Investment firm EQT has acquired US-based distributed energy company Scale Microgrids for an undisclosed amount.
The transaction is the first for the investment firm in North America since the launch of its Transition Infrastructure strategy, which aims to scale businesses that enable the transition to clean energy.
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The acquisition of Scale Microgrids also adds nearly 250MW of operating and in-construction assets and a further 2.5GW of near-term pipeline, including community solar, which includes last year’s acquisition of a 500MW community solar portfolio from Netherlands-based developer Gutami. The Dutch company is expected to develop the portfolio of 500MW projects, while Scale will acquire, finance and own them.
“We see enormous potential to accelerate Scale’s growth and establish it as one of the market’s leading vertically integrated energy companies,” said Jan Vesely, partner and head of EQT Transition Infrastructure.
Outside of the US, EQT acquired Swedish renewables developer OX2 in October 2024 with a view to shifting the company to become an independent power producer (IPP). The transaction is subject to customary conditions and approvals.
More recently, the distributed energy company had secured up to US$150 million in tax equity financing from US-based bank Truist.
This financing will help finance the construction of microgrid projects for commercial and industrial customers, as well as community solar and battery storage projects. With a target to be built over the next 18 months, the projects will be located across several US states, including California, Connecticut, New York and Pennsylvania.
