Aggreko Energy Transition Solutions acquires Infiniti Energy
STAMFORD, Conn. and HAMILTON, N.J., July 08, 2024 (GLOBE NEWSWIRE) — 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 Solutions
Aggreko 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 Aggreko
Aggreko 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 Energy
Infiniti 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 Bay
Upper 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-IB
CRC-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 Contact
Justin Williams
Trevi Communications for Aggreko
justin@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
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