Global investment manager Nuveen has taken a majority stake in Ally Energy Solutions, LLC, a U.S.-based provider of comprehensive energy services for commercial and industrial customers. The deal, executed through Nuveen’s Private Equity Impact team, marks the sixth investment under the Nuveen Climate Inclusion Fund II (NCIF II) and underscores its commitment to decarbonisation and modernisation of America’s energy infrastructure.
Nuveen’s Climate Inclusion strategy targets the dual challenge of climate change and inequality by investing in businesses advancing a just transition to a low-carbon economy, while seeking strong financial returns alongside social and environmental benefits.
Founded in 2014, Ally specialises in large-scale energy projects for Fortune 500 and national clients, delivering solutions such as distributed clean energy resources, electrical upgrades, power factor correction, back-up power generation and energy efficiency measures. To date, the company has completed more than 1,000 projects, avoiding an estimated 578,000 tonnes of CO₂ emissions, cutting 60 MW of peak load, and saving customers $276 million.
As part of the transition, Brian Walterbach, who has led operations and sales, has been named Chief Executive Officer. Outgoing CEO Shane Mathis will assume the role of Chief Strategic Officer. “Nuveen’s investment will accelerate our next phase of growth and impact, helping us expand our reach and deepen our ability to deliver measurable operating cost and emissions reductions,” Walterbach said.
Nuveen’s Ted Maa, Managing Director of Private Equity Impact Investing, added: “Continued growth in electrification, data centres and advanced manufacturing is driving unprecedented demand for resilient energy services. Ally’s track record aligns perfectly with our mission to provide clean, reliable power to mission-critical C&I clients.”
Nuveen has deployed over $24.1 billion in direct impact holdings across public and private markets as of June 2025. Legal counsel for Nuveen was provided by Gibson, Dunn & Crutcher LLP, while Ally was advised by FMI Capital Advisors and Dentons US LLP.
