Altus Power, Inc. recently announced that it has acquired a 79 megawatt (MW) portfolio of solar projects operating across seven US states. The portfolio was acquired from private equity funds managed by True Green Capital Management, LLC.
Following the acquisition, Altus Power’s portfolio of operating generation assets now totals over 340 MW. The acquisition follows the announcement of AltusPower’s planned business combination with CBRE Acquisition Holdings, Inc., which is expected to result in Altus Power becoming a public company listed on the New York Stock Exchange.
Headquartered in Greenwich, Connecticut, Altus Power is a developer, owner, and operator of the large-scale roof, ground, and carport-based photovoltaic and energy storage systems, as well as electric vehicle charging facilities, serving commercial and industrial, public sector, and community solar customers.
The acquired solar portfolio includes sites in Massachusetts, New Jersey, Connecticut, Rhode Island, Vermont, New York, and Tennessee. The commercial and industrial projects, which include rooftop, ground-mount, and carport solar arrays, deliver clean electricity via long-term contracts to predominantly investment-grade customers, including municipalities, commercial entities, and utilities.
The acquisition expands Altus Power’s portfolio of operating projects and diversity of client relationships, many of which are seeking additional electrification solutions, including battery storage as well as EV charging stations.
“We are pleased to add these projects and customer relationships to our growing national portfolio of distributed solar generation assets,” said Gregg Felton, Co-CEO of Altus Power. “With the addition of Tennessee, Altus Power’s operating footprint now spans 17 states. Altus Power is focused on providing customers with reliable and clean electric power at competitive prices under long-term agreements.”
KeyBanc Capital Markets advised True Green Capital Management LLC in connection with this transaction.