Altus Power Expands Solar Presence Across 8 US States with $293 Million Acquisition

Altus Power, a solar developer, has agreed to purchase 220 megawatts (MW) of newly constructed and in-progress solar assets located in the United States for roughly $293 million from funds monitored by True Green Capital Management. The 207 MW of commercial-scale assets will quickly enter Altus Power’s operations with the remaining 13 MW due to be finished within the next few months. This portfolio extends presence in six existing markets (California, Colorado, Illinois, Massachusetts, New Jersey, and New York) while adding exposure to two fresh markets (Delaware and South Carolina). Altus Power plans to own, manage and maintain these assets for the long-term together with offering extra electrification services such as battery storage or electric vehicle/fleet charging stations. The settlement is expected to be sealed during first quarter of 2023 with financing obtained via Altus Power’s long-term funding facility led by Blackstone Structured Finance along with investments from cash reserves. Gregg Felton, co-CEO at Altus Power mentioned that they are delighted to begin a new set of customers under their banner by supplementing their reach specifically in California and New York where TGC handled development and construction efforts on these assets. Panos Ninios from TGC explained that collaboration offered a successful mechanism for them to gain access into new solar markets and spoke highly about Altus Power’s proficiency in asset on-boarding and customer servicing which plays a major role in forming this natural partnership.

Summary

• Altus Power has entered a definitive agreement to acquire 220MW of newly developed and in construction solar assets in the USA for approximately US$293m from funds managed by True Green Capital (TGC) Management.
• This portfolio offers additional scale in Altus Power’s existing markets including California, Colorado, Illinois, Massachusetts, New Jersey, and New York and provides entry into two new markets of Delaware and South Carolina.
• Altus Power intends to fund the transaction with its long-term funding facility led by Blackstone Structured Finance and cash on hand.

What are the states that Altus Power will have an expanded presence in as a result of this acquisition?

The states that Altus Power will have an expanded presence in as a result of this acquisition are California, Colorado, Illinois, Massachusetts, New Jersey, New York, Delaware and South Carolina.

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Picture source: Mariana Proença