Conti Solar, an Edison-based renewable energy company, announced it has received a strategic investment from a fund managed by Ares EIF, a power and energy infrastructure strategy in the private equity group at Ares Management L.P.
The investment, expected to close at the end of April, will give Ares EIF a majority ownership stake in Conti Solar. The Conti Group holds the remaining minority ownership.
“Our investment in Conti Solar is a great strategic fit for Ares EIF, but, above all, it is an investment in Conti Solar’s management and the strong team and culture they have built over the years,” said Keith Derman, partner with Ares EIF. “We will work collaboratively with Matt and his team to continue to build upon the successes they have already achieved.”
The company will continue to operate as Conti Solar, maintain its offices and be managed by its current executive team.
“The investment from Ares EIF will make Conti Solar a more dynamic company and will enable us to accelerate our growth and pursue additional strategic initiatives,” said Matthew Skidmore, CEO of Conti Solar. “Together, we will drive more value to our customers and partners across the industry.”
Terms of the deal were not disclosed.
“We are extremely excited to partner with Ares EIF as there is a strong cultural fit between our organizations in addition to complementary skill sets and a shared strategic vision,” said Kurt Conti, chairman of The Conti Group. “This investment continues to advance our longstanding vision of building a world-class renewable energy company.”