Greenbelt Capital Partners, a middle-market private equity firm, has led a majority recapitalization investment in Unirac Inc., a designer and manufacturer of solar photovoltaic mounting services for the residential, and commerical and industrial (C&I) markets.
Unirac was founded in 1999 in Albuquerque, N.M., and has distributed over 1.5 million generation installations. Investors in the transaction included Greenbelt Capital Partners Unirac LP and Trilantic Energy Partners II (North America) LP. Residential and C&I solar demand has increased due to decreasing cost of solar and recent legislation that provides a 10-year investment tax credit extension at 30 percent, according to Greenbelt and Unirac.
“The energy landscape is rapidly evolving as residential and C&I property owners rethink patterns of consumption and strive to gain energy resilience and independence,” says Sam Graham, principal at Greenbelt. “Following the Inflation Reduction Act’s extension of the ITC, we expect to see accelerated adoption of rooftop solar, which will help further bolster Unirac’s market position.”
Kirkland & Ellis LLP served as legal counsel to Greenbelt and Trilantic in relation to the transaction. Cowen and Lazard served as financial advisors to Unirac in relation to the transaction and Koley Jessen PC LLO acted as legal counsel.