Activate Renewables, an acquirer of real estate and royalty interests in wind, solar and energy storage, has closed on the purchase of a portfolio of renewable ground leases from a fund managed by the Infrastructure Opportunities strategy of Ares Management.
The portfolio consists of wind and solar property leases together supporting more than 115 MW of power. The portfolio has assets located across three states with long-term power purchase agreements with off-takers. Terms of the deal were not disclosed.
“We were excited to have the opportunity to work with Ares on the sale of these assets,” says Maria Klutey, president of Activate Renewables. “This transaction represented an ideal project for Activate, where we could deploy our low-cost, permanent capital to acquire an attractive portfolio.”
Activate Renewables works with renewable energy developers across the U.S. to help them enhance returns and improve capital efficiency by acquiring their land, lease or purchase options.
To date, Activate and its affiliates have acquired or signed agreements to fund acquisitions totaling nearly 7,000 solar acres and 57 wind turbines directly supporting more than 2.6 GW of existing or planned renewable power generation across 20 states.