Altus Power Acquires 58 MW Solar Projects in Maryland

• Altus Power boosts clean energy reach with 58.4 MW solar project acquisition in Maryland, advancing community access to sustainable power solutions.

Altus Power Inc, a US clean electricity provider, announced the acquisition of 10 development-stage community solar projects in Maryland, totaling 58.4 MW in capacity. This purchase is part of Altus Power's strategy to expand its renewable energy portfolio and enhance its presence in the community solar market.

The projects were acquired from distributed solar energy sources, reflecting Altus Power's commitment to increasing access to clean energy solutions. This move aligns with the company's goal to support sustainable energy initiatives and provide more communities with renewable energy options, contributing to the broader transition towards clean electricity in the US.

How will Altus Power's acquisition impact Maryland's community solar market and clean energy access?

• Increase in Local Renewable Energy Capacity: The acquisition will add 58.4 MW of solar capacity to Maryland's energy grid, enhancing the state's renewable energy infrastructure.
• Expansion of Community Solar Access: More residents and businesses in Maryland will have the opportunity to participate in community solar programs, allowing them to benefit from solar energy without needing to install panels on their own properties.
• Job Creation and Economic Growth: The development and maintenance of these solar projects are likely to create jobs in the local community, contributing to economic growth.
• Support for Maryland's Renewable Energy Goals: This acquisition aligns with Maryland's renewable energy targets, helping the state move closer to its clean energy and emissions reduction goals.
• Increased Competition and Innovation: Altus Power's entry into the market may encourage competition, potentially leading to more innovative solutions and better pricing for consumers.
• Enhanced Grid Resilience: By diversifying the energy sources feeding into the grid, these projects can contribute to greater grid stability and resilience against outages.
• Environmental Benefits: The projects will help reduce reliance on fossil fuels, decreasing greenhouse gas emissions and contributing to improved air quality in the region.
  
• Community Engagement and Education: Altus Power's involvement may include community outreach and education initiatives, raising awareness about the benefits of solar energy and encouraging broader adoption.