Altus Power closes acquisition of 220 MW solar portfolio

Altus Power, Inc. has completed the acquisition of solar assets totaling approximately 220 MW, consisting of 207 MW of operational assets and 13 MW of assets currently under construction in the US. The assets were acquired from True Green Capital Fund III, L.P.

The acquisition was financed using a combination of a long-term funding facility totaling US$204 million led by Blackstone Structured Finance, which carries a fixed interest rate of 5.62%, and cash on hand. The base purchase price was approximately US$293 million, and the interest rate on the debt is fixed for the entire term of the facility. Furthermore, Altus Power has the option to refinance the debt without penalty after 3 years.

This acquisition marks a major step for Altus Power, as New York joins Massachusetts, New Jersey, and California as one of the Company’s largest markets, with each now representing more than 100 MW of operating solar.