Altus Power has acquired a multistate operating portfolio of ground-mounted solar assets located in Massachusetts, North Carolina and New Mexico. The portfolio has a combined generation capacity of 19MW.
Altus acquired the portfolio from a lender through a private foreclosure sale. In total, the portfolio features 10 projects, which will generate approximately 27 million kWh of electricity on an annual basis. The portfolio will generate enough energy to power the equivalent of 3,300 homes.
Gregg Felton, managing partner of Altus Power, said: “For the past several years, Altus Power has been focused on acquiring operating solar projects from a diverse set of asset owners, often with significant and unique structuring requirements. We are delighted to have successfully partnered with a lender, whose borrower was in default, in order to acquire this portfolio. Over the past several years, Altus Power has acquired 54 discrete projects in nine separate transactions.””