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NEW YORK - Ares Management Corporation (NYSE:ARES), currently trading at $187.36 with a market capitalization of $61.25 billion, and Savion Equity, LLC, a subsidiary of Shell plc, have formed a joint venture called Tango Holdings, LLC to manage solar energy projects across the United States, according to a press release statement.
The joint venture will manage 496 megawatts of Savion-developed solar projects located in Ohio, Kentucky, Oklahoma, and Indiana. Ownership of Tango is split with an Ares Infrastructure Opportunities fund holding 80% and Savion maintaining 20%.
Tango will hold equity interests in the Martin County Solar Project, Kiowa County Solar Project, and three additional solar projects currently under construction.
Savion will serve as the managing member of the joint venture, while Shell Renewable Asset Management International will oversee asset management of the projects. The transaction has already closed with immediate effect.
This partnership adds to Ares’ recent infrastructure investments. In the past 12 months, the Ares fund has acquired interests in power generation assets totaling over 4.0 gigawatts across nine states and four power markets.
Founded in 2019, Savion develops large-scale solar and energy storage projects across 28 states. Ares Management Corporation reported approximately $546 billion of assets under management as of March 31, 2025.
Financial terms of the transaction were not disclosed.
In other recent news, Ares Management Corporation has made significant strides, including acquiring a 20% stake in Plenitude for €2 billion. This transaction values Plenitude at an enterprise value exceeding €12 billion. Additionally, TD Cowen has raised its price target for Ares Management from $199 to $204, maintaining a Buy rating, following investor meetings that highlighted Ares’ platform capabilities. On the personnel front, Ares Management has appointed Sarah Cole as Partner and Co-Head of the Global Capital Solutions team, aiming to enhance strategic relationships and investment opportunities. The company also welcomed Jon Plavnick as a Partner in its Infrastructure Debt team to focus on investments in the Americas. Furthermore, Spencer Ivey has relocated to Sydney to expand the firm’s infrastructure debt strategy in the Asia-Pacific region. Raymond James initiated coverage on Ares Management with a Market Perform rating, noting the company’s growth outlook and strong position in direct lending. These developments highlight Ares Management’s active role in strategic expansion and strengthening its market presence.
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