Ares Management (Ares) has announced the establishment of a joint venture (JV) named Tango in collaboration with Savion Equity, a subsidiary of Shell.
This JV will oversee 496MW of solar projects developed by Savion across Ohio, Kentucky, Oklahoma and Indiana in the US.
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The formation of this partnership is part of Shell’s strategy to develop renewable generation projects selectively and reduce ownership as they mature.
Tango is co-owned by Ares with an 80% stake and Savion, which owns 20%.
The deal includes equity interests in the Martin County Solar Project, the Kiowa County Solar Project and three additional solar projects currently under construction.
Savion will act as the managing member, while asset management responsibilities for the projects will be handled by Shell Renewable Asset Management International.
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By GlobalDataThe transaction was structured for immediate effect upon signing. Further details regarding the transaction have not been disclosed.
Shell Power executive vice-president Greg Joiner said: “The investment by Ares is a testament to Savion’s success building and operating assets that deliver renewable power to key energy markets in the USA.
“Launching Tango with a strategic investment partner like Ares will allow us to maximise the value of our power generation portfolio as we continue to build a more focused, competitive and adaptive business.”
This transaction involves 496MW projects from Savion’s portfolio of 3,049MW in solar and energy storage assets that are either under construction, operational, or contracted.
Founded in 2019, Savion is based in Kansas City, Missouri. The company specialises in the development of large-scale solar and energy storage projects across 28 states.
Ares Management is a global alternative investment manager, with approximately $546bn in assets under management as of March 2025.
Ares Infrastructure Opportunities strategy partner Steve Porto said: “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 projects, we believe Ares’ scale and experience across the asset life cycle alongside Savion’s operational prowess will help bolster the supply of electricity in key US markets as we seek to deliver attractive returns for our investors.”
In June, Ares Management’s Alternative Credit funds, which are affiliated with alternative investment manager Ares Management, reached an agreement with Eni to acquire a 20% stake in the latter’s subsidiary, Plenitude, for €2bn ($2.3bn).
