US community and commercial & industrial (C&I) solar developer Altus Power has acquired a 234MW solar portfolio from independent power producer (IPP) Greenbacker.
According to the firm, the projects span around 100 sites across 18 states and are backed by long-term contracts with a diverse customer base, including a global e-commerce and logistics company, a regional university and major utilities.
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The latest acquisitions mean Altus Power now owns and operates more than 1.3GW of commercial-scale solar assets across 30 states and the District of Columbia. Abhi Parmar, chief investment officer (CIO), Altus Power said that the acquisition “demonstrates the company’s ability to transact at scale and deliver reliable, cost-effective power solutions”.
Earlier this year, Altus acquired ten community solar projects in Maryland from fellow developer Prospect14, adding 58.4MW of capacity to its development-stage portfolio. The company did not disclose an expected commissioning timeline.
In February 2024, the company acquired an 84MW portfolio of commercial-scale solar projects from Vitol for US$118 million. The operating ground-mount, rooftop and carport assets serve schools, municipalities and community solar subscribers across New Jersey, New York and Maine, strengthening Altus’ north-east US presence.
The news followed Altus’ US$100 million capital raise and its acquisition of 121MW of solar assets in North and South Carolina in January 2024.
The company is a portfolio company of TPG Rise Climate Transition Infrastructure, acquired in February 2025 for US$2.2 billion. For this transaction, Winston & Strawn LLP served as Altus’s exclusive legal counsel.
