Madison Energy Infrastructure, a New York City clean energy company with an office in Richmond, has acquired the commercial solar portfolio of Charlottesville’s Sun Tribe.
Terms of the deal were not disclosed. Madison is acquiring the commercial assets, pipeline and development team of Sun Tribe.
The deal expands Madison’s business in the municipal and school solar market. Rich Allevi, president of Sun Tribe, will continue to lead the commercial development team now part of Madison. The unit will remain headquartered in Charlottesville.
Sun Tribe has put solar panels on 94 schools in 21 counties in Virginia over the past seven years. Madison has been partnering with Sun Tribe on these projects as a solar asset owner since 2016. Now, with Sun Tribe in Madison’s umbrella, there will no longer be a need for a third-party asset owner.
“The Sun Tribe Solar team can now apply their talents and experience in new markets through Madison's nationwide footprint," Devin Welch, chairman at Sun Tribe, said in a statement. Its work solarizing schools will be expanded across Madison’s 25-state footprint, the companies said.
“The fact that we can now bring this work to new corners of the country under Madison's roof is incredibly exciting,” Allevi said in a statement. “We're ready to see just how much positive impact we can have."
Sun Tribe said the divestment will help it focus on utility and community solar markets in Appalachia, the Mid-Atlantic and Southeast.
Madison says it has more than half a gigawatt of assets across its portfolio. Last year, it closed a $450 million construction-to-perm loan to fund its expansion.