DULUTH, MN (KDAL) – Continuing their expansion in the solar energy sector, Duluth based Allete has announced the acquisition of New Energy Equity LLC.
The agreement would give Allete 100 percent of the membership interests of the solar developer for about 165.5 million dollars subject to a working capital adjustment.
New Energy Equity is headquartered in Annapolis, Maryland and is one of the leading distributed solar development companies, completing more than 250 projects across the nation.
Allete expects the purchase to close in mid April and says the entire New Energy team including management will remain in place at the Maryland headquarters.
Allete CEO Bethany Owen says the acquisition will bring the expertise and experience to offer solar solutions to customers and adds to the existing wind capabilities of the company.
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