Middle River Power Acquires Panoche Energy Center from Ares

Addition strengthens MRP's flexible capacity portfolio as demand for dispatchable resources accelerates across the Western Interconnection

CHICAGO, Oct. 6, 2026 /PRNewswire/ -- Middle River Power (MRP) today announced it has closed on the acquisition of Panoche Energy Center (Panoche), a fully contracted 427-megawatt (MW) natural gas generation facility located in Firebaugh, California, from an Ares Infrastructure Equity fund (Ares).

The acquisition builds on MRP's growing portfolio of flexible, reliable, and cleaner generation assets, following the additions of the 240 MW Midway-Sunset and 250 MW Brush facilities earlier this year. MRP expects to apply its hybridization strategy to Panoche, pairing efficient thermal capacity with storage to meet rising demand across multiple sectors, including utilities, data centers, and industrial offtakers.

"We continue to add to our portfolio of flexible, reliable, and clean generation assets across the West with the acquisition of Panoche from Ares," said Mark Kubow, Chief Executive Officer at Middle River Power. "This fully contracted facility adds to our growing footprint across the West, following the additions of the Midway-Sunset facility in Kern County, California, and the Brush facility in Morgan County, Colorado, earlier this year. We expect to deploy our strategy of hybridizing critical capacity resources so we can continue delivering reliable, affordable, and cleaner energy well into the future, for customers throughout the region."

"Ares is proud to have supported this critical asset since its development twenty years ago, and we're pleased to have worked closely with MRP throughout this process to facilitate a smooth transition and a compelling next chapter for Panoche," said Keith Derman, Head of Ares Infrastructure Equity. "We believe that Panoche will continue to provide reliable, efficient, and flexible capacity to the California grid."

About Middle River Power
Middle River Power (MRP) is an independent power producer and asset management company focused on finding creative solutions that accelerate the energy transition. MRP's strategy combines new technologies and resources with under-utilized legacy generation assets, delivering cleaner, more reliable, and cost-efficient resources, faster than any standalone development. With a specialty in repositioning existing, safe, critical resources with co-located and hybrid development projects, MRP delivers clean, reliable energy solutions to its customers and communities. In 2025, MRP was acquired by Partners Group, one of the largest firms in the global private markets industry, acting on behalf of its clients. For more information, visit www.middleriverpower.com.

About Ares Management Corporation
Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, real estate, private equity and infrastructure asset classes. We seek to advance our stakeholders' long-term goals by providing flexible capital that supports businesses and creates value for our investors and within our communities. By collaborating across our investment groups, we aim to generate consistent and attractive investment returns throughout market cycles. As of June 30, 2026, Ares Management Corporation's global platform had over $671 billion of assets under management, with operations across North America, South America, Europe, Asia Pacific and the Middle East. For more information, please visit www.ares.com.

View original content to download multimedia:https://www.prnewswire.com/news-releases/middle-river-power-acquires-panoche-energy-center-from-ares-302899660.html

SOURCE Middle River Power