Kirkland Advises Ares on Acquisition of Stake in Diversified U.S. Energy Portfolio from EDPR

Kirkland & Ellis advised a fund managed by the Ares Infrastructure Opportunities strategy (Ares) on the acquisition of a 49% stake in a portfolio of assets from EDP Renováveis, S.A. (EDPR), a leading global developer, owner and operator of renewable energy infrastructure. The total estimated enterprise value for 100% of the portfolio amounts to approximately $2.9 billion. The transaction comprises a diversified portfolio of 10 assets that aggregates to 1,632 MW of capacity, including 1,030 MW of solar, 402 MW of wind and 200 MW of storage capacity across four U.S. power markets.

In connection with the investment, Kirkland also advised Ares on securing a new $565 million backleveraged first lien credit facility, which was jointly arranged by Société Générale and Natixis. The facility includes term loans, delayed draw term loans and letter of credit commitments in support of Ares' debt service reserve obligations.

Read the transaction press release

The Kirkland team included corporate lawyers Rob Goodin, Daniel Cadis, Nicolas Lee, Lucy Li, Lauren Stelck and Munir Saadi; debt finance lawyers Rohit Chaudhry, Olivia George, William Nicholson, Seojin Park and Jessie Mann; tax lawyers Bill Dong, Griffin Peeples and Michael Masri; energy regulatory lawyer Drew Stuyvenberg; and environmental transactions lawyer James Dolphin.