Conti Solar – a renewable energy engineering, procurement and construction (EPC) company based in Edison, N.J. – has received a strategic investment from a fund managed by Ares EIF, the power and energy infrastructure strategy in the private equity group at Ares Management LP.
Expected to close at the end of April, the investment will give Ares EIF a majority ownership stake in Conti Solar with a minority position retained by The Conti Group. Terms of the transaction were not disclosed.
The company will continue to operate as Conti Solar, maintain its current offices and be managed by its current executive team. The Conti Group will continue to be involved in the oversight and strategic direction of the company.
Conti Solar, previously a wholly owned subsidiary of The Conti Group, has been active in the development, engineering, procurement, construction and operations of solar and energy storage projects totaling more than 500 MW throughout the U.S. and in select international markets for more than a decade.
“The investment from Ares EIF will make Conti Solar a more dynamic company and will enable us to accelerate our growth and pursue additional strategic initiatives,” says Matthew Skidmore, CEO of Conti Solar. “Together, we will drive more value to our customers and partners across the industry.”
Ares EIF is an investor in the U.S. power and energy infrastructure sector; it has invested in nearly 130 different power and energy infrastructure assets with a combined underlying enterprise value exceeding $20 billion.