IPS Solar Acquired by New Energy Equity
On March 2, ALLETE (NYSE: ALE) announced its acquisition of IPS Solar, a leading solar company, through New Energy Equity LLC for $165.5 million. The acquisition aims to enhance ALLETE's solar strategy and expand clean energy access across the U.S. IPS Solar will maintain its brand and operations in Roseville, Minnesota. The deal is expected to close in mid-April 2022, pending regulatory approval. Executives from both companies expressed optimism about the synergies that the partnership could generate in the rapidly growing solar market.
- Acquisition of IPS Solar enhances ALLETE's solar strategy.
- Expected synergies from combining resources and expertise.
- Potential for expanded clean energy access across the U.S.
- None.
ROSEVILLE, Minn., March 3, 2022 /PRNewswire/ -- Impact Power Solutions (IPS Solar) announced on Thursday it was being acquired by New Energy Equity LLC. On March 2, ALLETE, Inc. (NYSE: ALE) announced it is acquiring New Energy Equity, which includes IPS Solar for
"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.
About ALLETE, Inc.
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
About Impact Power Solutions
Impact Power Solutions, LLC is a full-service clean energy development company. For more than 30 years, they have worked to deliver customers solutions ranging from rooftop installations to multi-megawatt community solar gardens. IPS has been recognized as a Solar Power World Top Solar Contractor every year since the list's inception in 2013. To date the company has helped to energize nearly 200 MW of solar across the country. The company's purpose is, and always will be, to positively impact people, power and the planet with solar energy. To learn more, visit www.ips-solar.com.
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SOURCE Impact Power Solutions
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