Aggreko has significantly enhanced its North American renewable energy operations through the acquisition of commercial and industrial (C&I) solar developer Infiniti Energy. The deal, completed on July 8, 2024, by Aggreko’s Energy Transition Solutions (ETS) division, marks a strategic expansion of the company’s solar and distributed generation capabilities.
The acquisition immediately boosts Aggreko’s portfolio with 12 MW of contracted, operational solar projects and an additional 22 MW of solar assets that are ready for construction. This 34 MW injection of assets is complemented by an extensive development pipeline, strengthening Aggreko’s market presence, particularly along the U.S. East Coast. Furthermore, the integration of Infiniti Energy brings comprehensive in-house expertise, spanning from power purchase agreement (PPA) origination to full turnkey engineering, procurement, and construction (EPC) management.
Jerry Polacek, President of Aggreko ETS, highlighted the synergy created by the merger. “By merging Aggreko’s global scale, financial strength, and industry expertise with Infiniti’s distributed solar development and EPC capabilities, we are uniquely positioned to provide turnkey decarbonization solutions to our customers,” he stated.
Reflecting on the new partnership, Michael Kushner, former CEO of Infiniti Energy, has been appointed General Manager of Aggreko ETS’s C&I business. “I extend sincere thanks to our dedicated team and share our excitement for the growth opportunities this transaction offers our clients,” Kushner said. “We deeply value the trust placed in us by our clients and vendors over the years, and we eagerly anticipate continuing to serve them with expanded resources and expertise.”
The transaction also represents a successful exit for Upper Bay Infrastructure Partners, the mid-market private equity firm that developed Infiniti Energy into an institutionally-owned independent power producer (IPP). Upper Bay, which focuses on North American infrastructure private equity investments, was advised by CRC-IB throughout the process.
Infiniti Energy is a national C&I solar developer known for its EPC and long-term financing services, with a team that holds over 1 GW of experience across public and private sector projects. Aggreko ETS focuses on developing, owning, and operating utility-scale and distributed solar and battery storage projects across the United States, providing customers with reliable and cost-effective clean energy solutions.
Sources on How Aggreko Expands Portfolio with Acquisition of Infiniti Energy
- Aggreko Energy acquires C&I solar developer – pv magazine USA
- Aggreko Energy Transition Solutions acquires Infiniti Energy | News
- Aggreko expands solar capabilities with Infiniti Energy acquisition
- Aggreko Energy Transition Solutions Acquires Infiniti – GlobeNewswire
- Aggreko buys C&I company, SolarBank adds Ontario PV portfolio
- Hamilton’s Infiniti Energy acquired by Aggreko, expanding … – ROI-NJ
- Aggreko acquires commercial solar contractor Infiniti Energy