Allete has purchased New Energy Equity, a solar developer, for approximately $165.5 million.
New Energy Equity is a solar development and finance company, and its team includes experts in engineering, land acquisition, and program management. The firm has completed over 250 distributed solar projects totaling over 330 megawatts. Allete is an energy provider in the upper Midwest and serves 145,000 residents, 15 municipalities, and industrial customers.
“We’ve been signaling our move into the solar industry for some time, and as we met with New Energy Equity’s leadership team we knew we had found the right company to position us well,” said Allete CEO Bethany Owen. “The addition of New Energy Equity enhances our strong portfolio of companies and capabilities and opens new growth opportunities as we lead the way to a sustainable energy future.”