Milbank LLP is advising SB Energy Global, LLC (“SB Energy”), the US climate infrastructure technology platform subsidiary of SoftBank Group Corp. (“SoftBank”), in connection with Ares Management Corporation’s (“Ares”) strategic equity investment of up to US$600 million.
The Ares-managed funds have committed the majority of the financing, with the balance expected to come from co-investors. The investment will be directed at the further expansion of SB Energy’s renewable energy and storage projects, along with related digital capabilities. SB Energy launched in the US market in 2019. The climate infra-tech platform aims to expand its renewable energy and storage projects in operation or under construction to 10 gigawatts by the end of 2025. The company has completed development, financed or begun construction on nearly 1.7 gigawatts of utility-scale solar projects. It has reached commercial operations on projects across Texas and California totaling 1.3 gigawatts.
“We are thrilled to advise SB Energy as it continues to realize its goal of providing clean and reliable energy to scale,” said Milbank Project, Energy and Infrastructure Finance partner Bill Bice. “Ares’ continued collaboration with SB Energy will help to usher the platform into a new phase of rapid development and innovation in US renewables infrastructure technology.”
The Milbank team included Mr. Bice, Corporate partner Brett Goldblatt, Project, Energy and Infrastructure Finance partner Richard Hillman and Corporate associate Roy Jackson.
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