Aggreko acquires Infiniti Energy to expand solar and storage capabilities

Aggreko Energy Solutions, a leading developer, owner and operator of utility-scale and distributed solar and storage, announced the acquisition of commercial and industrial solar developer Infiniti Energy. This strategic move strengthens Aggreko’s renewable energy portfolio.

Infiniti Energy brings with it 12 MW of contracted operational solar assets, 22 MW of construction-ready projects and a robust pipeline of projects in development. The transaction marks the exit of Upper Bay Infrastructure Partners, which played a key role in scaling Infiniti to an independent power producer (IPP) platform. CRC-IB provided advisory services to Upper Bay Infrastructure Partners in connection with the transaction.

Jerry Polacek, CEO of Aggreko Energy, highlighted the strategic benefits of the acquisition, stating, “Combining Aggreko’s global scale, financial strength and industry experience with Infiniti’s capabilities in distributed solar development, engineering, procurement and construction uniquely positions us to deliver comprehensive decarbonization solutions to our customers.”

Aggreko, an international corporation, employs over 6,000 people and has a fleet of energy assets exceeding 10 GW.

The commercial and industrial (C&I) solar sector saw significant growth in 2023, with 1.8 GW installed, according to Wood Mackenzie and the Solar Energy Industries Association (SEIA). That’s a 19% increase over 2022, making it the largest year since 2017. California led the nation, accounting for 35% of C&I deployment and doubling its typical installation volumes in Q4 as projects sought to secure favorable net rates ahead of the transition.

Looking ahead, the C&I solar market is poised for continued expansion, with Wood Mackenzie forecasting a compound annual growth rate of 12% through 2028, driven by an improving economy, corporate clean energy goals and supportive policies such as state tax credits and incentives.

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