SB Energy, SoftBank Group’s U.S. Renewables Platform, Announces Strategic Equity Investment From Ares Management

SB Energy Global, LLC announced that funds managed by the Infrastructure and Power strategy of Ares Management Corporation are leading a strategic equity investment of up to $600 million, including capital from potential co-investors, in SB Energy, SoftBank Group Corp.’s U.S. Climate Infrastructure Technology platform.

The Ares-managed funds have committed the majority of the financing, with the balance expected to come from co-investors. This investment brings together two leading technology and climate infrastructure investors to drive innovation and the deployment of clean energy at scale.

Michel Combes, CEO of SoftBank Group International, stated, “SoftBank launched SB Energy to accelerate access to reliable, cost-effective, renewable energy. Combining AI and technology with renewable deployment at scale is critical to the energy transformation and benefits people across the globe. Our new investment from Ares brings together Ares’ climate infrastructure experience, SoftBank’s AI and technology ecosystem, and SB Energy’s track record of execution into a single platform to deliver flexible renewable energy at scale.”

SB Energy has quickly grown its Climate Infra-Tech platform with plans to deliver 10 gigawatts (GW) of renewable energy and storage projects in operation or under construction by the end of 2025.

Since launching in the U.S. market in 2019, the company has completed development of, financed, and started construction on nearly 1.7 GW of utility-scale solar projects, of which 1.3 GW are currently providing clean, reliable energy to Texas and California.

“We are proud to announce Ares’ funds’ investment, which launches a new chapter for SB Energy and an expansion of our collaboration with Ares that began in 2020,” said SB Energy co-CEO Rich Hossfeld. “With the support of both Ares and SoftBank, SB Energy will rapidly scale our strategic platform in renewable energy, storage, and new digital products as a developer, owner, and operator of the next generation of climate infrastructure and technology.”