Ares Management Corporation, a global leader in alternative investment, has announced the formation of a joint venture with Savion Equity, LLC—a subsidiary of Shell plc—to accelerate solar energy development in the United States. The new entity, Tango Holdings, LLC (“Tango”), will focus on managing and operating utility-scale solar projects across key states.
The Ares Infrastructure Opportunities fund will hold an 80% stake in Tango, while Savion retains a 20% interest. The joint venture will oversee 496 megawatts (MW) of solar capacity from projects developed by Savion in Ohio, Kentucky, Oklahoma, and Indiana. This includes the Martin County and Kiowa County Solar Projects, along with three additional projects currently under construction.
Savion, founded in 2019, is active in large-scale solar and energy storage development across 28 U.S. states. Under the terms of the agreement, Savion will act as managing member of Tango, while Shell Renewable Asset Management International will handle ongoing asset management responsibilities. The transaction was structured for simultaneous signing and closing, becoming effective immediately. Financial terms were not disclosed.
Steve Porto, Partner at Ares Infrastructure Opportunities, said the partnership leverages both firms’ complementary strengths: “We look forward to partnering with Savion on this exciting initiative that allows us to draw on our combined capabilities in power generation to support these important assets. As a leading investor in critical private infrastructure, Ares brings scale and experience across the asset lifecycle, while Savion adds operational expertise—together helping to bolster electricity supply in key U.S. markets.”
The joint venture strengthens Ares’ position in private infrastructure, a sector the firm has been actively investing in. Over the past year, the Ares Infrastructure Opportunities fund has acquired interests in power generation assets totalling more than 4.0 gigawatts across nine states and four U.S. power markets.
