Catalyze, a commercial and industrial-focused national independent power producer that develops, constructs, owns and operates renewable distributed generation and storage projects, announced the acquisition of Sol Alliance, a Northeast solar sales and development firm whose team has a 15-year track record and completed over 3,000 projects. In addition to bringing a deal pipeline exceeding 80 megawatts (MW) of projects in development, the acquisition provides Catalyze with greater origination resources and deeper solar development capabilities in key markets, especially New York and New Jersey.
The Sol Alliance leadership team has more than 40 years of combined engineering, procurement, construction and solar development experience, adding up to over 275 MW of residential, commercial, industrial and utility scale experience, with expertise in the Midwest, Northeast, Mid-Atlantic, Southeast and Puerto Rico. Sol Alliance partners Stephen Owen and Jared Haines, along with Vice President of Operations Matthew Effler, will join the Catalyze team. The three are pioneers in the field, with Haines’ and Owen’s former company installing the first commercial net-metered installation in Con Edison territory in 2005 and one of the first combined solar-battery systems to leverage the Solar Investment Tax Credit in 2018.
“We’ve been successfully partnering with Sol Alliance for over a year on project development and acquisition and have experienced firsthand the team’s ability to deliver projects from conception to installation with speed and certainty, while maintaining the highest quality standards,” said Catalyze Chief Executive Officer Steve Luker. “As with the consolidation of California-based developer PermaCity earlier this year, the Sol Alliance transaction builds on our previously announced plan to grow our national presence by acquiring leading regional distributed solar development firms that bring a wealth of in-depth knowledge of the local landscapes and introduce synergies to a highly fragmented industry.”
As part of the transaction Sol Alliance will gain access to Catalyze’s origination-to-operations software integration platform, REenergyze™, and proprietary rooftop solar panel mounting technology, SolarStrap®, along with battery storage and integration expertise, supply chain, committed project capital, tax equity partners, and shared services.
“We are excited for this next chapter of growth and development with the Catalyze team and are firm believers in the power of the REenergyze™ platform,” said Sol Alliance Partner Stephen Owen. “Throughout our relationship, Catalyze has been a strong resource, allowing us to increase our effectiveness and efficiency. With our respective customer success strategies aligned and a shared priority on cutting-edge technology, we are confident that we will have even greater joint successes during this pivotal time in the world’s energy transition.”
As part of its market consolidation strategy, Catalyze recently integrated award-winning solar developer and installer PermaCity, and integrated battery storage provider Prisma Energy Solutions earlier this year. Catalyze, is backed by leading energy investors EnCap Investments L.P., Yorktown Partners LLC and Mercuria Energy.