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Solaris Energy Infrastructure, Inc. (NYSE:SEI), formerly Solaris Oilfield Infrastructure, Inc. (NYSE:SOI), has completed its acquisition of Mobile Energy Rentals (MER). The company has secured a $325 million senior secured term loan and is finalizing a $75 million revolving credit facility to support the acquisition and scale MER's distributed power fleet. These new credit agreements replace the previous $300 million secured bridge term loan facility.
Solaris has also rebranded to 'Solaris Energy Infrastructure, Inc.' and will begin trading under the new ticker symbol 'SEI' on September 12, 2024. The acquisition brings an experienced team, a highly-contracted base business, and growth opportunities in both oilfield and commercial/industrial sectors, including data centers. The company aims to deliver a growing and diversified cash flow stream, enhancing its ability to pursue adjacent growth opportunities and accelerate shareholder returns.
Solaris Oilfield Infrastructure (NYSE: SOI) announced a $200 million agreement to acquire Mobile Energy Rentals (MER), involving $60 million in cash and 16.5 million Solaris Class B shares. Post-acquisition, MER's founders will own 27% of Solaris. The transaction will diversify Solaris' portfolio, emphasizing distributed power infrastructure, expected to comprise over 50% of its business. MER's EBITDA is projected at $50 million annually by Q3 2024, with plans to expand its power generation capacity from 153 MW to 478 MW by Q3 2025 with $308 million investment in turbines. Solaris will finance the acquisition through debt and cash flow, supported by a $300 million loan facility. The transaction is expected to close by Q3 2024, subject to regulatory approvals. Concurrently, Solaris will rename itself Solaris Energy Infrastructure (NYSE: SEI). Preliminary Q2 2024 financials estimate revenue between $70-75 million and Adjusted EBITDA at $20-21 million.
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