NEW YORK, Sept. 7, 2023 – Igneo Infrastructure Partners (Igneo), a global infrastructure investment manager with approximately US$18 billion in assets under management, has entered into an agreement to acquire a majority equity interest in Soltage, LLC (Soltage), a renewable power producer operating in 18 U.S. states. The transaction is expected to close later this year. Terms were not disclosed.
Established in 2005 and based in Jersey City, New Jersey, Soltage develops, owns, operates, and manages solar and storage assets across the United States. Soltage has a 17-year history of growth, having developed more than 500MW of solar assets and deployed over $1 billion into approximately 125 clean energy projects for utility, commercial, industrial, and municipal customers.
In partnership with Igneo, Soltage plans to transition to a full Independent Power Producer (IPP) business model and build out its 1.9GW identified pipeline of solar and storage projects. Construction is also under way on Soltage’s first standalone battery storage project in New York.
Igneo is acquiring the equity interest in Soltage from investors, including Prudential Private Capital, alongside members of the company’s management team. Soltage co-founder and CEO Jesse Grossman, CFO Sripradha Ilango, and other current members of the management team will retain ownership stakes in the company.
“Igneo is committed to partnering with management teams to create a more sustainable future, and we’re pleased to expand our U.S. footprint with our investment in Soltage,” said John DiMarco, managing director at Igneo. “Jesse and his team have a long and strong record of developing and managing solar and storage assets. Their deep experience and agility will enable Soltage to move into new geographic markets and electrification technologies.”
“Soltage is proud to partner with Igneo as a committed sector participant that shares our enthusiasm as we expand the scope and scale of the zero carbon energy solutions that we are able to deliver to customers across the United States,” Grossman said. “We look forward to leveraging Igneo’s infrastructure expertise along with its capital resources as Soltage expands as a full owner of clean energy assets.”
Soltage will be Igneo’s fifth asset in North America and its first in the U.S distributed generation sector, which uses technology to generate renewable energy near the source.
Mayer Brown was legal counsel and Macquarie Capital was financial advisor for Igneo Infrastructure Partners. Foley Hoag and Citi served as Soltage’s legal and financial advisors.
Soltage is a leader in the development, financing, and operation of distributed utility-scale solar and storage assets for utility, commercial, industrial, and municipal customers across the United States. Soltage has developed more than 125 clean energy projects with more than 500MW total distributed generating capacity under construction and management. Soltage is headquartered in Jersey City, New Jersey. For more information, visit www.soltage.com.