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

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

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

June 30, 2025
Heliene has completed the sale of Section 45X Advanced Manufacturing Production Tax Credits in association with Minnesota-based U.S. Bank.
June 30, 2025
Voting on the US tax reconciliation bill is expected to begin in the Senate today, following a draft published on Friday that hit clean energy tax credits hard.
June 30, 2025
US clean energy developer Clearway Energy Group has received corporate credit facilities over US$1 billion.
June 30, 2025
Australian module manufacturer Tindo Solar has secured a 30MW solar module supply agreement to power Australia's first "net zero pipeline”.
June 27, 2025
Renewables investment platform Nexwell Power has signed a round of power purchase agreements (PPAs) with “one of the largest” US tech companies for solar PV capacity to be built in Spain.
June 27, 2025
Statkraft has signed PPAs with Better Energy to purchase energy from two solar power plants in Poland with a total capacity of 64GWh.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
June 30, 2025
10am PST / 6pm BST
Solar Media Events
July 1, 2025
London, UK
Solar Media Events
July 1, 2025
London, UK
Media Partners, Solar Media Events
July 2, 2025
Bangkok, Thailand
Media Partners, Solar Media Events
September 2, 2025
Mexico City, Mexico