Savion Equity, LLC, a subsidiary of Shell plc, and a fund managed by the Ares Infrastructure Opportunities strategy (Ares), today announced the formation of Tango Holdings, LLC (Tango), a joint venture that will manage 496 megawatts of Savion-developed solar projects in Ohio, Kentucky, Oklahoma, and Indiana. Savion is transferring majority ownership of five solar assets into this joint venture.
Tango is jointly owned by Ares (80%) and Savion (20%) with equity interests in Martin County Solar Project, Kiowa County Solar Project, and in three additional solar projects currently under construction. Savion will serve as the managing member with Shell Renewable Asset Management International overseeing asset management of the projects.
The partnership agreement underscores Savion’s dedication to bring more renewable energy projects online and advances the company’s evolution from a legacy solar and storage developer into an established independent power producer.