The portfolio of projects includes a diverse mix of projects across the New York state as well as projects on Long Island
Ares collaborates with Dimension to develop energy storage portfolio in New York. (Credit: Pixabay/Th G)
US-based asset management firm, Ares Management has partnered with Dimension Renewable Energy to develop 300MW of energy storage projects in New York, US.
Ares Infrastructure and Power along with Dimension will develop and build a portfolio of utility-scale battery energy storage projects located across the state that are currently under development by Dimension.
After completion of certain development milestones, Ares Infrastructure and Power will acquire the projects and begin the construction the projects.
The portfolio of projects includes a diverse mix of projects across the New York state as well as projects on Long Island.
The portfolio will have a total potential of more than 1,200MWh that is equivalent to supply electricity to 300,000 homes with on-demand power in the region.
Ares Infrastructure and Power partner and co-head Keith Derman said: “This transaction will provide our investors with access to an attractive growth opportunity in the utility-scale battery storage sector.
“We are witnessing a historic transformation of the nation’s energy industry. Projects like these demonstrate that battery storage is not only an enabling technology for the continued growth of renewables, but also an investable sector in their own right.”
The New York portfolio is Ares Infrastructure and Power’s third battery storage investment
The portfolio is Ares Infrastructure and Power’s third battery storage investment and it adds to the strategy’s over 60 investments in the climate infrastructure market, which represents more than $2bn investment.
Dimension has originated and developed over 200MW of solar and more than 1GWh of energy storage across the US since it was established in 2018.
Dimension CEO Rafael Dobrzynski said: “Dimension is pleased to partner with Ares on this innovative opportunity throughout the state of New York that will help drive the energy transition.
“Together, Dimension and Ares will use their combined experience to bring this exciting portfolio to fruition.”
In August last year, Heelstone Energy, a utility-scale solar developer had received an investment from Ares Management Corporation’s Infrastructure and Power (AIP) strategy.