Altus Power raises USD 850m to expand solar portfolio
- Altus Power America Inc on Tuesday said it has secured USD 850 million (EUR 765m) of funded and committed capital that would help it expand its portfolio of commercial and industrial solar assets to over USD 1 billion.
The recapitalisation, through which the US solar company will refinance its existing capital structure and fund its growth, has been supported by Blackstone (NYSE:BX) through two units. GSO Capital Partners LP provided preferred and minority equity while a consortium led by Blackstone Insurance Solutions provided investment grade-rated debt financing. In addition, Altus Power has secured a construction-to-term loan facility from a syndicate of commercial banks.
The privately rated investment-grade financing is among the first ever to include only commercial and industrial distributed solar assets.
With the help of funding provided by Blackstone (NYSE:BX) groups, Altus Power will be able to meet growing demand for solar arrays, often combined with battery storage, from private and public clients, the company said. It is focusing on solutions for commercial, industrial and municipal clients in the US.
