SB Energy Global announced that Ares Management Corporation is leading an equity investment of up to $600 million, including capital from potential co-investors, in SB Energy, SoftBank Group’s U.S. Climate Infrastructure Technology platform.
The Ares-managed funds have committed the majority of the financing, with the balance expected to come from co-investors.
SB Energy has grown its Climate Infra-Tech platform with plans to deliver 10 GW of renewable energy and storage projects in operation or under construction by the end of 2025. Since launching in the U.S. market in 2019, the company has completed development of, financed, and started construction on nearly 1.7 GW of utility-scale solar projects, of which 1.3 GW are currently providing clean, reliable energy to Texas and California.
SB Energy continues to aggressively grow its renewable energy and storage project pipeline through greenfield development, partnerships, and acquisitions, while expanding in its digital and technology capabilities.
In addition to capital from SoftBank and Ares, SB Energy has forged partnerships with leading financial institutions to secure more than $4 billion in tax equity and project financing since inception to develop and build renewable projects and make further investments in the clean energy transition.
SB Energy co-CEO Rich Hossfeld said: “With the support of both Ares and SoftBank, SB Energy will rapidly scale our strategic platform in renewable energy, storage, and new digital products as a developer, owner, and operator of the next generation of climate infrastructure and technology.”