Ares Management Corporation (NYSE: ARES) (“Ares”), a leading global alternative investment manager, announced today that a fund managed by the Ares Infrastructure Opportunities strategy (the “Ares fund”) and Savion Equity, LLC (“Savion”), a subsidiary of Shell plc, have established Tango Holdings, LLC (“Tango”), a joint venture that will support solar energy development and management in the United States.

Founded in 2019, Savion develops large-scale solar and energy storage projects across 28 states. Tango will manage 496 megawatts of Savion-developed solar projects in Ohio, Kentucky, Oklahoma and Indiana. Tango is jointly owned by the Ares fund (80%) and Savion (20%) and will hold equity interests in Martin County Solar Project, Kiowa County Solar Project and in three additional solar projects currently under construction.

“We look forward to partnering with Savion on this exciting initiative that allows us to draw on our combined capabilities in power generation to support these important assets,” said Steve Porto, Partner in the Ares Infrastructure Opportunities strategy. “As a leading investor in critical private infrastructure projects, we believe Ares’ scale and experience across the asset life cycle alongside Savion’s operational prowess will help bolster the supply of electricity in key U.S. markets as we seek to deliver attractive returns for our investors.”

This joint venture builds on Ares’ track record in sourcing and executing investment opportunities in key sectors of private infrastructure through the Ares Infrastructure Opportunities strategy. With approximately 30 tenured investment professionals, the team targets assets with stable cash flow profiles that are positioned to benefit from secular tailwinds. In the past 12 months, the Ares fund has acquired an interest in power generation assets totaling over 4.0 gigawatts across nine states and four power markets.

Savion will serve as the managing member of Tango with Shell Renewable Asset Management International overseeing asset management of its projects. This deal is structured to simultaneously sign and close, with an immediate effective date. Additional terms of the transaction were not disclosed.

About Ares Management Corporation

Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, real estate, private equity and infrastructure asset classes. We seek to provide flexible capital to support businesses and create value for our stakeholders and within our communities. By collaborating across our investment groups, we aim to generate consistent and attractive investment returns throughout market cycles. As of March 31, 2025, Ares Management Corporation's global platform had approximately $546 billion of assets under management, with operations across North America, South America, Europe, Asia Pacific and the Middle East. For more information, please visit www.aresmgmt.com.

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