Clean energy developer Sun Tribe announced it has has divested its commercial assets, pipeline and development team to long-time partner Madison Energy Infrastructure.
Sun Tribe Solar — the commercial business unit of Charlottesville-based Sun Tribe — scaled the K-12 solar market in Virginia over the past seven years, helping 94 schools in 21 counties deploy clean, affordable power. Madison is a strategically aligned partner of Sun Tribe, having transacted with all five of Sun Tribe’s business units and having served as the preferred asset owner partner for its commercial business for several years.
The recent asset purchase agreement includes Sun Tribe’s current commercial projects, future commercial pipeline, and the onboarding of Sun Tribe’s commercial development team. Rich Allevi, who most recently served as president of Sun Tribe Solar, will continue to lead the commercial development team now under Madison, which will remain in Charlottesville.
“This acquisition is a strong next step in Madison’s current trajectory of growth and increased impact,” said Ben Hunter, CCO at Madison. “We value community and collaboration in a way that’s naturally aligned with the values of the Sun Tribe team, and we know that this evolution of our longtime partnership can achieve great things in the U.S. solar schools space.”
This transaction results in a sharpened focus for Sun Tribe on the utility- and community-scale solar markets in the Appalachia, Mid-Atlantic, and Southeast regions via its businesses spanning key stages of the value chain: Sun Tribe Development, led by Danny Van Clief; Sun Tribe EPC, led by Sean Rooney; and Sun Tribe Asset Management, led by Ryan Tully.
“We see this exciting integration as a success on multiple fronts. The Sun Tribe Solar team can now apply their talents and experience in new markets through Madison’s nationwide footprint,” said Devin Welch, chairman at Sun Tribe. “Meanwhile, Sun Tribe will continue to strengthen its focus on our fast-growing utility- and community-scale businesses. As we do, we look forward to a continued partnership with Madison.”
The mutually beneficial transaction allows Madison to increase the reach and impact of Sun Tribe Solar’s efforts to solarize schools, expanding the model across its 25-state footprint. Working under Madison, the commercial development team can now integrate origination and project development with construction and operation of projects without the need for a third-party asset owner. The student-focused, curriculum-enriching work of the Solar Empowered Schools program will also carry on under Madison’s ownership.
“I’m proud that, over the past seven years, our team’s efforts have saved school districts millions of dollars and allowed tens of thousands of students the opportunity for hands-on learning that opens up future career paths,” Allevi said. “The fact that we can now bring this work to new corners of the country under Madison’s roof is incredibly exciting. We’re ready to see just how much positive impact we can have.”
News item from Madison Energy Infrastructure
