Shell and Ares Corporation announce the formation of a joint solar energy venture in the United States
In a strategic move to bolster renewable energy production in the United States, Ares Management and Shell subsidiary Savion Equity have announced the formation of a joint venture named Tango Holdings. This partnership, effective as of July 2025, sees Ares holding an 80% stake, while Savion retains a 20% ownership.
Tango Holdings will oversee a portfolio of 496 megawatts of solar projects developed by Savion across Ohio, Kentucky, Oklahoma, and Indiana. The joint venture will hold equity interests in five solar projects, including the Martin County and Kiowa County Solar Projects. Three of these projects are currently under construction.
As the managing member of Tango, Savion will continue to oversee asset management through Shell Renewable Asset Management International. This collaboration leverages Savion's expertise in solar development and operations, combined with Ares' investment scale and infrastructure management experience.
Steve Porto, Partner in the Ares Infrastructure Opportunities strategy, expressed his excitement about partnering with Savion on this solar power initiative. He believes that the combination of Ares' scale and experience across the asset life cycle, along with Savion's operational prowess, will help bolster the supply of electricity in key U.S. markets.
Greg Joiner, Executive Vice President for Power at Shell, shared similar sentiments, stating that the investment by Ares is a testament to Savion's success in building and operating assets that deliver renewable power to key energy markets in the U.S.
Over the past year, the Ares fund has acquired interests in power generation assets totalling more than four gigawatts across nine states and four power markets. The fund aims to deliver attractive returns for its investors through this partnership.
Future plans for Tango Holdings involve continuing to develop and manage these solar projects to provide renewable energy to key U.S. markets, enhancing capital efficiency and returns for both partners. Shell will maintain its solar development pipeline through Savion, focusing on new renewable power generation assets beyond Tango's portfolio.
This joint venture is part of Shell's strategy to selectively develop renewable generation projects and reduce ownership as they mature, while Ares brings the necessary infrastructure management experience to support growth and value creation in U.S. solar power generation.
Launched with a strategic investment partner like Ares, Savion expects to maximise the value of its power generation portfolio as it continues to build a more focused, competitive, and adaptive business.
The deal between Ares and Savion was structured to sign and close simultaneously, taking immediate effect. With Tango Holdings, the two companies aim to contribute significantly to the U.S.'s renewable energy landscape and provide sustainable, clean power solutions for years to come.
Tango Holdings, the joint venture formed by Ares Management and Savion Equity, will manage a business portfolio consisting of 496 megawatts of solar projects and hold equity interests in five solar projects, including those in Martin County and Kiowa County. Financing and business operations within Tango Holdings will leverage Ares' investment scale and infrastructure management experience, combined with Savion's expertise in solar development and operations.
