Aggreko Acquires Infiniti Energy to Enhance Solar and Storage Capabilities - SolarQuarter
Aggreko Acquires Infiniti Energy to Enhance Solar and Storage Capabilities - SolarQuarter
Aggreko Energy Solutions, a prominent utility-scale and distributed solar and storage developer, owner, and operator, has announced the acquisition of commercial and industrial solar developer Infiniti Energy. This strategic move bolsters Aggreko’s renewable energy portfolio.
Infiniti Energy brings with it 12 MW of contracted operating 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 crucial role in scaling Infiniti into an independent power producer (IPP) platform. CRC-IB provided advisory services to Upper Bay Infrastructure Partners for the transaction.
Jerry Polacek, President of Aggreko Energy, highlighted the strategic benefits of the acquisition, stating, “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.”
Aggreko, a multinational corporation, boasts a workforce of over 6,000 employees and a fleet of energy assets exceeding 10 GW.
The commercial and industrial (C&I) solar sector experienced significant growth in 2023, installing 1.8 GW according to Wood Mackenzie and the Solar Energy Industries Association (SEIA). This represents a 19% increase from 2022, making it the most substantial year since 2017. California led the nation, accounting for 35% of C&I deployment and doubling its typical installation volumes in Q4 as projects aimed to secure favorable net metering rates before transitioning to a new regime.
Looking ahead, the C&I solar market is set for continued expansion. Wood Mackenzie forecasts an average annual growth rate of 12% through 2028, driven by improving economics, corporate clean energy goals, and supportive policies such as tax credits and state-level incentives.
Related Knowledge Center: Climate economics
Climate change is now a driver of the world’s economy. The impact is profound:
- Catastrophic weather events — hurricanes, floods, droughts, high temperatures — are more frequent and more extreme. The cost can be measured in both the initial damage caused and the longer-term impact on the economy.
- Vulnerable communities are increasing climate-related investments, hardening infrastructure and taking other protective measures.
- Investment in carbon capture and storage technologies is increasingly rapidly.
- Governments are making investments and crafting regulations to reduce emissions of carbon dioxide and other greenhouse gases.
On top of all of this is the cost of uncertainty. As the Fourth National Climate Assessment, released in 2018 by the U.S. Global Change Research Program, says, “The assumption that current and future climate conditions will resemble the recent past is no longer valid.”