Ares brings together Ares鈥� climate infrastructure experience, SoftBank鈥檚 AI and technology ecosystem, and SB Energy鈥檚 track record of execution into a single platform to deliver flexible renewable energy at scale.鈥�
SB Energy co-CEO Rich Hossfeld, said: 鈥淲e are proud to announce Ares鈥� funds鈥� investment, which launches a new chapter for SB Energy and an expansion of our collaboration with Ares that began in 2020
鈥淲ith 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.鈥�
Andrew Pike, partner and co-head of Ares infrastructure and power, said: 鈥淲e are excited to work with SB Energy to leverage our combined strengths in driving the clean energy transition.
鈥淥ur investment in SB Energy builds on our existing relationship and reflects our focus on supporting high-quality climate infrastructure platforms through our innovative capital solutions.鈥�
Mike Roth, partner in Ares infrastructure and power, said: 鈥淎res and SB Energy share a commitment to accelerating the transition to a low carbon economy through the development of essential climate infrastructure assets.
鈥淲ith the added support of Ares鈥� flexible capital, SB Energy is well-positioned to meet the growing demand for sustainable clean energy and build on its strong track record, including having brought online nearly 2 GW of solar in just two years.鈥�
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