Ares Management Corp.’s Acquisition of Majority Stake in Apex Clean Energy

Kirkland & Ellis advised funds and other accounts managed by Ares Management Corp., while Orrick advised Apex Clean Energy.

Apex Clean Energy (“Apex”) and Ares Management Corporation (NYSE: ARES) (“Ares”) announced that funds and other accounts managed by Ares’ Infrastructure and Power strategy have entered into an agreement to acquire a majority stake in Apex. The transaction will provide Apex with additional equity growth capital as it seeks to transition to a pure-play renewable energy independent power producer (IPP).

Funds managed by Ares’ Infrastructure and Power strategy have transacted with Apex on numerous power projects, including the 525 MW Aviator Wind—the largest single-phase, single-site wind farm in the United States—the 302 MW Lincoln Land Wind, and the 121 MW Ford Ridge Wind.

The Kirkland team was led by corporate partners Rob Goodin (Picture) and Adam Larson and associates Camille Walker, Mark Kunzman and Maggie Hoffman; debt finance partner Rohit Chaudhry; tax partners Mike Masri and Bill Dong; and executive compensation partner Stephen Jacobson.

The Orrick team advising Apex was led by David Ruff, King Milling and Paul Zarnowiecki and included, among others, John Narducci, Harry Clark, Jason Flaherty, Kayla Southworth, Rachel Rice, James Billard, Jennifer Clarke-Smith and Amy Ray. 

Involved fees earner: Rohit Chaudhry – Kirkland & Ellis; William Dong – Kirkland & Ellis; Robert Goodin – Kirkland & Ellis; Maggie Hoffman – Kirkland & Ellis; Stephen Jacobson – Kirkland & Ellis; Mark Kunzman – Kirkland & Ellis; Adam Larson – Kirkland & Ellis; Michael Masri – Kirkland & Ellis; Camille Walker – Kirkland & Ellis; James Billard – Orrick Herrington & Sutcliffe LLP; Harry Clark – Orrick Herrington & Sutcliffe LLP; Jennifer Clarke-Smith – Orrick Herrington & Sutcliffe LLP; Jason Flaherty – Orrick Herrington & Sutcliffe LLP; King Milling – Orrick Herrington & Sutcliffe LLP; John Narducci – Orrick Herrington & Sutcliffe LLP; Amy Ray – Orrick Herrington & Sutcliffe LLP; Rachel Rice – Orrick Herrington & Sutcliffe LLP; David Ruff – Orrick Herrington & Sutcliffe LLP; Kayla Southworth – Orrick Herrington & Sutcliffe LLP; Paul Zarnowiecki – Orrick Herrington & Sutcliffe LLP;

Law Firms: Kirkland & Ellis; Orrick Herrington & Sutcliffe LLP;

Clients: Apex Clean Energy; Ares Management Corporation;