Igneo acquires majority stake in Soltage, aims to grow solar portfolio to 1.9GW

Soltage’s Riley project in the US state of Oregon has a capacity of 15.3MW. Image: Soltage

Igneo Infrastructure Partners, a subsidiary of Australian asset manager First Sentier Investors, has acquired a majority equity interest in Soltage, an independent power producer (IPP) headquartered in the US state of New Jersey.

Most of Soltage’s portfolio consists of more than 125 smaller-scale projects with a combined capacity of around 450MW. The largest single projects by capacity are the Riley and Starvation projects, in the state of Oregon, both of which have a capacity of 15.3MW. Igneo plans to expand this capacity considerably, implementing what it calls a “full independent power producer business model”, to bring the total capacity of the portfolio up to 1.9GW.

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“Igneo is committed to partnering with management teams to create a more sustainable future, and we’re pleased to expand our US footprint with our investment in Soltage,” said John DiMarco, Igneo managing director.

“[Soltage CEO Jesse Grossman] and his team have a long and strong record of developing and managing solar and storage assets,” added DiMarco. “Their deep experience and agility will enable Soltage to move into new geographic markets and electrification technologies.”

Igneo also noted that it had acquired the stake in Soltage from investors, including Prudential Private Capital, and “members of the company’s management team”, although these individuals, such as Grossman, are expected to retain ownership stakes in the company.

The news follows Igneo’s sale of a 25% stake in its Iberian renewables platform Finerge to AXA IM Alts, and suggests Igneo is increasingly turning its attention towards the North American market. Last week, figures from the US Solar Energy Industries Association and Wood Mackenzie reported that the US solar sector is on track to add 32GW of new capacity this year, a record figure, as investors from around the world commit greater resources to the US solar sector.

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