Annapolis, MD, May 28, 2019 – Leading solar developer New Energy Equity (“NEE”) and private equity investment fund SmartPitch Ventures (“SmartPitch”) announced today the closing of a major investment in NEE by SmartPitch. Under the terms of the agreement, SmartPitch assumed a controlling interest in NEE. The investment will accelerate NEE’s growth for the coming years and entrench their position as one of the key developers focused on distributed generation and community solar in the United States.
“This investment is a major achievement for NEE and transformative for the growth of our business,” said Matthew Hankey, President & CEO of New Energy Equity. “We are proud to partner with such a highly experienced and respected team as SmartPitch Ventures, and together we will dramatically scale our solar development efforts, while enhancing our ability to deliver unique and innovative solar power solutions to our customers.”
“Together with NEE, we will develop top-quality solar projects, meet ever-increasing market demand for modern power generation and deliver assets that will create jobs and drive economic growth across the country,” commented Gautam Chandra, SmartPitch Managing Partner. “We’re excited to achieve our national-scale goals for solar growth with one of the very best developers in the United States,” added Sanjiv Mahan, SmartPitch Managing Partner.
Gautam Chandra and Sanjiv Mahan founded SmartPitch Ventures after holding executive leadership positions at WGL Energy, a leading owner and operator of distributed energy assets and energy solutions provider. “This transaction is the best example to date of our partner-driven growth model,” said John Langhus, Vice President Business Development, New Energy Equity. “We had terrific success working with Sanjiv and Gautam while they were at WGL Energy. The trust and respect we built between our teams made this transaction an obvious fit from the start.”
“The capital infused by the SmartPitch team will propel NEE into our next stage of growth,” said JB Jouve, Chief Financial Officer of NEE. “Our new partnership will allow us to develop cost competitive, high-quality assets and advance our position as a leading renewable energy company.”
“We are delighted with this transaction, which is a testament to the quality of both the New Energy Equity and SmartPitch teams,” noted Rubicon Managing Director Nick Sangermano. “We admire NEE for building such a strong record and impressive relationships across more than a dozen US states and look forward to their continued, highly impressive success.”
About New Energy Equity
Founded in 2013 and headquartered in Annapolis, Maryland, NEE develops and oversees solar power generation assets, providing clean electricity to commercial, industrial, municipal and utility customers under long-term contracts. NEE successfully installed 60 MW of new solar capacity in 2018, part of an overall development portfolio of over 200MW since 2013.
For more information please visit New Energy Equity’s website at www.newenergyequity.com. To stay up-to-date on current news, follow us on LinkedIn.
About SmartPitch Ventures
SmartPitch Ventures (SmartPitch) is a leading later stage venture capital and private equity business focusing on disruptive technologies with a particular focus on energy. SmartPitch was founded by Gautam Chandra and Sanjiv Mahan, who have invested in and built national platforms in renewable energy, distributed generation, and competitive energy and technology businesses. SmartPitch partners with innovative founders and management teams to scale businesses entering their growth phase. SmartPitch is headquartered in Fairfax, VA.
Carrie Hankey, New Energy Equity
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