US independent power producer Altus Power has acquired an 84MW portfolio of commercial-scale projects from global firm Vitol, in a deal valued at US$118 million.
The projects consist of ground-mount, rooftop and carport facilities, which are currently in operation and generate power for local school districts, municipalities and community solar subscribers. The projects are located across the states of New Jersey, New York and Maine, and form Altus’ latest initiative to expand its footprint in the north-east of the US.
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“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, Altus co-CEO and co-founder. “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 also noted that the deal would expand its pool of customers by nearly 2,000 community solar subscribers, and that the company would now serve an additional 20 municipal, education and enterprise clients.
According to the US Solar Energy Industries Association (SEIA), the US installed 6.2GW of community solar by the end of 2023, and plans to add an additional 6GW over the next five years. While the Altus Power deal will not expand the operating capacity of community solar projects in the US, it demonstrates a growing interest in the sector, which will be vital if the industry is to add the volume of capacity the SEIA is expecting.
The news follows Altus’ raising of US$100 million in funds for expansion work earlier this year, and its acquisition solar assets in North and South Carolina with a combined capacity of 121MW, as it continues to expand its US portfolio.