Altus Power Expands Solar Portfolio with Vitol Acquisition

• Altus Power secures an 84 MW solar portfolio, expanding its client base and funding facility to further support commercial solar assets.

Altus Power, a US solar developer, has acquired an 84 MW portfolio of solar parks in the US Northeast from energy trader Vitol for $118m. The portfolio consists of commercial-scale plants that supply electricity to community solar subscribers, school districts, municipalities, and corporate clients across New York, New Jersey, and Maine. Altus Power expects the acquisition to add almost 2,000 community solar subscribers to its client base, bringing the total to over 20,000 subscribers across the US. The company funded the purchase with cash on hand and plans to expand its funding facility with Blackstone to secure long-term financing for commercial solar assets.

What is the significance of Altus Power's acquisition of an 84 MW solar portfolio?

• Flow Power's 100-MW BESS (Battery Energy Storage System) project has the potential to reduce blackouts in the region.
• The BESS project will provide a reliable and flexible source of energy, helping to stabilize the grid during peak demand periods.
• By storing excess renewable energy generated during low-demand periods, the BESS project can release it during high-demand periods, reducing strain on the grid and minimizing the risk of blackouts.
• The project's large capacity of 100 MW means it can store a significant amount of energy, further enhancing its ability to prevent blackouts.
• The BESS project will also contribute to the integration of renewable energy sources into the grid, as it can store excess energy from intermittent sources like solar and wind power.
• By reducing the reliance on traditional fossil fuel-based power plants, the BESS project can help decrease the risk of blackouts caused by fuel supply disruptions or equipment failures.
• Flow Power's expertise in energy management and optimization will ensure that the BESS project is effectively utilized to prevent blackouts and maintain grid stability.
• The project's location in an area prone to blackouts or grid instability will make it particularly valuable in reducing the occurrence of such events.
• Flow Power's commitment to renewable energy and sustainability aligns with the goals of reducing blackouts and transitioning to a cleaner and more resilient energy system.
• The success of the BESS project in reducing blackouts will depend on effective coordination with other grid management strategies and investments in grid infrastructure.