Powering the Grid: New Mountain Capital Backs Renewables Engineer RRC

AUSTIN, TX & NEW YORK, NY – June 24, 2026 – In a move that underscores the immense financial and strategic momentum behind the U.S. energy transition, private equity firm New Mountain Capital has announced a majority investment in RRC Companies, a pivotal engineering services provider for utility-scale renewable power generation. The deal, which also installs industry veteran Dr. Hisham Mahmoud as Chairman of the Board, provides a significant capital injection designed to accelerate RRC's growth as demand for solar, wind, and battery storage infrastructure surges.

This partnership is more than a financial transaction; it's a calculated bet on the critical, often unseen, engineering backbone required to build the green grid of the future. As the nation pushes towards ambitious clean energy goals, the specialized firms that design and integrate these complex projects have become indispensable, attracting sophisticated investors looking to capitalize on a multi-decade growth trend.

A Strategic Infusion for a Growing Leader

Founded in 2007, RRC Companies has quietly built a formidable reputation as a leading multi-discipline engineering firm in the renewables space. With a team of over 500 professionals, the company provides a comprehensive suite of services—from initial geotechnical and civil engineering to complex electrical design and SCADA systems integration—for solar farms, wind turbines, and battery energy storage systems (BESS). This integrated, full-scope approach has made it a go-to partner for a diversified base of asset owners, developers, and contractors.

The firm's market leadership is not just anecdotal. According to Engineering News-Record's (ENR) 2023 rankings, RRC stands as a top-tier player, ranking N° 6 for wind power and N° 8 for solar power design firms. This investment from New Mountain Capital is set to pour fuel on an already well-stoked fire, enabling RRC to scale its operations and expand its capacity to meet escalating client demand.

“We are proud of our Firm and our strong reputation in the marketplace, built on our people’s passion for the industry and focus on technical excellence,” said Bill Bong, Co-founder and Chief Executive Officer of RRC. “We are excited to partner with New Mountain and Dr. Mahmoud, who share our passion and aspirations to scale our business to meet the demands of our clients and provide more opportunities for our people.”

Under the terms of the deal, New Mountain takes a majority stake, but RRC's leadership team and employees will retain a meaningful ownership position, ensuring continuity and alignment as the company enters its next chapter of growth.

The Architect of Growth: Dr. Hisham Mahmoud Takes the Helm

Perhaps the most telling signal of New Mountain's strategic intent is the appointment of Dr. Hisham Mahmoud as RRC's new Chairman of the Board. A Senior Advisor at the investment firm, Dr. Mahmoud is a titan in the infrastructure engineering and construction industry, with over 36 years of experience leading and transforming global firms like Golder, SNC-Lavalin, and AMEC.

His role at New Mountain involves shaping the firm's entire infrastructure services investment strategy. His appointment at RRC is a classic page from the New Mountain playbook: identify a high-quality company in a growth sector and install proven, world-class leadership to oversee its expansion. Dr. Mahmoud currently serves in similar chairman roles at other New Mountain-backed infrastructure firms, including Qualus Corporation, a power services specialist, and Consor Holdings, a transportation and water engineering firm. This network creates a powerful ecosystem of expertise and potential synergies across the portfolio.

With a PhD in Civil Engineering and a track record of scaling large, complex organizations, Dr. Mahmoud brings precisely the kind of strategic oversight needed to navigate the opportunities and challenges of a booming market.

“RRC is an exceptional Firm with differentiated service offerings and a strong track record of growth,” said Dr. Mahmoud. “I am honored and excited to partner with Bill and the RRC team to help shape and deliver on RRC’s long-term growth strategy.”

Riding the Green Wave: Private Equity's Bet on Infrastructure

The RRC-New Mountain partnership is a microcosm of a much larger trend: private equity's deepening interest in the renewable energy supply chain. As the cost of solar, wind, and battery storage has plummeted—by 87%, 55%, and 93% respectively since 2010—the economic case for renewables has become undeniable. The U.S. Energy Information Administration (EIA) projects that solar, wind, and battery storage will add over 80 gigawatts of new capacity by early 2027, while fossil fuel capacity declines.

This explosive growth has created a massive demand for the picks-and-shovels services provided by firms like RRC. For investors like New Mountain Capital, which manages approximately $60 billion in assets, these infrastructure service companies represent a 'defensive growth' opportunity—a business tied to a non-discretionary, long-term structural shift with high barriers to entry. It's a way to invest in the green transition without taking on the technological or commodity price risk of a pure-play energy producer.

Joe Walker and Rishi Abuwala, Managing Directors at New Mountain, highlighted this long-term view in their statement. “New Mountain developed a relationship with RRC over many years as part of our long-standing sector effort in infrastructure services, and we are proud to partner with the leadership team,” they noted. “RRC’s strong reputation, specialized technical capabilities, deep relationships with leading renewables clients and track record of organic growth has positioned the Firm well to continue its journey as a scaled industry leader.”

The Technical Backbone of the Energy Transition

To fully appreciate the significance of this investment, one must look past the financial figures and into the technical weeds of grid modernization. A modern power grid, increasingly reliant on intermittent sources like solar and wind, requires an unprecedented level of digital control and intelligence. This is where RRC's expertise in Supervisory Control and Data Acquisition (SCADA) systems becomes critically important.

These complex systems are the central nervous system of a power plant, allowing operators to monitor performance, control output, and ensure stability in real-time. As battery storage systems become co-located with solar and wind farms to smooth out generation, the sophistication required of these control systems increases exponentially. RRC's ability to provide integrated engineering and SCADA solutions under one roof is a powerful differentiator in a market where seamless execution is paramount.

By backing a firm with this deep, specialized expertise, New Mountain Capital is not just investing in an engineering company; it is securing a stake in a critical enabler of the entire renewable energy ecosystem. With fresh capital and strategic leadership, RRC is now better equipped than ever to provide the essential framework upon which the next generation of American power infrastructure will be built.