Altus Power Raises USD 850 Million to Expand Solar Portfolio

Altus Power has announced that Blackstone has led a recapitalisation with USD 850 million to refinance the existing capital structure and fund future development

Altus Power 850 Million

Altus Power America, a market-leading solar power company that provides clean electricity to commercial, industrial and municipal clients across the US, has announced that Blackstone, through its GSO Capital Partners LP and Blackstone Insurance Solutions groups, has led a recapitalisation with USD 850 million of funded and committed capital to refinance the existing capital structure and fund future development.

The recapitalisation consists of preferred and minority equity and investment grade-rated debt financing provided by GSO and a BIS-led consortium, respectively, and a construction-to-term loan facility from a syndicate of commercial banks, providing Altus Power with sufficient capital to grow its portfolio to over USD 1 billion of commercial and industrial solar assets.

“We’re incredibly enthusiastic to be partnering with Blackstone as we position our business for accelerating growth. By providing Altus with a full capital structure solution, including investment-grade rated permanent senior financing, Blackstone is empowering Altus to be one of the most competitive capital partners in distributed generation solar,” said Gregg Felton, managing partner of Altus Power.

The firm claims that it is experiencing significant growth in demand from its private and public clients for locally sited solar arrays – in many instances in combination with battery storage – that are capable of producing energy savings for off-takers, creating rent payments for real estate owners, and helping its clients meet corporate sustainability goals.

To meet this demand, Altus Power and Blackstone have created a partnership that solidifies Altus Power’s position as one of the most competitive solar power companies in the industry. The recapitalisation includes one of the first-ever privately rated investment-grade financings comprised solely of commercial and industrial distributed solar assets.

“We are excited to partner with Altus, a leading developer and operator of solar assets with a best in the class management team. Our investment will enable Altus to meet the growing demand for low cost, renewable energy in North America and we believe represents an attractive opportunity for our investors,” said Robert Horn, senior managing director of Blackstone and Co-Head of GSO’s Energy Group.

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Ayush Verma

Ayush Verma

Ayush is a staff writer at and writes on renewable energy with a special focus on solar and wind. Prior to this, as an engineering graduate trying to find his niche in the energy journalism segment, he worked as a correspondent for