Virginia-based private equity firm SmartPitch Ventures has bought a controlling interest in a distributed solar developer and finance company headquartered in Annapolis, Md.
Rubicon Capital Advisors advised the developer, New Energy Equity, on the sale of the stake.
The investment is the first by energy-focused SmartPitch, which was founded earlier this year by former WGL Energy executives.
The team includes Sanjiv Mahan, the former president of WGL who left the company at the end of 2018, and Gautam Chandra, the company's former senior vice president of strategy, business development and non-utility operations, who left in 2017. Mahan and Chandra each spent nearly 15 years with WGL.
A spokesperson for Rubicon and NEE in New York declined to comment on the financial terms of the transaction. Mahan and Chandra did not immediately respond to inquiries.
K&L Gates acted as legal counsel to NEE, while Akin Gump and Seale & Associates advised SmartPitch.
NEE installed 60 MW of solar last year and has built a 200 MW development portfolio since its founding six years ago. The developer's projects are typically between 200 kW to 5 MW in size and have 10- to 25-year contracts.