A private equity outfit led by a pair of former WGL Energy executives has acquired a controlling interest in New Energy Equity, a U.S. solar power outfit.
In the deal, SmartPitch Ventures is investing in New Energy Equity to accelerate the company’s growth in the U.S. distributed generation and community solar sectors.
Annapolis, Md.-based New Energy Equity retained Rubicon Capital Advisors earlier this year to advise on raising equity, as first reported by SparkSpread on April 15.
“We are proud to partner with such a highly experienced and respected team as SmartPitch Ventures, and together we will dramatically scale our solar development efforts, while
enhancing our ability to deliver unique and innovative solar power solutions to our customers”, Matthew Hankey, president & ceo of New Energy Equity, said in a statement.
“Together with NEE, we will develop top-quality solar projects, meet ever-increasing market demand for modern power generation and deliver assets that will create jobs and drive economic growth across the country,” commented Gautam Chandra, managing partner at SmartPitch.
“We’re excited to achieve our national-scale goals for solar growth with one of the very best developers in the United States,” added Sanjiv Mahan, managing partner at SmartPitch.
Chandra and Mahan founded SmartPitch Ventures after holding executive leadership positions at WGL Energy.
“This transaction is the best example to date of our partner-driven growth model,” John Langhus, v.p. of business development at New Energy Equity, added.
“We are delighted with this transaction, which is a testament to the quality of both the New Energy Equity and SmartPitch teams,” noted Rubicon Managing Director Nick Sangermano.
K&L Gates represented New Energy Equity as legal counsel.
SmartPitch Ventures was advised by Akin Gump Strauss Hauer & Feld and Seale & Associates.
The piece was published on May 28, 2019.