July 16 (Solar) – IGS Solar and a private equity fund managed by Ares EIF have closed a roughly USD-145-million (EUR 124m) tax equity capital partnership to finance solar power generation assets for homeowners throughout the US.
The news was announced by Marathon Capital LLC, which served as exclusive financial advisor to IGS Solar in arranging the equity capital commitment from Ares EIF — the power and energy infrastructure arm of alternative asset manager Ares Management LP (NYSE:ARES).
The partnership was created with an undisclosed tax equity investor and aims at deploying an initial portfolio of about 4,000 residential solar power purchase agreements (PPAs) in the northeastern part of the country.
“With support from Ares, IGS Solar is well-positioned to be the first formidable new entrant in residential solar financing space in several years,” said Gary Greenblatt, managing director at Marathon.
(USD 1.0 = EUR 0.855)