EQT’s EQT Infrastructure VI fund has acquired Madison Energy Investments (MEI) from affiliates of Stonepeak Partners LP.
Founded in 2019 and headquartered in Vienna, Va., MEI is a developer, owner and operator of distributed solar and energy storage projects for commercial and industrial (C&I) and community-based customers within the U.S.
MEI has built a portfolio of more than 386 MW across the U.S. MEI’s on-site and proximate distributed energy projects address energy supply issues by delivering cost savings and enabling avoidance of transmission constraints for its customers.
EQT Infrastructure will support the MEI management team and platform by providing access to growth capital to accelerate the deployment of distributed solar and storage assets, offering EQT’s in-house digital expertise to further digitize the organization, and expanding MEI’s reach across a broader customer base.
“EQT Infrastructure has followed the renewable distributed generation market and MEI closely for several years given the strong thematic tailwinds supporting the sector, prior EQT experience in solar development and operation, and MEI’s strong position as a leading integrated platform in the U.S.,” says EQT’s Alex Darden. “The renewable generation sector is an increasingly important part of the energy transition, and we are excited to partner with the MEI team as they build on their strong track record and continue to provide solar and storage energy solutions that are not only better for the environment, but also have tangible cost savings for their customers.”
“We are looking forward to partnering with EQT’s U.S. infrastructure platform. EQT’s team, experience and growth mindset make them the ideal partner to amplify our business in achieving new heights in clean energy,” states Richard Walsh, managing partner of MEI. “This is an exciting chapter we call ‘MEI 2.0’ – a transformative time in the industry with strong policy tailwinds, compelling economics for our customers and ever-increasing demand for resiliency and ESG solutions. Our focus remains on our customers and our partners to lead them through this critical energy transition. We could not be more excited to lean into the EQT portfolio and accelerate that mission.”