NEW YORK, NY — March 19, 2019 — Madison Energy Investments LLC (“MEI”), a newly-formed solar distributed generation company, has received an initial equity commitment of up to $200 million from Stonepeak Infrastructure Partners (“Stonepeak”), an infrastructure-focused private equity firm.

MEI is led by its three founding partners, Steven Cunningham, Jack Hachmann and Richard Walsh, who have collectively developed, financed and operated more than 400 MW of distributed generation assets across the United States.

Under the Stonepeak partnership, MEI will develop, finance, own and operate distributed generation assets within the commercial and industrial (C&I) and small utility-scale sectors. The platform will focus on ground mount, rooftop and carport projects ranging from 500 kw – 20 MW and has the flexibility to enter at various stages of the project life cycle.

Stonepeak has provided MEI with a 4-year commitment and the MEI team will structure debt and tax equity financing allowing the portfolio to scale to at least $1B in projects over the coming years, representing at least 550 MW in operating C&I assets.

Michael Allison, Managing Director at Stonepeak said, “We are incredibly excited to be in partnership with the team from MEI. Steve, Jack and Rich have an impeccable track record of investing in the C&I space, and we see their platform as a compelling strategy to own long-term U.S. contracted renewable assets.”

Hajir Naghdy, Senior Managing Director at Stonepeak added, “This investment is a key element in our strategy, executing on exciting growth areas in renewable energy globally. The C&I solar market is expected to grow to 6.9 GW over the next four years, and we view the MEI team as best in class in the space.”

The MEI team has recently closed on its first acquisition of 12 solar projects with estimated delivery in Q3/Q4 2019. MEI’s platform is designed to be flexible, enabling the team to aggressively pursue multiple state markets through partnerships with developers and EPCs who possess local knowledge and relationships.

“This is an opportune time to be investing in the distributed generation solar market in the U.S,” said Richard Walsh, Managing Partner of Madison Energy Investments. “If you look at the demand from corporates, local and regional governments and most importantly the economic case and cost-savings to customers, the value proposition is amazing.”

“Stonepeak offers MEI a combination of renewable energy and infrastructure experience, a global perspective and competitive capital,” said Jack Hachmann, Managing Partner of Madison Energy Investments. “Most importantly, they enable us to deliver certainty, speed and trust to local partners in order to scale the distributed generation market.”

K&L Gates LLP was Madison Energy Investment’s legal counsel. Simpson Thacher & Bartlett LLP was Stonepeak’s legal counsel.



Madison Energy Investments is a platform that develops, owns and operates distributed generation projects within the commercial and industrial (C&I) and small utility-scale sectors. The founding partners bring a variety of expertise in business development, finance, construction, and operations. The team’s combined industry experience of over 30 years has produced best practices in project development, construction, financing and a comfort level with a variety of technologies, engineering solutions, financing structures, state markets and incentives, utility programs, tariff structures, and asset management. Most importantly, the experience has allowed the team to develop first class relationships with experienced, local partners in dozens of markets throughout the United States.


Stonepeak is an infrastructure-focused private equity firm headquartered in New York with $15 billion of assets under management. Stonepeak invests in long-lived, hard-asset businesses and projects that provide essential services to customers, and seeks to actively partner with high-quality management teams, facilitate operational improvements, and provide capital for growth initiatives.

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