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

In a major development in the American renewable energy sector, Altus Power has announced that it has entered into a definitive agreement for the acquisition of 220 MW of newly developed and in-construction solar assets. US-based Altus Power is an independent developer, owner and operator of commercial-scale solar facilities.

Altus Power provides solar generation for projects relating to commercial, industrial, community solar, energy storage, and electric vehicle charging.

The official statement of Altus Power said that the deal is for about $293 million from funds managed by True Green Capital Management. Altus Power and TGC currently expect the transaction will close during first quarter of 2023. Altus intends to fund the transaction with its long-term funding facility led by Blackstone Structured Finance and cash on hand.

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The solar industry of the USA recently raised its target to add solar energy from 20% of the total power production to 30% by 2030.

Altus Power held that the acquired portfolio, once closed, will promptly add approximately 207 MW of commercial-scale solar assets to its operations. The remaining 13 MW is in the final stages of construction and could be completed in the coming months. This portfolio offers additional scale in company’s existing markets including California, Colorado, Illinois, Massachusetts, New Jersey, and New York and provides entry into two new markets of Delaware and South Carolina.

Gregg Felton, Co-CEO, Altus Power, said, “We are excited to welcome this new set of customers to the Altus Power brand, deepening our reach, particularly in New York and California, where a majority of the assets in this portfolio were developed and constructed by our partner, TGC.”

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Panos Ninios, Managing Partner and Co-Founder of TGC, stated, “They (Altus) share our founding belief that commercial-scale distributed solar generation is the most attractive segment of our industry. Our collaboration has facilitated TGC’s successful forays into new solar markets.”

The energy firm expects to own, operate and service these new assets and new customer relationships over the long-term with the potential to offer additional electrification solutions, including battery storage, as well as electric vehicle or fleet charging stations.