ENERGY

Ares Management Corporation Announces Agreement to Acquire AMP’s PrivateMarketsCo Infrastructure Debt Platform

Ares Management Corporation | December 27, 2021

Ares Management Corporation (“Ares”), a leading global alternative investment manager, announced that its subsidiary, Ares Holdings L.P., has entered into a definitive agreement to acquire AMP’s PrivateMarketsCo Infrastructure Debt platform (“Infrastructure Debt”), one of the largest infrastructure debt investment platforms globally with approximately US$8 billion in assets under management, as of September 30, 2021. The transaction consideration is A$428 million (US$308 million) and will be funded using cash on hand and Ares’ US$1.1 billion revolving credit facility.

The Infrastructure Debt team is led by its Global Head, Patrick Trears, and has 17 dedicated investment professionals located across London, Sydney, Singapore and New York. The team has established a strong risk-adjusted, long-term track record investing approximately US$9 billion of capital across nearly 60 transactions globally with a focus on the digital, utilities, transportation and renewable energy sectors. With a leading reputation among sponsors and developers, the team brings robust direct investment origination and high-quality deal flow capabilities. Given its strong positioning and the compelling market dynamics, the Infrastructure Debt platform has been a leading fundraiser over the past five years with support from a global investor base of approximately 100 institutional investors.

This transaction adds complementary investment capabilities to Ares’ current activities in the rapidly growing infrastructure asset class. The Infrastructure Debt team is anticipated to expand and enhance Ares’ existing infrastructure strategy, which has historically focused on value-add equity and flexible capital across the power and climate infrastructure sectors. As part of Ares, the Infrastructure Debt team will be positioned to benefit from the advantages of Ares’ scaled global platform that includes its leading private credit franchise. This combination is expected to bolster future investment, market intelligence and fundraising efforts.

We are pleased to announce this acquisition of a highly complementary infrastructure debt platform. We believe that this strategic combination will further propel our infrastructure investment capabilities and expand our global footprint. The team shares a similar credit mindset with Ares, and our infrastructure leadership has enjoyed a great relationship with Patrick and other senior leaders for over a decade. Together we believe we are well-positioned to leverage the full scale of the Ares platform and relationships to provide optimal capital solutions for our investment partners and generate attractive risk-adjusted returns for our investors.”

Michael Arougheti, Chief Executive Officer and President of Ares

Upon closing of the transaction, Infrastructure Debt will be led by Patrick Trears and will be reported as part of a new segment for Ares called the Ares Real Assets Group. This segment will also include Real Estate led by Bill Benjamin and Infrastructure Equity led by Keith Derman and Andrew Pike. The Ares Real Assets Group would represent approximately US$48 billion of assets under management as-adjusted for the transaction, as of September 30, 2021.

The transaction is expected to be immediately accretive to Ares’ after-tax realized income per share of class A common stock. It is expected to close in the first quarter of 2022 and is subject to customary closing conditions, including satisfaction of applicable regulatory requirements.

Morgan Stanley & Co. LLC acted as financial advisor to Ares and Kirkland & Ellis LLP and DLA Piper served as legal counsel. Broadhaven Capital Partners acted as financial advisor to PrivateMarketsCo and Nixon Peabody served as legal counsel.

Spotlight

Substantial growth in renewable energy deployment has already taken place, but the next step-change must include accelerated deployment coupled with energy efficiency. This approach is also embedded in the Sustainable Development Goals


