Altus Power Bolsters Existing Portfolio to 690MW Acquiring True Green Capital Solar Assets

• Altus Power Inc (NYSE:AMPS) has completed the purchase of a 220-MW solar portfolio from funds managed by True Green Capital Management LLC (TGC) for about USD 293 million. This acquisition bolsters Altus Power’s existing portfolio of solar and storage assets to 690 MW across 24 states.

What happened? 

Altus Power Inc (NYSE:AMPS) recently wrapped up the acquisition of a 220-MW solar portfolio from funds managed by private equity firm True Green Capital Management LLC (TGC) for roughly USD 293 million (EUR 274m). The portfolio includes 207 MW of utility-scale solar parks that are already in operation, as well as 13 MW of projects under construction. Part of the purchase was financed through a USD-204-million long-term debt facility with an interest of 5.62% from Blackstone Structured Finance, while the rest was covered by cash on hand. Altus Power and True Green Capital Fund III LP signed an original agreement for the deal in December 2022. 

Why does it matter? 

This acquisition bolsters Altus Power’s existing portfolio of solar and storage assets to 690 MW across 24 states. It also provides entry into two new markets - Delaware and South Carolina - and allows the company to gain a foothold in existing markets such as California, Colorado, Illinois, Massachusetts, New Jersey and New York. According to Altus Power's CEO, this acquisition is a significant step forward in the company's mission to drive the transition to a clean energy future. 

What's next? 

Altus Power is continuing to expand its portfolio of solar and storage assets, and is actively searching for new projects and partnerships. The company is also continuing to invest in research and development to further improve solar energy efficiency and reduce costs. Additionally, Altus Power is working on a number of initiatives to increase public awareness and acceptance of solar energy, and to promote the adoption of sustainable energy practices.