Ares Capital Corp. (NASDAQ: ARCC) on March 5 provided additional details on various financing commitments closed during the fourth quarter of 2014, including the financing for a gas-fired power project in Virginia.
“In the fourth quarter, Ares Capital continued to be an active provider of financing to middle market companies with more than $1.3 billion committed to 32 different transactions across a variety of industries,” said Kipp deVeer, Chief Executive Officer of Ares Capital. “Our direct origination network again proved valuable with the 18 new companies we welcomed to the Ares Capital portfolio. Additionally, our size and scale allowed us to grow with our existing borrowers and provide acquisition financing to some of our longstanding portfolio companies.”
In one of those cases, Ares Capital served as sole lead arranger and administrative agent for a $100 million mezzanine credit facility to support the construction of the Stonewall Energy Center. In addition, Ares Capital served as documentation agent for a senior secured credit facility.
Stonewall Energy Center is a 778-MW combined-cycle, natural gas-fired project located in Loudoun County, Virginia, on a 101-acre site located 45 miles northwest of Washington, D.C. The Stonewall project was developed by Green Energy Partners. As part of the transaction, Panda Power Funds acquired Stonewall and will provide operations and maintenance and asset management services to the project, Ares Capital noted.
Ares Capital is a leading specialty finance company that provides one-stop debt and equity financing solutions to U.S. middle market companies, venture capital backed businesses and power generation projects. Ares Capital originates and invests in senior secured loans, mezzanine debt and, to a lesser extent, equity investments through its national direct origination platform. Ares Capital has elected to be regulated as a business development company, and is externally managed by a subsidiary of Ares Management LP (NYSE: ARES). Ares Management is a publicly traded, leading global alternative asset manager with approximately $86 billion of assets under management as of the end of 2014, pro forma for the acquisition of Energy Investors Funds, which closed on Jan. 1, 2015.