Solar developer Altus Power has closed an up to US$200 million revolving credit facility, which will support its growth of assets and serve additional customers with solar PV products, storage and vehicle charging.
The joint lead arrangers and joint bookrunners for the credit facility were financial entities Citibank, Bank of America, JPMorgan Chase Bank, KeyBank National Association and Truist Securities.
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The commercial and industrial developer currently supports customers across 22 US states and the credit facility – which carries a term of five years with a maturity date of December 19, 2027 – will enhance the company’s liquidity and financial flexibility as it pursues several growth opportunities.
“Securing a corporate revolver is one of the milestones that marks our maturity as a publicly traded company. The additional flexibility provided by our new Credit Facility allows us to confidently invest our cash position to grow our business and is one of the many competitive advantages we enjoy alongside our strategic partnerships with CBRE and Blackstone,” said chief financial officer of Altus Power, Dustin Weber.
Earlier this year, the solar developer signed a major strategic partnership with Trammell Crow Company (TCC) – one of the largest commercial real estate developers in the US – to bring Altus Power’s solar PV products, battery energy storage and electric vehicle charging to TCC’s real estate projects.
In July 2021, the company went public through a US$1.58 billion special purpose acquisition company (SPAC) deal sponsored by commercial real estate service firm CBRE Group, and had Altus become a public company listed on the New York Stock Exchange.