Allete Inc. closed the previously announced acquisition for New Energy Equity, a distributed solar developer, for $165.5 million. New Energy Equity, headquartered in Annapolis, Maryland, has completed more than 250 distributed projects across the country, totaling more that 330 MW. Over the next three-years, the company will have a development pipeline of approximately 2 GW in 26 states.
“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 also has Impact Power Solutions and Energy Support Services, which are wholly owned subsidiaries. New Energy Equity’s entire team, including management, will remain in place, as will the company’s Maryland headquarters and offices in Roseville, Minn. as well as Boulder, Colo.