February 6, 2020: US asset management firm Ares Management Corporation and Dimension Renewable Energy will work on a portfolio of more than 300MW/1,200MWh of utility-scale battery storage in New York State, the firms announced on February 4.
Dimension Renewable Energy has been developing projects around the world for more than 10 years, and says it has financed more than 1,000MW of solar projects in the US alone.
“This transaction will provide our investors with access to an attractive growth opportunity in the utility-scale battery storage sector,” said Keith Derman, partner and co-head of Ares Infrastructure and Power, without saying what particular battery technologies would be employed.
“We are witnessing a historic transformation of the US energy industry. Projects like these demonstrate that battery storage is not only an enabling technology for the continued growth of renewables, but also an investable sector in their own right.”
The portfolio is the third such investment for Ares Infrastructure and Power, adding to more than 60 investments in the climate infrastructure market, which the firm says stands at more than $2 billion of invested capital.
Dimension Renewable Energy was founded in 2018, and since then it has developed more than 200MW and 1GWh of solar + storage projects throughout the US.
Construction of Dimension’s first series of solar and solar + storage projects in New York and battery energy storage systems in California will begin this year.