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ENERGY

CLEAN ENERGY SYSTEMS ENTERS INTO AN AGREEMENT TO ACQUIRE THE MADERA BIOMASS POWER PLANT

Clean Energy Systems, Inc. | July 15, 2022

Clean Energy Systems, Inc. (CES) announced that it entered into an agreement to acquire the idled Madera Biomass Power Plant (located in Madera County, California). CES intends to convert the existing facility into a Biomass Carbon Removal and Storage (BiCRS) Facility. "We are excited for the opportunity to expand our efforts to address the challenges of climate change, improve air quality in the Central Valley and make a vital contribution to the local economy by converting an idled biomass plant into a BiCRS facility, We look forward to engaging and working with all neighboring landowners and other stakeholders as we progress this critical project in the coming months." -Keith Pronske, CES' President and CEO The facility, once converted into a BiCRS facility, will convert agricultural waste biomass from local farms, into a renewable synthesis gas that will be mixed with oxygen in a combustor to generate electricity and/or hydrogen. More than 99% of the carbon from the process is expected to be captured for permanent storage by safely injecting carbon dioxide (CO2) underground into nearby deep geologic formations. By using biomass fuel that consumes CO2 over its lifetime to produce energy and then safely and permanently storing the produced CO2, the process is designed to result in net-negative carbon emissions, effectively removing greenhouse gas from the atmosphere. The new BiCRS facility, when completed, is expected to remove about 600,000 tons of CO2 annually, which is equivalent to the emissions from electricity use of more than 130,000 U.S. homes. It also will help improve air quality in the San Joaquin Valley by using approximately 400,000 tons of agricultural waste annually (which otherwise would have been burned), in line with the California Air Resources Control Board plan to begin phasing out agricultural burning in the San Joaquin Valley by 2025. Working with its partners, CES plans to evaluate the Madera Biomass Power Plant for conversion to a BiCRS facility using CES' proprietary oxy-fuel technology that contributes to cost-effective carbon capture. BiCRS is identified as a low-cost form of engineered carbon removal, resulting in net energy production without routine emissions of nitrous oxide, carbon monoxide and particulates from combustion produced by conventional biomass plants. The agriculture industry requires clean and effective disposal options as an alternative to open field burning," said Roger Isom, President/CEO of the California Cotton Ginners and Growers Association and Western Agricultural Processors Association. Repurposing conventional biomass power plants into carbon removal projects is one of the solutions that also addresses air quality in the Central Valley. The work builds upon the efforts of similar projects in Fresno and Kern Counties, which are under active development. The acquisition is subject to continued due diligence, with closing expected in early 2023. About Clean Energy Systems Clean Energy Systems is a California-based technology company and a global leader in the development and deployment of carbon reducing energy systems. The company has successfully transitioned proven, reliable rocket engine combustion principles into a flexible and economically attractive power generation system for the benefit of our planet. CES' proprietary oxy-combustion technologies enable cleaner and more efficient co-generation of power, steam, water, and captured CO2 and offers the world a new perspective on the way we assess the value of natural resources.

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STRATEGY AND BEST PRACTICES

Pedego Owner Uses Platform to Give Back; Opens Pedego E-Bike Store in Atlanta With Philanthropic Commitment

Pedego Atlanta | May 20, 2022

Pedego Atlanta, is independently owned and operated by Kathy Woirol and offers a full range of e-bike sales, rentals, services, and accessories. Pedego Electric Bikes is an award-winning electric bike company with sixteen unique models and over 200 brick and mortar stores. Kathy Woirol was ready for a change and wanted to invest in something that would help her and the Atlanta community live a healthy lifestyle. Woirol found the perfect opportunity within Pedego to become a business owner, an entrepreneur and establish space in Atlanta, all in one. Since opening her store in 2021, she began to integrate herself and her Pedego store into the community. Pedego has found great success in their non-franchise retail model over the past 13 years, and continues to hit the throttle on opening physical stores. By offering entrepreneurs the opportunity to become independent store owners, Pedego separates its success from the rest and is set to open over one store a week across North America throughout 2022. Woirol has served her community by working with the organization Bearings Bike Works, a nonprofit that operates by focusing on four unique development skills programs, which teaches children ages 6-18 how to build and repair bicycles. Kids meet weekly and develop hard skills, soft skills, and character strengths that can impact and make a difference. These children have an opportunity to earn bikes through the program as well. Since learning about the mission of Bearings Bike Works, Woirol has sought to contribute to their efforts. Specifically, Woirol has helped Bearings Bike Works by donating a Pedego bike to be raffled off at their annual fundraiser. Woirol anticipates increasing her work with Bearings Bike Works and beyond - finding as many outlets as possible to fully integrate herself into the Atlanta community. "When I moved to Atlanta, I was ready to put down roots, and for me, a big part of that was to find opportunities to engage in the community, While getting up to speed on the biking market in Atlanta, I came across Bearings Bike Works and it seemed like a perfect fit! I love that they focus on kids, provide a safe place to hang out after school and best of all, empower kids to learn, build and earn a bike of their own. We've partnered on several events now, and I look forward to a continued relationship with Bearings. I hope one day to hire a Bearings "graduate" to work at Pedego Atlanta!" -Kathy Woirol, owner of Pedego Atlanta. Pedego Electric Bikes, Headquartered in Orange County, California, has built a brand on a complete line of class-leading electric bikes, from cruisers to fat tire trail bikes, an industry leading 5-year warranty and a network of locally-owned dealers available for customization and regular on-site servicing. Pedego Atlanta is close to many trails and is located on the Atlanta BeltLine, which is a 22-mile rails to trail system around the core of the city. The city also offers many paths and safe city biking lanes. About Pedego Atlanta Pedego Atlanta is located at 414 Bill Kennedy Way SE Suite 101, Atlanta, GA 30316, and offers e-bikes for rental and purchase, as well as bike mechanic service and professional assembly to suit all Pedego e-biking needs. About Pedego® Electric Bikes Founded in 2008, Pedego® is the leading brand of electric bikes in North America. Pedego is famous for premium quality, five-star local service, and an industry leading five year warranty. A complete line of 19 electric bike models are available at over 200 locally-owned Pedego stores that offer sales, rentals, tours, accessories, and service.

