Igneo Infrastructure Partners (Igneo), a global infrastructure investment manager with approximately US$18 billion in assets under management, is set to acquire a majority equity interest in Soltage, LLC (Soltage), a renewable power producer operating across 18 states in the U.S.
This acquisition marks Soltage as Igneo’s fifth asset in North America and its debut in the U.S. distributed generation sector, focused on generating renewable energy near the source. The completion of this transaction is anticipated later this year.
Soltage’s acquisiton by Igneo - About Soltage
Founded in 2005 and headquartered in Jersey City, New Jersey, Soltage is a company focused on solar energy and storage assets across the United States, specialising on:
- renewable assets origination and development,
- ownership,
- operation,
- management
With a rich 17-year history of growth, Soltage has successfully developed over 500MW of solar assets and invested over $1 billion in approximately 125 clean energy projects. These projects serve various clients, including utility, commercial, industrial, and municipal customers.
Igneo is acquiring an equity interest in Soltage from various investors, including Prudential Private Capital and the company’s existing management team members. Notably, Soltage’s co-founder and CEO, Jesse Grossman, CFO Sripradha Ilango, and other key management team members will retain ownership stakes in the company.
In collaboration with Igneo Infrastructure Partners, Soltage has ambitious plans to transition to a full Independent Power Producer (IPP) business model.
This transition includes the development of its identified pipeline, which consists of approximately 1.9 GW of solar and storage projects. Additionally, Soltage is actively engaged in constructing its inaugural standalone battery storage project in New York.
Igneo Infrastructure Partners received legal counsel from Mayer Brown and financial advisory services from Macquarie Capital. On the other hand, Soltage was advised by Foley Hoag and Citi in legal and financial matters, respectively.
Transaction Advisors to Igneo | Transaction Advisors to Soltage |
· Legal – Mayer Brown · Financial Advisor – Macquarie Capital | · Legal – Foley Hoag · Financial Advisor – Citi Bank |
Igneo – Leadership Comments about the transaction
John DiMarco, managing director at Igneo Infrastructure Partners, expressed the firm’s commitment to forging partnerships with management teams to drive sustainability. He highlighted Igneo’s enthusiasm for broadening its presence in the United States through its investment in Soltage.
DiMarco also commended Soltage’s track record in developing and managing solar and storage assets, noting their extensive experience and adaptability in expanding into new geographical markets and electrification technologies.
Soltage – Leadership comments about the transaction
Jesse Grossman, the CEO of Soltage, expressed pride in their partnership with Igneo Infrastructure Partners. He highlighted Igneo’s commitment to the sector and their shared enthusiasm for expanding the delivery of zero-carbon energy solutions to customers across the United States.
Grossman also looked forward to leveraging Igneo’s infrastructure expertise and capital resources as Soltage grows as a full owner of clean energy assets.
