EDP Sells Stake in 1.6-GW U.S. Renewables Portfolio

Researched by Industrial Info Resources (Sugar Land, Texas)--Energias de Portugal's (EDP) (Lisbon, Portugal) renewables arm, EDP Renewables, said Friday it completed the sale of a 49% stake in a 1.6-gigawatt (GW) portfolio of unnamed solar, wind and storage assets across the U.S to investment manager Ares Management Corporation (Los Angeles, California). Although EDP did not indicate the specific assets, the company said five projects are operational, while another five are under construction with commercial operation dates through the end of the year.

The companies said the 10-asset portfolio has an estimated enterprise value of $2.9 billion and amounts to 1,632 megawatts (MW) of capacity, including 1,030 MW of solar, 402 MW of wind and 200 MW of storage across four U.S. markets. All of the projects have power purchase agreements (PPAs) in place, with an average remaining duration of 18 years.

EDP Renewables projects in Industrial Info's Global Market Intelligence (GMI) Power Project Database set to wrap up by the end of the year include the Carpenter Windfarm in Jasper County, Indiana, which is designed to provide 198 MW of capacity by utilizing 44 turbines (each rated at 4.5 MW.) The project features a 20-year PPA to provide the full output to Northern Indiana Public Service Company (NIPSCO). Subscribers to the GMI database can click here to read more information on the project.

Meanwhile, the Pleasantville solar plant in Fulton County, Illinois will utilize photovoltaic (PV) panels to provide up to 150 MW that will flow through the Midcontinent Independent System Operator (MISO) utility system. Subscribers can click here for the project report.

Two battery energy storage system (BESS) projects expected to be operational by the end of the year include the addition of the Flatland BESS at the Brittlebush solar park in Coolidge, Arizona, and an addition at the Sandrini solar plant in Bakersfield, California. The projects will utilize Tesla's (Austin, Texas) Megapack batteries to provide 200 MW and 92 MW of capacity, respectively. Subscribers can read more information on the Arizona and California projects.

Ares said its new stake in EDP Renewables' assets brings the total capacity of power-generation assets in which it has acquired interests to approximately 5.7 GW across 11 states and five power markets since September 2024. Earlier this year, Ares expanded its partnership with the North American arm of ENGIE S.A. (Paris, France) by adding 2.7 GW of operational renewable-generation projects in the U.S. For more information, see March 25, 2025, article - ENGIE Extends Partnership for Operational U.S. Renewables Portfolio.

Subscribers to the GMI database can click here for all project reports mentioned in this article and click here for related plant profiles.

Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 Trillion (USD).