By Fabiana Negrin Ochoa
Rubicon Technology Partners has completed the sale of its majority stake in Uplight, in a deal valuing the clean-energy software provider at $1.5 billion.
The shares were sold to a consortium of investors co-led by Schneider Electric SE and AES Corp., and a group led by Huck Capital, Rubicon Technology said late Wednesday.
The U.S. private-equity firm will continue to be a minority investor in Uplight, which provides software products aimed at helping utilities build clean-energy ecosystems by reducing baseload energy use, lowering customers' bills and advising on electric vehicle adoption, among other things.
Goldman Sachs & Co. advised Uplight on the deal.
Colorado-based Uplight was formed in 2019 via the merger of Tendril and Simple Energy.
The global market for sustainable energy tech and products could be worth more than $900 billion, Rubicon said, citing estimates from Nomura Greentech Capital.
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(END) Dow Jones Newswires