Add-on Acquisition • Renewable Energy

Allete Acquires New Energy Equity

On March 2, 2022, Allete acquired renewable energy company New Energy Equity for 166M USD

Acquisition Context

This is Allete’s 2nd transaction in the Renewable Energy sector.
This is Allete’s largest (disclosed) transaction.
This is Allete’s 4th transaction in the United States.
This is Allete’s 1st transaction in Maryland.

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M&A Deal Summary
Date	March 2, 2022
Target	New Energy Equity
Sector	Renewable Energy
Buyer(s)	Allete
Deal Type	Add-on Acquisition
Deal Value	166M USD

Target Company

New Energy Equity

Annapolis, Maryland, United States

New Energy Equity is a solar development company, having successfully completed more than 250 projects across the nation totaling more than 310 megawatts. New Energy Equity also offers comprehensive solar operations, maintenance, and asset management services to its customers. New Energy Equity was founded in 2013 and is based in Annapolis, Maryland.

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Buyer Overview 1

Buyer

Allete

Duluth, Minnesota, United States

Category	Company
Founded	1906
Sector	Utilities
Revenue	1.9B USD (2023)

DESCRIPTION

Entrance to ALLETE's corporate headquarters in downtown Duluth, Minnesota.

Allete is an energy company operating minnesota power, an electric utility that serves 150,000 residents, 14 municipalities, and industrial customers. ALLETE was founded in 1906 and is based in Duluth, Minnesota.

Deal Context for Buyer	#
Overall	4 of 4
Sector: Renewable Energy	2 of 2
Type: Add-on Acquisition	3 of 3
State: Maryland	1 of 1
Country: United States	4 of 4
Year: 2022	1 of 1
Size (of disclosed)	1 of 1

PREVIOUS DEAL

DATE	TARGET	DEAL TYPE	VALUE
2019-02-08	U.S. Water Services St. Michael, Minnesota, United States U.S. Water Services is a provider of integrated industrial solutions for water treatment. U.S. Water Services was founded in 1997 and is based in St. Michael, Minnesota.	Sell	-

DATE

TARGET

DEAL TYPE

VALUE

2019-02-08

U.S. Water Services

St. Michael, Minnesota, United States

U.S. Water Services is a provider of integrated industrial solutions for water treatment. U.S. Water Services was founded in 1997 and is based in St. Michael, Minnesota.

Sell

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