Madison Energy Acquires NextEra's Distributed Generation Platform, Expanding Portfolio and Team
Madison Energy Infrastructure has made a significant move, acquiring NextEra Energy Resources' distributed generation development platform. This strategic shift sees Madison evolving from a hands-off investor-developer to a more customer-focused entity, expanding its portfolio and team.
The acquisition brings a substantial portfolio of solar and energy storage assets, along with a pipeline of projects under development. Notably, the deal includes the NextEra team responsible for the platform, led by Erin Bugbee who has transitioned to Madison. This team brings valuable expertise, particularly in serving heavy industrial customers.
Madison Energy Infrastructure's CEO sees this move as beneficial for the news market, given the need for new generation and fast interconnectivity. Post-acquisition, Madison will have nearly a gigawatt of clean distributed infrastructure under its generation. The acquisition also allows Madison to serve a broader range of customers, including municipal and cooperative utilities.
The deal was facilitated by Madison securing an $800 million long-term debt facility, backed by both new and existing investors. This financial boost has enabled Madison to expand into new types of assets and customer segments.
With the NextEra acquisition, Madison Energy Infrastructure strengthens its position in the distributed generation market. The addition of new assets, projects, and a skilled team allows Madison to serve a wider range of customers, demonstrating its commitment to growth and adaptability despite market uncertainties.
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