Igneo to buy majority interest in US power producer Soltage
Solar panels in USA. Author: Pete Jelliffe. License: Creative Commons. Attribution-NoDerivs 2.0 Generic.
Global infrastructure investment manager Igneo Infrastructure Partners has agreed to acquire a majority stake in US renewable power producer Soltage LLC, thus supporting its transition to a full Independent Power Producer (IPP).
The value of the transaction, which is due to be finalised later this year, was not disclosed in the press statement on Thursday.
With Igneo’s help, Soltage, which develops, owns, operates, and manages solar and storage projects, will be able to change its business model in full and build out its 1.9-GW identified pipeline of solar and storage projects.
Set up in 2005, New Jersey-based Soltage has developed more than 500 MW of solar assets and channeled over USD 1 billion (EUR 933.7m) into around 125 clean energy projects for utility, commercial, industrial, and municipal customers. The company is currently working on the construction of its first standalone battery storage project in New York.
The equity interest in Soltage is being sold by investors among which is Prudential Private Capital, alongside members of the company's management team. Following the deal, Soltage’s co-founder and CEO Jesse Grossman, CFO Sripradha Ilango and other current members of the management will retain shareholdings in the company.
"We look forward to leveraging Igneo's infrastructure expertise along with its capital resources as Soltage expands as a full owner of clean energy assets," CEO Grossman said.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.