Ares EIF Group and Toyota Tsusho Corporation Close on Construction Investment in St. Joseph Energy Center
Ares Management, L.P. (NYSE:ARES) announced today that funds managed by
its Ares EIF Group have formed an equity partnership with a subsidiary
of Toyota Tsusho Corporation to construct the St. Joseph Energy Center,
a greenfield 700-MW natural gas-fired combined-cycle generation facility
located in New Carlisle, Indiana. In connection with this transaction,
BNP Paribas and Credit Agricole arranged non-recourse debt financing for
the project. Terms of the transactions were not disclosed.
St. Joseph will feature two Siemens SGT6-5000F gas turbines and one
steam turbine and will provide clean and reliable power to a region
dominated by aging coal-fired generators and that has been
disproportionately impacted by retirements in recent years. Ares EIF has
secured Kiewit Power Constructors Co. as the designated engineering,
procurement and construction contractor, and it is expected that the
project will create approximately 500 jobs during construction and
approximately 25 jobs on-site after completion. The plant is expected to
begin commercial operations in the second quarter of 2018.
“St. Joseph Energy Center is the latest example of Ares EIF’s strategy
of identifying markets with an overwhelming need for new, efficient
natural gas-fired generation,” said Keith Derman, a Partner in the Ares
EIF Group. “Today’s closing represents the culmination of the
considerable efforts undertaken to bring this project from concept to
construction. We look forward to bringing St. Joseph on-line safely and
seamlessly.”
About Ares
Ares is a publicly traded, leading global alternative asset manager with
approximately $92 billion of assets under management as of September 30,
2015 and more than 15 offices in the United States, Europe and Asia.
Since its inception in 1997, Ares has adhered to a disciplined
investment philosophy that focuses on delivering strong risk-adjusted
investment returns throughout market cycles. Ares believes each of its
four distinct but complementary investment groups in Tradable Credit,
Direct Lending, Private Equity and Real Estate is a market leader based
on assets under management and investment performance. Ares was built
upon the fundamental principle that each group benefits from being part
of the greater whole. For more information, please visit www.aresmgmt.com.
The Ares EIF Group, formerly known as Energy Investors Funds (EIF), was
acquired by Ares in January 2015. Founded in 1987, Ares EIF has a
28-year track record and is one of the first managers focused on the
independent power and electric utility industry. Ares EIF’s investment
strategy is to create geographically and technologically diversified
portfolios of energy infrastructure investments via acquisitions as well
as development and construction across the power generation,
transmission and midstream sectors.
Forward-Looking Statements
Statements included herein may constitute “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act of
1995, which relate to future events or our future performance or
financial condition. These statements are not guarantees of future
performance, condition or results and involve a number of risks and
uncertainties. Actual results may differ materially from those in the
forward-looking statements as a result of a number of factors, including
those described from time to time in our filings with the Securities and
Exchange Commission. Ares Management, L.P. undertakes no duty to update
any forward-looking statements made herein or on the webcast/conference
call.
Nothing in this press release constitutes an offer to sell or
solicitation of an offer to buy any securities of Ares or an investment
fund managed by Ares or its affiliates.
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Copyright Business Wire 2015
Source: Business Wire
(November 30, 2015 - 4:15 PM EST)
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