Ares Management is exploring the sale of renewable energy solutions platform DSD Renewables and is already in talks with potential buyers, four sources familiar with the situation said.

Los Angeles-based Ares is leading the talks, three of the sources said. It is unclear if it is working with a financial advisor.

Earlier this year, Schenectady, New York-based DSD was marketing a portfolio of operating distributed generation (DG) assets with Evercore acting as financial advisor, two of the sources and a fifth source familiar said. It could not be learned if that process ever transacted.

Ares made a USD 200m preferred equity investment in DSD in 2022. The alternative investment manager took a majority stake in the business in May 2025, a sixth source familiar said.

Originally called GE Solar, DSD was formed in 2012 as the solar energy unit of GE, according to its website. BlackRock acquired an 80% stake in the business in 2019, rebranding it as DSD Renewables and purchased the remaining 20% in DSD in 2020.

Cox Enterprises made a USD 250m strategic investment in DSD in 2023.

In August, DSD announced it secured USD 238m in long-term financing from First Citizens Bank, MUFG, and Nomura to back a portfolio of 188 operational DG and solar-plus storage projects with a combined capacity of 233 megawatts.

Ares, BlackRock, and DSD declined to comment. Cox did not respond to requests for comment.