Ares Management Corp has struck a deal to take ownership of a financially troubled gas-fired combined-cycle power plant in PJM Interconnection which was financed with a debt package that is due to mature six months from now. According to a US Federal Energy Regulatory Commission filing dated June 4, Ares has agreed to acquire the voting ownership interests in the Stonewall facility from Panda and Siemens Financial Group, the latter of which holds a preferred equity position. ...the recently concluded PJM capacity auction for delivery year 2022/2023, which disappointed many market participants due to the resulting record low clearing prices, could throw a spanner in the works.