Ares Management Corporation announced that funds led by its Infrastructure Opportunities strategy have acquired 100% of the equity interests in Meade Pipeline Co. LLC from affiliates of XPLR Infrastructure, LP, an independent power producer formed by NextEra Energy, Inc. The all-cash transaction is valued at approximately $1.1 billion. 

Meade owns a 40% stake in the Central Penn Line (CPL), a 180-mile natural gas pipeline that links prolific production zones in the Marcellus and Utica Shale of Northeast Pennsylvania to demand centers across the Northeast, Mid-Atlantic, and Southeast through its connection to Williams Companies’ Transco system, which operates the line under long-term triple-net leases. 

In operation since 2018, CPL was further enhanced by the Leidy South expansion in 2022, bringing gross capacity to 2.3 bcf/day. “Driven by electrification, industrial activity and increasing LNG exports, we are witnessing tremendous growth in power and natural gas demand,” said Steve Porto, partner in the Ares Infrastructure Opportunities strategy. “This investment reflects our conviction in Meade’s value proposition as well as our broader focus on strategically located assets that efficiently deliver lower-cost energy.” 

Morgan Stanley & Co. LLC and Wells Fargo advised Ares, with Sidley Austin LLP serving as legal counsel. J.P. Morgan acted as financial advisor to XPLR, alongside Hogan Lovells as legal counsel. As of June 30, 2025, Ares reported over $572 billion in AUM across its global investment platform.