EQT Infrastructure, a global investment group, has agreed to acquire US distributed solar developer Madison Energy Investments (MEI) from affiliates of Stonepeak Partners.
EQT said that through the deal it aims to support and expand MEI’s distributed solar and storage operations by providing access to growth capital, as well as use its digital expertise to further digitise the company and expand its reach. The transaction is expected to close in Q1 2023, subject to customary conditions and approvals.
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MEI owns, develops and operates distributed solar projects for community and commercial and industrial (C&I) clients in the US, with a portfolio of over 396MW installed across the country.
Richard Walsh, managing partner of MEI said: “We are looking forward to partnering with EQT’s US infrastructure platform. EQT’s team, experience and growth mindset make them the ideal partner to amplify our business in achieving new heights in clean energy.
“This is an exciting chapter we call ‘MEI 2.0’ – a transformative time in the industry with strong policy tailwinds, compelling economics for our customers and ever-increasing demand for resiliency and ESG solutions.”
Alex Darden, partner and head of EQT’s US Infrastructure platform said: “The renewable generation sector is an increasingly important part of the energy transition, and we are excited to partner with the MEI team as they build on their strong track record and continue to provide solar and storage energy solutions that are not only better for the environment, but also have tangible cost savings for their customers.”
Distributed generation and storage have been increasingly on the radar in the US. California recently passed a controversial net metering bill that will cut export rates for distributed generation to try to incentivise residential storage systems, and EY research last month highlighted decentralised grids as key to a successful energy transition in developed nations.
Last year, EQT Infrastructure acquired solar and storage developer Cypress Creek Renewables.