Global investment firm EQT has announced that its EQT Infrastructure VI fund (EQT Infrastructure) has reached an agreement to acquire Madison Energy Investments (MEI) from the affiliates of Stonepeak Partners.

Financial details of the deal have not been disclosed.

Based in Vienna, Virginia, MEI develops, owns and operates distributed solar and energy storage projects for commercial and industrial (C&I) as well as community-based customers in the US.

Since its inception in 2019, MEI has developed more than 386MW capacity across the country.

MEI managing partner Richard Walsh said: “We are looking forward to partnering with EQT’s US 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.

“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.”

Going forward, EQT will support MEI’s management team and platform by offering growth capital to fast-track the deployment of distributed solar and storage assets.

Additionally, the deal give MEI access to EQT’s in-house digital expertise to further digitise the organisation.

EQT US Infrastructure platform partner and head Alex Darden said: “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.”

Completion of the deal is subject to customary conditions and approvals and is expected to close in the Q1 2023.