Altus Power closes on 220MW of US solar backed by Blackstone investment

Facebook
Twitter
LinkedIn
Reddit
Email
The majority of Altus Power’s solar PV assets are deployed in the commercial and industrial sector. Image: Altus Power.

US-based independent power producer Altus Power has reached financial close on 220MW of solar PV assets representing an investment of approximately US$293 million.

The bulk of the financing for the acquisition was provided by Blackstone Structured Finance through a US$204 million debt facility, whilst the remainder was fulfilled with cash on hand.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

The assets consist of 207MW of operational projects and 13MW under construction and were purchased from True Green Capital Fund III.

Gregg Felton, Co-CEO of Altus Power, said: “We’re pleased to further expand our relationship with Blackstone as the lender for this new portfolio of assets, Blackstone has a depth of financing experience across a diversity of asset classes and shares our enthusiasm for commercial-scale solar.”

With these acquisitions, over 20% of its solar portfolio is now in community solar assets, with 70MW more in development across New Jersey, Maryland, New York and Hawaii. Community solar refers to smaller-scale projects that directly benefit local communities, without individuals having to install solar on their own land.

A report from Wood Mackenzie earlier this week forecast that the community solar market in the US is set to more than double in the next five years as the Inflation Reduction Act has boosted the sector.

In March last year, Altus established a long-term strategic partnership with Trammwell Crow Company, one of the US’ largest commercial real estate developers, to supply its sites with solar PV, battery energy storage and electric vehicle systems.

December saw the company secure a US$200 million revolving credit facility from financers including Citibank and JP Morgan to support its PV and storage asset growth.

Early last year, Blackstone invested US$3 billion in Invenergy Renewables to accelerate the build-out of its solar and wind assets. Invenergy has since established a joint venture focusing on community solar projects.  

7 October 2025
San Francisco Bay Area, USA
PV Tech has been running an annual PV CellTech Conference since 2016. PV CellTech USA, on 7-8 October 2025 is our third PV CellTech conference dedicated to the U.S. manufacturing sector. The events in 2023 and 2024 were a sell out success and 2025 will once again gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing in the U.S. out to 2030 and beyond.
21 October 2025
New York, USA
Returning for its 12th edition, Solar and Storage Finance USA Summit remains the annual event where decision-makers at the forefront of solar and storage projects across the United States and capital converge. Featuring the most active solar and storage transactors, join us for a packed two-days of deal-making, learning and networking.
25 November 2025
Warsaw, Poland
Large Scale Solar Central and Eastern Europe continues to be the place to leverage a network that has been made over more than 10 years, to build critical partnerships to develop solar projects throughout the region.
16 June 2026
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 16-17 June 2026, will be our fifth PV ModulelTech conference dedicated to the U.S. utility scale solar sector. The event will gather the key stakeholders from solar developers, solar asset owners and investors, PV manufacturing, policy-making and and all interested downstream channels and third-party entities. The goal is simple: to map out the PV module supply channels to the U.S. out to 2027 and beyond.

Read Next

September 5, 2025
Newly formed firm Solaris Assets has acquired the business operations and assets of Texas-based residential solar installer Sunnova.
September 5, 2025
US solar tracker manufacturer Array Technologies has announced that two of its tracking systems are compatible with 2,000V solar systems.
September 5, 2025
Research firm Rystad Energy has found that Queensland’s utility-scale solar PV power plants have dominated the best-performing assets, in terms of AC capacity factor, rankings for August 2025.
September 4, 2025
India’s Goods and Services Tax (GST) Council, the joint forum of the Centre and States, has reduced the GST rate on renewable energy components from 12% to 5%. 
September 4, 2025
Gavin Newsom has signed an executive order to accelerate the permitting of energy generation projects that could be set to lose IRA support.
September 4, 2025
The Czech national cybersecurity agency has warned that Chinese solar inverters represent a threat to the country’s data security.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK
Solar Media Events
October 2, 2025
London,UK
Solar Media Events
October 7, 2025
Manila, Philippines