M&A Deal Summary

Allete Acquires New Energy Equity

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

Acquisition Highlights
  • 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.

M&A Deal Summary
Date 2022-03-02
Target New Energy Equity
Sector Renewable Energy
Buyer(s) Allete
Deal Type Add-on Acquisition
Deal Value 166M USD

Target

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(S) 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.
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. In addition to Minnesota Power, the company owns Superior Water, Light and Power, based in Superior, Wisconsin, Allete Clean Energy, based in Duluth; BNI Energy in Bismarck, N.D.; and New Energy Equity. ALLETE was founded in 1906 and is based in Duluth, Minnesota.

DEAL STATS #
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.

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