Press Release

NAES Corporation, Stellar Renewable Power Sign Preferred Partnership Agreement

NEWS

ISSAQUAH, Wash, May 12, 2023 – NAES Corporation, the power generation industry’s largest independent services provider, and Stellar Renewable Power, a developer and manager of utility-scale and distributed generation solar and storage facilities, have signed a Memorandum of Understanding to work together as preferred partners, allowing both companies to offer each other’s services for delivering best-in-class asset performance management solutions.

“We are excited to partner with NAES, a leading global power services company,” said Stellar CEO Vijay Venkatachalam. “By combining NAES’s deep experience in delivering safe, reliable, and cost-effective O&M services globally, together with Stellar’s proprietary, advanced analytics platform and services, we believe that our partnership will set the global benchmark for asset performance optimization.”

“We’re looking forward to servicing a multi GW pipeline that is under development by Stellar,” said Billy Wang, NAES’s Sr. vice president of clean energy infrastructure.  “The opportunities this presents for both our organizations are substantial, as our combined strengths will yield greater results than what has been available in the industry.  It perfectly supports our strategy of expanding our portfolio in solar O&M and other solar services.”

According to the agreement, Stellar Renewables will have access to NAES’s entire suite of owners’ services, including its renewable O&M services, independent owners’ engineering services from E3 Consulting, field engineering services and compliance services from NAES’s Fleet Services division, Gridforce’ s remote operations center, and financial asset management services from NAES’s PurEnergy division.

In return, NAES will have access to Stellar’s performance analytics services, as well as their asset performance management software.

“This partnership represents an important milestone for Stellar.  It allows us to deploy our full-stack, advanced analytics at scale alongside NAES’s full suite of services to maximize performance of our customers’ assets.” said Arun Sugumaran, Stellar’s  Vice president of analytics & asset management.

About NAES Corporation

NAES is an independent services company dedicated to optimizing the performance of energy facilities across the power generation landscape.  Founded in 1980, NAES and its 4,000 team members provide decades of experience in operations, maintenance, construction, engineering, and technical support to build, operate and maintain both traditional and renewable energy facilities.  For more information, please www.naes.com.

About Stellar Renewable Power

Stellar Renewable Power is a solar development platform established by Kohlberg Kravis & Roberts (KKR), a leading global investment firm. Stellar sources, develops and manages utility-scale as well as distributed generation solar and storage facilities in the U.S on behalf of KKR’s Asset-Based Finance (ABF) strategy. Stellar has grown rapidly since inception in December 2021 and built a 4.5GW pipeline with projects across 9 states through a combination of greenfield development and acquisitions. Stellar offers comprehensive analytics and asset management services to 3^rd party asset owners driven by a proprietary, asset performance management & optimization platform. Stellar has offices in Dallas, Texas and in India.

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