Warburg Pincus invests USD 300m in microgrids builder SMS

Solar array. Author: Som Energia Cooperativa. License: Attribution 2.0 Generic.

January 28 (Renewables Now) - New York-based private equity firm Warburg Pincus LLC has made an equity commitment of up to USD 300 million (EUR 272m) to distributed clean energy company Scale Microgrid Solutions (SMS).

SMS designs, builds, operates and finances on-site power systems for commercial and industrial (C&I) customers throughout North America. The company plans to focus on growing its Rapid Response Modular Microgrid (R2M2) offering in 2020. The firm says it developed the R2M2 technology to aid California businesses in coping with wildfires and public safety power shutoffs.

"North America needs to rebuild its energy infrastructure in a far more sustainable way, which requires flexible and reliable behind-the-meter power solutions and access to efficient financing for customers. This is particularly timely in regions like California and the Pacific Northwest, but is also relevant in the Northeast, as C&I customers demand more reliable, cheaper and cleaner energy solutions," commented Ryan Goodman, CEO of SMS.

The announcement does not mention the size of the stake Warburg Pincus is getting in return for its investment.

(USD 1.0 = EUR 0.908)

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