Allete closes on deal to buy New Energy Equity

Allete has closed on its $165.5 million acquisition of New Energy Equity, one of the nation’s top distributed solar developers.

New Energy Equity, based in Annapolis, Md., has completed more than 250 distributed solar projects across the nation, totaling more than 330 megawatts. Further, the firm has a development pipeline of about 2 gigawatts across 26 states over the next three years. New Energy Equity also has two wholly owned subsidiaries, Impact Power Solutions and Energy Support Services.

“We’ve been signaling 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,” Owen said. “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,” Allete Chair, President and CEO Bethany Owen said.

New Energy Equity’s entire team, including management, will remain in place, as will the company’s Maryland headquarters and offices in Roseville, Minn., and Boulder, Colo.

Allete is an energy company headquartered in Duluth, Minn. It owns Minnesota Power; Superior Water, Light and Power of Wisconsin; Allete Clean Energy; New Energy Equity; and BNI Energy in Bismarck, N.D. It also has an 8 percent equity interest in the American Transmission Co.