- Agreement includes 107 GE 2.82-127 turbines and 20-year FSA
- Project to be completed by the end of 2021
- GE and Ares have announced more than 800 MW together over the last 12 months
Schenectady, NY, May 19, 2021: GE Renewable Energy announced today that it has been selected to provide 107 of GE’s 2.82-127 onshore wind turbines for the 302 MW Lincoln Land Wind project in Morgan County, IL. The wind farm is owned by funds managed by the Infrastructure and Power strategy of Ares Management Corporation (“Ares”). Apex Clean Energy led the development of Lincoln Land Wind and Ares finalized preconstruction milestones, including securing turbines, financing (tax equity and debt), and other project contracts. The partnership with GE also includes a 20-year full-service agreement. The project is anticipated to be completed by the end of 2021.
Lincoln Land will have 107 of GE’s 2.82-127 turbine, which was recently announced as the most widely deployed turbine in the US in 2020 by the American Clean Power Association.
Tim White, GE Renewable Energy’s CEO for Onshore Americas, said “We are delighted to continue our partnership with Ares. Together, we have announced more than 800MW in new onshore units over the last 12 months—this is an exciting milestone, and we’re thrilled to support our customers in accelerating the energy transition by helping to deliver sustainable, affordable, renewable energy through our combined projects in the US.”
Steve Porto, Managing Director of Ares Infrastructure and Power, said “We are proud to once again work with GE Renewable Energy. We believe trusted partners are critical to building projects of this scale and delivering low cost energy to our customers and with an effort to deliver strong results for our investors.”
GE Energy Financial Services (“GE EFS”) is providing tax equity for the project.
GE Renewable Energy was recognized by the American Clean Power Association (ACPA) as the top manufacturer of wind turbines in the US in 2020, for the third year in a row. Of the total onshore wind installed nationwide, ACPA reported that GE technology was deployed in 53% of new capacity additions, as well as in 31% of new projects under construction or in advanced development that have selected an OEM.
About GE Renewable Energy
GE Renewable Energy is a $15 billion business which combines one of the broadest portfolios in the renewable energy industry to provide end-to-end solutions for our customers demanding reliable and affordable green power. Combining onshore and offshore wind, blades, hydro, storage, utility-scale solar, and grid solutions as well as hybrid renewables and digital services offerings, GE Renewable Energy has installed more than 400+ gigawatts of clean renewable energy and equipped more than 90 percent of utilities worldwide with its grid solutions. With nearly 40,000 employees present in more than 80 countries, GE Renewable Energy creates value for customers seeking to power the world with affordable, reliable and sustainable green electrons.
Follow us at www.ge.com/renewableenergy, on www.linkedin.com/company/gerenewableenergy, or on www.twitter.com/GErenewables
About Ares Management Corporation
Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager operating integrated groups across Credit, Private Equity, Real Estate and Strategic Initiatives. We seek to provide flexible capital to support businesses and create value for our stakeholders and within our communities. By collaborating across our investment groups, we aim to generate consistent and attractive investment returns throughout market cycles. As of March 31, 2021, Ares Management's global platform had approximately $207 billion of assets under management with more than 1,450 employees operating across North America, Europe, Asia Pacific and the Middle East. For more information, please visit www.aresmgmt.com.
About Ares Infrastructure and Power
Ares Infrastructure and Power (“AIP”) provides flexible capital across the climate infrastructure, natural gas generation, and energy transportation sectors. AIP leverages a broadly skilled and cohesive team of more than 25 investment professionals with deep domain experience and has deployed over $9 billion of capital in more than 250 different infrastructure and power assets and companies as of March 31, 2021.
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