Foley & Lardner LLP represented New Energy Equity, a national end-to-end solar development and finance company, in the sale of 100% of its membership interests to ALLETE, an energy provider that invests in transmission infrastructure and other energy-centric businesses. The purchase is expected to close in mid-April upon satisfaction of customary closing conditions.
This transaction is a natural next step in New Energy Equity’s progression as they continue their mission to increase access to clean energy. Joining ALLETE provides them access to greater expertise and capital, opening the door for more innovation to change the way the world harnesses and consumes energy. New Energy Equity’s entire team, including management and its Minnesota-based subsidiary, Impact Power Solutions, will remain in place, as will the company’s Annapolis, Maryland headquarters and Boulder, Colorado office. As part of the transaction, New Energy Equity is acquiring 100% of the membership interests of Impact Power Solutions and Energy Support Services.
Founded in 2013, New Energy Equity develops and finances solar power generation assets, providing clean electricity to commercial, industrial, municipal, and utility customers under long-term contracts. New Energy Equity has completed more than 250 projects across the nation, totaling more than 310 megawatts and closed more than $600 million in clean energy investments.
The Foley deal team was led by Partners Jeff Atkin and Jason Allen with significant contributions from Associate Ryan Riffle. Partners Raj Tanden, Greg Neppl, Leigh Riley, and Special Counsel Marina Choundas provided additional support for this transaction.
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