STAMFORD, CT / HAMILTON, NJ -- July 8, 2024 -Independent Power Producer Solutions (IPP Solutions), 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 IPP Solutions 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 IPP Solutions, 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 IPP Solutions 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 IPP Solutions, 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.
Independent Power Producer Solutions (IPP Solutions), a division of Aggreko Ltd., develops, owns, and operates utility scale and distributed solar and battery storage projects across the United States. IPP Solutions 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
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
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.
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.