Ares Management said on Monday that a fund managed by its Infrastructure Opportunities unit has acquired a 49% stake in a diversified U.S. renewable energy platform from EDP Renovaveis (EDPR), valuing the business at about $2.9 billion.

Ares said the transaction would expand its presence in key domestic power markets and broaden its exposure to fast-growing clean energy segments.

The investment manager has been doubling down on renewable energy and infrastructure assets amid rising demand for power, fueled by data centers and the rapid expansion of artificial intelligence.

The deal brings the total capacity owned by Ares Infrastructure Opportunities funds to roughly 5.7 gigawatts across 11 states and five U.S. power markets since September 2024.

EDPR owns renewable energy assets across Europe, North America, South America and the Asia Pacific.