Global investment manager Nuveen announced the acquisition of a majority stake in US-based commercial and industrial (C&I) energy solutions provider Ally Energy Solutions.
The acquisition was made by Nuveen’s Private Equity Impact team, through the Nuveen Climate Inclusion Fund II (NCIF II). Nuveen’s Climate Inclusion strategy aims to address climate change and inequality by investing in businesses that drive an inclusive transition to a low-carbon economy, while ensuring strong financial returns.
Founded in 2014, Ally executes large-scale energy projects for C&I customers, including distributed renewable energy, efficiency upgrades, electrical infrastructure improvements, power factor correction and backup generation. The company’s solutions help clients to improve the energy and operational efficiency of facilities, reduce carbon footprint, and meet sustainability goals.
Ted Maa, Managing Director of Private Equity Impact Investing at Nuveen, said:
“Continued growth in electrification, data centers, and advanced manufacturing is driving unprecedented demand for power and electrical services. Ally’s impressive results and growth to-date align well with our goal of providing clean, resilient power to mission-critical C&I end users.”
Ally has completed more than 1,000 projects to date, avoiding an estimated 578,000 tons of CO2 emissions, while achieving a 60-megawatt reduction in peak demand, $276 million in client savings and $55 million in generated credits.
As part of the transaction, Ally’s COO Brian Walterbach will step into the role of Chief Executive Officer, succeeding Shane Mathis, who moves to become Chief Strategic Officer.
Walterbach said:
“Nuveen’s investment will accelerate our next phase of growth and impact, helping us expand our reach and deepen our ability to deliver measurable operating cost and emissions reductions for clients nationwide.”
