US-based energy company Allete has concluded the previously announced acquisition of New Energy Equity in a deal valued at approximately $165.5m.
In March this year, Allete had signed a definitive agreement to acquire 100% of New Energy Equity.
Headquartered in Annapolis, Maryland, New Energy Equity is a distributed solar developer and has completed more than 250 distributed solar projects totaling over 330MW in the US.
New Energy Equity has a project pipeline of nearly 2GW, spread across 26 states in the US.
It also has two subsidiaries namely Impact Power Solutions and Energy Support Services.
New Energy Equity will continue to be headquartered in Maryland along with its entire management team.
It will also continue operations at its offices located in Roseville, Minnesota, and Boulder, Colorado.
Allete chair, president and CEO Bethany Owen said: “We’ve been signalling 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.
“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.”
Owen further added that the acquisition of New Energy Equity is in line with Allete’s sustainability-in-action strategy. In February 2021, Allete Clean Energy agreed to deliver clean energy to Oshkosh Corporation and Hormel Foods from its Caddo wind site in Oklahoma.