Greenbacker Advances Utility-Scale Strategy With Sale Of 237 MW Distributed Solar Portfolio to Altus Power

Greenbacker, an investment manager and independent power producer focused on the energy transition, has announced the sale of a 237-megawatt portfolio of solar generation and storage assets to Altus Power. Altus Power is known for its long-term ownership and operation of commercial-scale solar projects across the United States. The portfolio includes more than 100 individual projects located across 18 states, marking a major step in Greenbacker’s efforts to streamline its asset base and concentrate on larger renewable infrastructure developments.

Dan de Boer, CEO of Greenbacker, said the transaction reflects the company’s strategy to prioritize utility-scale renewable projects that can deliver higher efficiency and long-term value. He noted that the sale demonstrates Greenbacker’s disciplined approach to managing its portfolio, ensuring capital is invested where it can have the most meaningful impact for shareholders, partners, and the wider clean energy transition. He added that Altus Power’s experience as a long-term operator makes them a strong fit for taking over this group of projects.

Altus Power expressed confidence in the acquisition as well. Abhi Parmar, the company’s Chief Investment Officer, said the deal highlights Altus Power’s ability to manage large-scale transactions while providing dependable and cost-effective solar power solutions nationwide. He emphasized that the company’s operational expertise positions it well to serve as a responsible long-term operator of the newly acquired projects, creating lasting value for customers and investors.

This sale follows Greenbacker’s earlier divestment of a 51-megawatt distributed solar portfolio in early 2025, reinforcing the company’s broader strategy of optimizing its fleet through selective sales of non-core assets. The company is increasingly focusing on major renewable energy developments, including its nearly $1 billion financing to construct a 674 MWdc utility-scale solar project in New York. Once completed in late 2026, it is expected to become the largest solar installation in the state.

KeyBanc Capital Markets, the corporate and investment banking arm of KeyCorp, acted as exclusive financial advisor to Greenbacker for the transaction with Altus Power. Greenbacker continues to advance its mission to support the U.S. energy transition by investing in sustainable infrastructure. As of September 30, 2025, its clean energy portfolio has generated around 14 million megawatt-hours of renewable electricity.

This output has helped avoid more than 9 million metric tons of carbon emissions and conserved nearly 10 billion gallons of water. The company has also contributed over $170 million in spending to U.S. suppliers and manufacturers, helping strengthen domestic clean energy supply chains. Across its operating and pre-operating projects, Greenbacker supports thousands of clean energy jobs nationwide.