Allete Inc. has closed the previously announced acquisition of distributed solar developer New Energy Equity for approximately $165.5 million.
New Energy Equity, with headquarters in Annapolis, Md., has successfully completed more than 250 distributed solar projects across the nation totaling more than 330 MW. The company has a development pipeline of about 2 GW across 26 states over the next 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 also has two wholly owned subsidiaries, Impact Power Solutions and Energy Support Services. 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.