Aggreko Energy Transition Solutions Acquires Infiniti Energy, Expanding its Leadership in Solar Distributed Generation
July 08 2024 - 10:00AM
Aggreko Energy Transition Solutions (ETS), a division of Aggreko, a
global leader in energy solutions, today announced the acquisition
of Infiniti Energy, a premier US-based commercial and industrial
(C&I) solar company, from Upper Bay Infrastructure Partners
(Upper Bay). Upper Bay, a mid-market infrastructure private equity
firm that transitioned Infiniti Energy into an IPP platform and
institutional ownership, has fully exited its position in the
company. This strategic acquisition significantly expands Aggreko's
distributed solar capabilities and asset base, by integrating
Infiniti's expertise in solar design, engineering, procurement and
construction (EPC), together with its pipeline of onsite
decarbonization projects.
The addition of Infiniti Energy brings 12 MW of contracted
operating solar assets, 22 MW of construction-ready solar projects
and a further pipeline to ETS's growing portfolio. It also
strengthens the company's foothold in several East Coast markets,
while enhancing in-house capabilities such as power purchase
agreement (PPA) origination and turnkey engineering, procurement
and construction (EPC) management.
Jerry Polacek, President of Aggreko ETS, commented, "Combining
the global scale, financial strength, and industry expertise of
Aggreko with Infiniti’s distributed solar development and
engineering, procurement and construction (“EPC”) capabilities
uniquely positions us to deliver turnkey decarbonization solutions
to our customers.”
Michael Kushner, CEO of Infiniti Energy and newly appointed
General Manager of Aggreko ETS’s C&I business, stated, "I want
to extend a heartfelt thank you to our dedicated team and express
our excitement for the growth opportunities this transaction
presents for our clients. We deeply appreciate the trust our
clients and vendors have placed in us over the years and we look
forward to continuing to serve them with enhanced resources and
expertise."
The combined teams, operating within Aggreko ETS, will leverage
their collective strengths to deliver reliable EPC services and
innovative, sustainable energy solutions through long-term PPAs to
a broader market.
CRC-IB advised Upper Bay Infrastructure Partners on the
transaction.
About Aggreko Energy Transition
SolutionsAggreko Energy Transition Solutions (ETS), a
division of Aggreko Ltd., develops, owns, and operates utility
scale and distributed solar and battery storage projects across the
United States. ETS generates value by providing turnkey energy
transition solutions to its customers that deliver affordable,
reliable, and clean power. For more information, visit
https://ets.aggreko.com/en-us
About AggrekoAggreko is a global leader in
providing energy solutions that help businesses grow and
communities thrive.
Operating in a rapidly changing energy market where reliable
supplies of energy have never been more critical, we provide
customers with power and temperature control solutions when, where
and for however long they need it.
Using the latest technologies, we combine our innovative
thinking with our sector knowledge to help our customers achieve
their goals, however complex, through a range of flexible, modular
solutions.
We’re investing in more sustainable products, fuels, and
services to make greener solutions accessible for our customers,
supporting their move to a more sustainable and efficient
future.
Founded in 1962, we are headquartered in the UK and employ over
6,000 people worldwide.
For more information, please visit our website at
https://www.aggreko.com/en.
About Infiniti EnergyInfiniti Energy is a
national commercial solar developer and independent power producer
providing engineering, procurement, construction, and long-term
financing to select clients and solar companies. Infiniti personnel
have over 1GW of combined experience in the public and private
sectors including Fortune 100 portfolios and government entities.
For more information, visit www.infinitienergy.com
About Upper BayUpper Bay Infrastructure
Partners is an independently-owned private investment firm focused
primarily on diversified North American infrastructure private
equity investments in the middle market. Upper Bay targets mature,
stable assets and growth-oriented infrastructure investments in
partnership with leading operators and developers. Upper Bay seeks
to make infrastructure investments primarily in the following
sectors: transportation, power & utilities, midstream, and
telecommunications. Upper Bay was founded in 2018 by former
executives at Nuveen (previously TIAA-CREF) and is headquartered in
New York City.
About CRC-IBCRC-IB is a full-service investment
bank providing industry-leading financial services across the
energy transition spectrum. We leverage our capital markets and
sector technology expertise to provide innovative project finance,
capital raising, and M&A solutions, optimizing client outcomes
in an ever-shifting sustainable energy landscape. Our belief
since inception is that every transaction is a catalyst for change,
every closing a step towards a cleaner future. To date, we have
executed 320 project and corporate transactions for sustainable
energy assets, valued at $61 billion in total. To learn more,
visit www.crc-ib.com.
Media ContactJustin WilliamsTrevi
Communications for Aggrekojustin@trevicomm.com +1 (978)
539-7157
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/1b039a45-d6cf-4f32-8ec9-2d4a9f911b1c