Ares Management Corp., through its infrastructure and power strategy, invested in Heelstone Energy Holdings LLC.
Simultaneously, the Chapel Hill, N.C.-based utility-scale solar developer changed its name to Heelstone Renewable Energy LLC and rolled out a new logo and website.
The investment will enable Heelstone to continue broadening its development capabilities and reach, Heelstone CEO and board member Will Owens said in a press release.
The transaction marks the ninth solar sector investment for Ares' infrastructure and power strategy, which targets infrastructure assets across the climate infrastructure, natural gas generation and energy transportation sectors.
Marathon Capital LLC was exclusive financial adviser to Heelstone on the investment.
Separately, Ares is planning to raise approximately $9.5 billion for its latest private equity fund, which will target companies in North America and Europe, Bloomberg News reported, citing a person with knowledge of the matter.
An Ares spokesman did not comment on the matter, according to Bloomberg.
