Impact Power Solutions announced it was being acquired by New Energy Equity LLC. On March 2, ALLETE, Inc. announced it is acquiring New Energy Equity, which includes IPS Solar for $165.5 million. IPS Solar will retain its branding and corporate headquarters in Roseville, Minnesota.
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“The IPS team is excited to join New Energy Equity and the ALLETE family of companies,” said the company’s CEO, Jamie Borell. “The shared vision of positively impacting the world with solar energy will ensure that our combined venture will enjoy tremendous success.”
IPS Solar is one of the country’s longest standing solar companies, having been founded by Ralph Jacobson in 1991. Jacobson remarked “I am thrilled to have the team that we have grown for thirty years now join the family of Allete companies. Together we will have the expanded resources and experience base to be at the forefront of building the world we all want for our children.”
Chief Development Officer and co-owner of IPS Solar Eric Pasi added “We are set to enter a new phase of growth. This partnership will allow our companies to dramatically expand the work we’ve already started, increasing access to clean energy for all Americans.”
New Energy Equity and ALLETE expect the purchase to close in mid-April upon satisfaction of customary closing conditions, including compliance with Hart-Scott-Rodino antitrust clearing requirements.
ALLETE, Inc. is an energy company headquartered in Duluth, Minnesota. In addition to its electric utilities, Minnesota Power and Superior Water, Light and Power of Wisconsin, ALLETE owns ALLETE Clean Energy, based in Duluth; and BNI Energy in Bismarck, N.D.; and has an eight percent equity interest in the American Transmission Co. More information about ALLETE is available at www.allete.com/.
About New Energy Equity
Founded in 2013 and headquartered in Annapolis, Maryland, 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 successfully developed over 300MW of solar projects and closed more than $600MM in clean energy investments. The company was ranked as the 7th Top Solar Developer and the 8th Top Solar Contractor on Solar Power World’s “2021 Top Solar Contractors” list and was voted as one of the fastest-growing energy companies in D.C., Maryland, and Virginia by Inc. Magazine.