Minnesota-based ALLETE Inc. said it closed on its previously announced acquisition of Maryland-based New Energy Equity for around $165.5 million.
New Energy Equity has completed more than 250 distributed solar projects across the nation totaling more than 330 MW, according to a statement. The company has a development pipeline of about 2 GW across 26 states over the next three years.
ALLETE said it had been signaling for some time a move into the solar industry. New Energy Equity has two wholly owned subsidiaries, Impact Power Solutions and Energy Support Services. New Energy Equity’s management team is expected to remain in place, as will the company’s Maryland headquarters and offices in Roseville, Minnesota, and Boulder, Colorado.
In March, New Energy Equity completed a 2 MW system with EmPower Solar, a New York solar energy commercial and residential developer. With an expected annual production of 2,456 MWh, the roof mounted system includes more than 5,000 solar panels on a Long Island warehouse.
The system is connected directly to the grid as part of a community solar program where other commercial and residential customers can subscribe to buy electricity generated by the system.
In addition to its electric utilities, Minnesota Power and Superior Water, Light and Power of Wisconsin, Duluth-based ALLETE owns ALLETE Clean Energy, based in Duluth; New Energy Equity, based in Annapolis, Maryland; and BNI Energy in Bismarck, N.D.; and has an 8% equity interest in the American Transmission Co.
