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Solar Developer New Energy Equity Acquired by ALLETE in $165.5 Million Deal

ALLETE announced the closure of its acquisition of top solar developer New Energy Equity, for approximately $165.5 million.

April 16, 2022. By News Bureau

ALLETE announced the closure of its acquisition of top solar developer New Energy Equity, for approximately $165.5 million.

Maryland-based New Energy Equity has achieved the successful completion of more than 250 distributed solar projects across the United States, amassing a total of more than 330 megawatts.

The company has a development pipeline of about 2 gigawatts, spanning 26 states, over the course of the next three years.

An independent study recently ranked ALLETE the No. 1 investor in renewable energy, relative to market capitalization, among all U.S. investor-owned utilities. Bethany Owen, Chair, President, and CEO of ALLETE, said that New Energy Equity is a complementary fit with the company’s sustainability-in-action strategy.

“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.”

New Energy Equity also has two wholly-owned subsidiaries, Impact Power Solutions and Energy Support Services. The entire team at New Energy Equity, including management, will remain in place, as will the company's Maryland headquarters and offices in Roseville, Minnesota, and Boulder, Colorado.

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