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Ares Management divests majority stake in 620-MW gas plant in Connecticut

Ares Management LP sold a majority stake in the 620-MW natural gas-fired Middletown Kleen Energy facility in Middlesex County, Conn., to four strategic investors for undisclosed terms.

The divestment came after Ares Management created and closed a new Ares EIF investment vehicle to manage Kleen Energy Systems LLC on behalf of the investor group, which includes subsidiaries of Chugoku Electric Power Co. Inc., Kyushu Electric Power Co. Inc., Osaka Gas Co. Ltd. and Sojitz Corp., according to a May 14 press release.

Kleen Energy is a special-purpose company created to own and operate the Middletown plant, which benefits from stable cash flow under its capacity agreement with Eversource Energy utility Connecticut Light and Power Co., as well as its advantaged market heat rate and dual fuel capability.