Solar Energy & EV Charging Firm Altus Power Acquires 220 MW Solar Facilities

Dec 29, 2022 12:36 PM ET
  • Altus Power said that the bargain is for around $293 million from funds managed by True Green Capital Management.
  • The acquired portfolio, as soon as closed, will without delay include 207 MW of commercial-scale solar assets to Altus Power's operations and the staying 13 MW later on.

In a significant growth in the American renewable resource field, Altus Power has announced that it has participated in a definitive arrangement for the purchase of 220 MW of recently established as well as in-construction solar assets. US-based Altus Power is an independent designer, owner as well as driver of commercial-scale solar centers.

Altus Power supplies solar generation for projects connecting to commercial, industrial, community solar, power storage space, and electric vehicle charging.

The main statement of Altus Power stated that the bargain is for around $293 million from funds managed by True Green Capital Management. Altus Power and TGC presently expect the purchase will close during initial quarter of 2023. Altus plans to money the purchase with its lasting financing center led by Blackstone Structured Finance as well as cash on hand.

The solar sector of the USA lately increased its target to include solar energy from 20% of the complete power production to 30% by 2030.

Altus Power held that the acquired portfolio, when closed, will quickly include approximately 207 MW of commercial-scale solar assets to its procedures. The continuing to be 13 MW is in the final stages of building and construction as well as could be finished in the coming months. This portfolio offers added scale in company's existing markets consisting of California, Colorado, Illinois, Massachusetts, New Jersey, and New york city and provides access right into 2 new markets of Delaware and South Carolina.

Gregg Felton, Co-CEO, Altus Power, said, "We are delighted to invite this new set of consumers to the Altus Power brand, strengthening our reach, especially in New York as well as California, where a majority of the assets in this portfolio were established and also built by our partner, TGC."

Panos Ninios, Managing Partner and also Co-Founder of TGC, specified, "They (Altus) share our beginning idea that commercial-scale dispersed solar generation is the most attractive segment of our industry. Our collaboration has assisted in TGC's successful forays into new solar markets."

The power company expects to have, operate and also service these new assets as well as new client connections over the long-term with the possible to offer additional electrification remedies, including battery storage space, in addition to electrical vehicle or fleet charging stations.

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