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

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.  

21 March 2024
This special webinar will look at one of the most important changes impacting PV manufacturing today; how to establish and sustain new facilities around the world. For more than two decades, policy-makers have grappled with the challenges of nurturing domestic manufacturing sectors. Many countries have tried to create domestic sectors: Japan, Taiwan, South Korea, India, Europe and the U.S. But success stories have been rare. Mistakes seem to be repeated. And all the while, Chinese dominance of the industry has only increased. However, in the past 2-3 years, new drivers have emerged that suggest the dream of a global PV manufacturing ecosystem could be a reality. Join us as we shed light on this.
21 May 2024
Understanding the PV module supply to the U.S. market in 2024 & 2025. The conference gathers together developers, independent power producers and module suppliers to the U.S. solar market as well as EPCs, banks, investors, technical advisory and testing & certification specialists.
8 October 2024
PV Tech has been running an annual PV CellTech Conference since 2016. PV CellTech USA, on 8-9 October 2024 is our second PV CellTech conference dedicated to the U.S. manufacturing sector. The event in 2023 was a sell out success and 2024 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.
26 November 2024
Understanding PV module supply to the European market in 2025. PV ModuleTech Europe 2024 is a two-day conference that tackles these challenges directly, with an agenda that addresses all aspects of module supplier selection; product availability, technology offerings, traceability of supply-chain, factory auditing, module testing and reliability, and company bankability.

Read Next

Subscribe to Newsletter

Upcoming Events

Solar Media Events
February 28, 2024
Seattle, USA
Solar Media Events, Industry Events
March 12, 2024
Frankfurt, Germany
Upcoming Webinars
March 13, 2024
9am EDT / 1pm GMT / 2pm CET
Solar Media Events
March 19, 2024
Texas, USA