Igneo Infrastructure Partners, a global infrastructure investment manager with approximately $18 billion in assets under management, has entered into an agreement to acquire a majority equity interest in Soltage LLC, a renewable power producer operating in 18 U.S. states. The transaction is expected to close later this year. Terms were not disclosed.
Established in 2005 and based in Jersey City, N.J., Soltage develops, owns, operates and manages solar and storage assets across the U.S. Soltage has a 17-year history of growth, having developed more than 500 MW of solar assets and deployed over $1 billion into approximately 125 clean energy projects for utility, commercial, industrial and municipal customers.
In partnership with Igneo, Soltage plans to transition to a full independent power producer (IPP) business model and build out its 1.9-GW identified pipeline of solar and storage projects. Construction is also under way on Soltage’s first standalone battery storage project in New York.
Igneo is acquiring the equity interest in Soltage from investors, including Prudential Private Capital, alongside members of the company’s management team. Soltage co-founder and CEO Jesse Grossman, CFO Sripradha Ilango and other current members of the management team will retain ownership stakes in the company.
Soltage will be Igneo’s fifth asset in North America and its first in the U.S distributed generation sector, which uses technology to generate renewable energy near the source.
Mayer Brown was legal counsel and Macquarie Capital was financial advisor for Igneo Infrastructure Partners. Foley Hoag and Citi served as Soltage’s legal and financial advisors.
