US-based private equity fund SmartPitch Ventures has bought a controlling interest in solar developer New Energy Equity (NEE).
The undisclosed investment is aimed at accelerating NEE’s growth in the coming years and entrench its position as one of the key developers focused on distribution generation and community solar in the US.
“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, SmartPitch managing partner.
“We’re excited to achieve our national-scale goals for solar growth with one of hte very best developers in the United States,” added Sanjiv Mahan, SmartPitch managing partner.
Rubicon Capital Advisors represented NEE as a financial advisor and K&L Gates represented NEE as legal counsel.
SmartPitch Ventures was advised by Akin Gump Strauss Hauer & Feld and Seale & Associates.
Author: Viola Caon
The piece was published on May 28, 2019.