Allete Inc. has closed the beforehand introduced acquisition of distributed solar developer New Energy Equity for roughly $165.5 million. New Energy Equity, with headquarters in Annapolis, Md., has efficiently accomplished greater than 250 distributed solar tasks throughout the nation totaling greater than 330 MW. The firm has a growth pipeline of about 2 GW throughout 26 states over the subsequent three years.
“We’ve been signaling our move into the solar industry for some time, and as we met with New Energy Equity’s leadership team we knew we had found the right company to position us well,” says Bethany Owen, Allete’s chair, president and CEO. “The team brings a depth of distributed and community solar expertise and experience to ALLETE, along with a proven track record of financial success. The addition of New Energy Equity enhances our strong portfolio of companies and capabilities and opens new growth opportunities as we lead the way to a sustainable energy future.”
New Energy Equity additionally has two wholly owned subsidiaries, Impact Power Solutions and Energy Support Services. New Energy Equity’s complete staff, together with administration, will stay in place, as will the corporate’s Maryland headquarters and places of work in Roseville, Minn. in addition to Boulder, Colo.