Independent power producer Catalyze said it acquired Sol Alliance, a solar sales and development firm that operates in the Northeast.
The deal brings Colorado-based Catalyze a project development pipeline of more than 80 MW, and is expected to provide access to markets that include New York and New Jersey. Financial terms of the deal were not disclosed.
Catalyze said it has partnered with Sol Alliance for more than a year on project development and acquisition. Sol Alliance partners Stephen Owen and Jared Haines, along with VP of operations Matthew Effler, will join the Catalyze team.
Catalyze CEO Steve Luker said that along with the company’s acquisition of California-based developer PermaCity and energy storage provider Prisma Energy Solutions earlier this year, the Sol Alliance deal builds on previously announced plans to acquire regional distributed solar development firms.
As part of the transaction, Sol Alliance will gain access to Catalyze’s origination-to-operations software integration platform, REenergyze, and rooftop solar panel mounting technology, SolarStrap, along with battery storage and integration expertise, supply chain, committed project capital, tax equity partners, and shared services.
Catalyze is backed by EnCap Investments L.P., Yorktown Partners LLC, and Mercuria Energy.