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PRODUCTS

Enlight to Acquire 525 MW Portfolio of Solar and Wind Projects in Croatia

Enlight Renewable Energy | July 07, 2022

Enlight Renewable Energy (TASE: ENLT) has signed an agreement for the acquisition and joint development of a 525 MW portfolio of renewable energy projects in Croatia, across various stages of development. The portfolio comprises five projects, four of which are solar, totaling 386 MW and one of which is wind, totaling 139 MW. Enlight projects that the projects will commence construction from the end of 2023 through 2025, subject to the successful completion of the development phase for each project.The portfolio is one of the largest and most advanced portfolios of renewable energy projects in Croatia, and will enable Enlight to diversify its activity in Croatia to include significant solar projects, alongside its existing operational high-quality Lukovac wind project. As a member of the European Union, Croatia has adopted a far-reaching National Energy and Climate Plan (NECP) to increase the generation of electricity from renewable sources from 28% to over 36% by 2030 and 66% by 2050. Croatia benefits from one of the strongest solar resources in Europe and untapping the potential of its solar resources will be key to achieving the country's 2030 and 2050 renewable targets. The acquisition also reinforces Enlight's already strong presence across Central and Eastern Europe, where the Company owns a 1.2 GW portfolio of renewable energy projects between Hungary, Kosovo, Serbia and Croatia, including 316 MW of operational projects. Enlight Renewable Energy founded in 2008 and traded on the Tel Aviv 125 Index is 98% publicly held. It is among the Israeli leaders in initiation, development, funding, construction and operation of ventures for generation of clean electricity from renewable energy sources. The company operates in Israel and Europe, benefits from a diverse portfolio of revenue-generating projects that are under construction, leading up to construction and with a signed agreement for the sale of electricity (PPA) with an output of approximately 3,800 MW, approximately 1, 200 MW in advanced development stages and an additional approximately 12,200 MW in various stages of development. The company has a growing revenue pipeline from long-term agreements for the sale of electricity and is also working to expand its footprint in additional clean energy markets and segments.

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FOOD SYSTEMS

FleishmanHillard Launches Offering to Help Brands Build Learning Labs for Web3, Metaverse and Emerging Platforms

FleishmanHillard | June 03, 2022

FleishmanHillard's Media + Platforms (M + P) practice announced the launch of learning lab environments to help brands explore the impact of the metaverse, Web3 and emerging digital media platforms. The offering includes a combination of an existing training series and planning workshop, along with hands-on experience in a custom-built environment where brands can gain the strategic and technical expertise needed to communicate and market in these new platforms. "It's time to help clients move beyond the hype headlines of today and see what's possible in emerging technologies, including how to use them now and prepare for the future, Our offering helps teams develop new skills and strategies in a customized, curated learning lab environment based on the client's industry, culture and business goals." -Ephraim Cohen, global managing director of Media + Platforms, FleishmanHillard. The capability will be overseen by Jared Carneson, a FleishmanHillard senior partner, who, as part of the Media + Platforms global leadership team, leads the development of capabilities around emerging platforms. The new Media + Platforms offering includes three components to help clients learn, plan and begin developing the skills needed for the future: The new offering leverages media, digital and technology expertise from across FleishmanHillard's Media + Platforms practice, which unites media relations, social influencer, brand content and digital platform experts into one integrated, innovative community to deliver maximum impact for clients across earned, owned and paid channels. About FleishmanHillard FleishmanHillard specializes in public relations, reputation management, public affairs, brand marketing, digital strategy, social engagement and content strategy. FleishmanHillard was named 2021 PRovoke Global Agency of the Year, 2021 ICCO Network of the Year, 2021 Campaign Global PR Agency of the Year, 2022 PRWeek U.S. Agency of the Year and Outstanding Extra-Large Agency of the Year; 2021 PRovoke APAC Consultancy of the Year; 2021 PRWeek UK Large Consultancy of the Year; Human Rights Campaign Best Places to Work for LGBTQ Equality 2018-2021; and to Seramount's (formerly Working Mother Media) "Top Companies for Executive Women" list 2010-2021. FleishmanHillard is part of Omnicom Public Relations Group, and has nearly 80 offices in more than 30 countries, plus affiliates in 45 countries.

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Spotlight

Substantial growth in renewable energy deployment has already taken place, but the next step-change must include accelerated deployment coupled with energy efficiency. This approach is also embedded in the Sustainable Development Goals

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