Altus Power Acquires 84MW Portfolio from Vitol, Welcoming Thousands of Customers in New York, New Jersey, and Maine

Altus Power, a company that supplies clean electricity on a commercial scale, has acquired about 84 MWs of solar arrays from Vitol, the world’s largest independent energy trader, for around $118 million.

This addition expands Altus Power’s customer base across the Northeast, including New York, New Jersey, and Maine, with new long-term Community Solar, school district, and enterprise customers served by various types of arrays. The acquisition was completed with available cash, and Altus plans to enlarge its funding arrangement with Blackstone soon to secure long-term financing.

“We’re proud of our robust pipeline that is adding Community Solar subscribers, school districts and other enterprises to Altus Power’s growing customer base. Our expansion in the Northeast offers additional scale in these markets and allows us to continue to enhance the services that we offer our customers,” said Gregg Felton, co-CEO and co-founder, Altus Power. “This bilateral acquisition kicks off what we expect to be a long-term strategic partnership with Vitol, a world-class leader in energy asset management, and we look forward to expanding our relationship through future development assets.”

“Altus Power has an excellent reputation as a trusted and successful operator of solar assets,” added David Munsky, President of VC Renewables LLC, a wholly-owned subsidiary of Vitol. “We are pleased to be transferring this portfolio to such a well-respected company. Vitol continues to be committed to building its renewable power portfolio with a focus on larger utility scale projects as part of its commitment to the energy transition.”