Aggreko expands solar capabilities with Infiniti Energy acquisition

Aggreko's Energy Transition Solutions division has acquired Infiniti Energy, a US-based commercial and industrial (C&I) solar company, from Upper Bay Infrastructure Partners.

Upper Bay, a private equity firm that transitioned Infiniti Energy into an IPP platform, has fully exited its position in the company.

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.

This strategic acquisition significantly expands Aggreko's distributed solar capabilities and asset base by integrating Infiniti's expertise with its pipeline of onsite decarbonisation projects.

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The addition of Infiniti Energy brings 12MW of contracted operating solar assets and 22MW of construction-ready solar projects. 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 Aggreko ETS, commented in a release: "Combining the global scale, financial strength, and industry expertise of Aggreko with Infiniti’s distributed solar development and engineering, procurement and construction capabilities uniquely positions us to deliver turnkey decarbonization solutions to our customers.”

Michael Kushner, CEO of Infiniti Energy and newly appointed general manager of Aggreko ETS’s 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 will leverage their collective strengths to deliver EPC services and energy solutions through long-term PPAs to a broader market.

In February this year, Aggreko ETS division acquired a 13MW behind-the-meter solar power project site in Texas.

The Texas acquisition follows several announcements by Aggreko ETS growing its solar portfolio. In December 2023, the division announced it had acquired nine community solar sites in upstate New York, and energized one so far. In May 2023, Aggreko ETS became the strategic capital partner for Farmers Powering Communities, an organisation developing community solar in agricultural areas.