Aggreko acquires C&I company Infiniti Energy, SolarBank adds Ontario PV portfolio

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Aggreko expands its solar PV distributed generation capabilities and assets with the acquisition of Infiniti Energy. Credit Aggreko

Aggreko Energy Transition Solutions, a division of power generation equipment supplier Aggreko, has acquired US-based commercial and industrial solar company Infiniti Energy from private equity firm Upper Bay Infrastructure Partners.

With the acquisition, Aggreko expands its solar PV distributed generation capabilities and assets, adding 12MW of contracted operational capacity and 22MW of construction-ready PV projects. At the same time, the company increases its presence in several markets on the US East Coast and its capabilities to secure power purchase agreements.

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The companies did not disclose the value of the transaction.

Jerry Polacek, president at Aggreko ETS, said: “Combining the global scale, financial strength, and industry expertise of Aggreko with Infiniti’s distributed solar development and engineering, procurement and construction (“EPC”) capabilities uniquely positions us to deliver turnkey decarbonisation solutions to our customers.”

SolarBank acquires investment vehicle Solar Flow-Through Funds

In other acquisition news, independent power producer (IPP) SolarBank has acquired investment vehicle Solar Flow-Through Funds (SFF).

The acquisition involved the acquisition of all of the issued and outstanding common shares of SFF through a plan of arrangement in an all stock deal, which values the company at up to US$45 million. However, the consideration paid excludes the common shares of SFF currently held by SolarBank.

Under the terms of the transaction, SolarBank has agreed to issue up to 5,859,561 common shares of SolarBank for an aggregate purchase price of up to US$41.8 million, representing US$4.50 per SFF common share acquired.

With the acquisition, SolarBank adds 28.8MW of combined solar PV capacity over 70 operating projects located in Ontario, Canada. These projects operate under a Feed-in-Tariff programme with Ontario.

On top of the solar assets, SFF also has an aggregate discharge capacity of 14.97MW from three battery energy storage system projects under construction in Ontario. The projects are expected to operate under long-term guaranteed capacity contracts with Ontario Independent Electricity System Operator (IESO)

Richard Lu, president & CEO of SolarBank, said: “SolarBank is going to continue to target further growth of its independent power producer assets through organic project origination and strategic acquisitions of assets.”

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