Basalt III completes Habitat Solar acquisition

Basalt Infrastructure Announces Closing of U.S. Residential Solar Transaction and Partnership with IGS Solar

New York, NY – October 29, 2020: Basalt Infrastructure Partners LLC (“Basalt”) announced today that the third flagship Basalt fund (“Basalt III”) has completed the acquisition of a stake in a residential solar portfolio from funds managed by the Infrastructure and Power strategy of Ares Management Corporation (“Ares”). As part of the transaction, Basalt III and IGS Solar (a division of IGS Energy) have formed a partnership to expand the portfolio by funding the build-out of additional solar projects across the United States. The solar projects will be owned through a newly created entity, Habitat Solar, and operated by IGS Solar. This transaction is the first investment of Basalt’s third flagship fund.

Habitat Solar is a high-quality portfolio of approximately 11,000 operational residential solar projects across eight states, totaling approximately 100 megawatts of capacity. The solar projects are anchored by 25 year power purchase agreements (PPAs) and leases, providing a secure, long-term source of revenue.

“We are very excited to partner with IGS Solar to drive additional growth at Habitat Solar. This portfolio provides a unique platform to capitalize on the roll out of residential solar across the United States. We are looking forward to working alongside IGS Solar, which has established itself as a leading owner and operator of residential solar projects in the United States” said David Greenblatt, Partner of Basalt Infrastructure Partners LLC.

Mike Gatt, COO of IGS, remarked “IGS, a 30+ year veteran of the energy industry, has a rich history of successful partnerships and see our penchant for building such relationships as engrained in our company’s DNA.  As a relationship focused business, we are thrilled to embark upon this new partnership with Basalt and are eager to continue the expansion of our Residential Solar business for many years to come.  The importance of dedicated and long-term capital partners that share our passion and vision for sustainable and clean energy can’t be overstated.  Basalt’s proven success in infrastructure investing combined with IGS Solar’s deep expertise in the residential solar industry truly represents a formidable partnership”.

“The sale of our residential solar portfolios to Basalt highlights the significant investor interest in this growing sector and demonstrates our value-add approach to renewable investing,” said Andrew Pike, Partner and Co-Head of Ares Infrastructure and Power. “We are strong believers in the residential solar sector and its ability to provide an essential service to consumers while also delivering stable cash flows for investors.”

The terms of the transaction are not being disclosed.

Foley & Lardner LLP served as legal advisor to Basalt. Latham & Watkins LLP served as legal advisor to Ares.


For media inquiries:

Basalt Infrastructure Partners LLC

David Greenblatt, (646) 661-3900


IGS Energy

Dave Gilligan, (614) 787-6094


Ares Management Corporation

Mendel Communications

Bill Mendel, 212-397-1030


About Basalt

Basalt is the exclusive investment advisor to the Basalt funds, including Basalt I, Basalt II and Basalt III. The Basalt funds are infrastructure equity investment funds focusing on mid-market investments in utilities, power, transport, and communications infrastructure in North America and Europe. Other investments by the Basalt funds in North America include the Upper Peninsula Power Company, Texas Microgrid, DB Energy Assets, Detroit Thermal, Hyperion Power, Helios Power, and Black Bear Transmission.

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About IGS Solar

IGS Solar, a turn-key commercial and residential solar developer with significant solar assets deployed and under management, provides businesses, homes, and communities with an opportunity to participate in creating a sustainable energy future. As a division of IGS Energy, IGS Solar is dedicated to delivering innovative solar energy solutions. For more information, visit or connect with IGS Solar at


About IGS Energy

IGS Energy is a private energy company that believes it’s both capable and obligated to fight climate change and to promote sustainability and energy independence. The company serves more than 1 million homes and businesses nationwide, offering sustainable technologies and services, including 100% renewable electricity, carbon-neutral natural gas, solar energy systems, and other energy-efficiency products.

IGS Energy empowers consumers to source and manage their energy and protect their homes’ appliances and utility lines.

The company is committed to a sustainable energy future for a healthier planet. The belief in Conscious Capitalism and a purpose beyond profit prioritizes the needs of IGS Energy’s customers, employees and the planet. For more information visit


About Ares Management Corporation

 Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager operating integrated businesses across Credit, Private Equity, Real Estate and Strategic Initiatives. Ares Management’s investment groups collaborate to deliver innovative investment solutions and consistent and attractive investment returns for fund investors throughout market cycles. Ares Management’s global platform had approximately $179 billion of assets under management as of September 30, 2020 with more than 1,400 employees operating across North America, Europe and Asia Pacific.


About Ares Infrastructure and Power

Ares Infrastructure and Power (“AIP”) strategy seeks to provide flexible capital for cash-generating assets across the climate infrastructure, natural gas generation, and energy transportation sectors. AIP leverages a broadly skilled and cohesive team of more than 25 investment professionals with deep domain experience and has deployed over $9 billion of capital in over 200 different infrastructure and power assets and companies.