Priority Power, an energy management and consulting services firm focused on energy supply, information, and demand management, has completed the acquisition of the energy procurement, consulting, and solar development business of Affordable Gas & Electric Company (AGE).
This transaction increases Priority Power’s footprint in Midwest energy markets. The acquisition of AGE’s solar development business further increases Priority Power’s fast-growing solar development business.
“The addition of AGE’s business to Priority Power’s industry-leading energy procurement and consulting business reinforces our commitment to providing the premier suite of energy management solutions to our customers nationwide,” said Brandon Schwertner, Chief Executive Officer of Priority Power. “AGE’s energy procurement aggregation business and energy transition initiatives perfectly complement the expanding suite of services that Priority Power, through Satori, provides to our customers in the Midwest,” added David C. Wiers, President of Satori.
Jeff Haarmann, the Managing Partner of AGE, noted that “Priority Power and Satori are the perfect partners for AGE’s customers, allowing for increased rate negotiating strength and access to even greater energy solution expertise that will guide our customers through this new sustainable energy world.”
Recently, Shell Overseas Investment, a wholly owned subsidiary of Shell, completed its 100% acquisition of Solenergi Power and, with it, the Sprng Energy group of companies from Actis Solenergi Limited for $1.55 billion. About half of the $1.55 billion will be cash capex, and the rest will be debt obligations.
According to Mercom’s 1H and Q2 2022 Solar Funding and M&A Report, in 1H 2022, there were 53 solar M&A transactions compared to 54 transactions in 1H 2021. In 1H 2022, the top deal was by Macquarie Asset Management, a consortium with British Columbia Investment Management Corporation (BCI) and MEAG, which agreed to acquire Reden Solar from InfraVia Capital Partners and Eurazeo for an enterprise value of $2.72 billion.