US-based independent power producer Altus Power has secured US$100 million to fund its expansion plans.
Altus Power said an affiliate of Goldman Sachs Asset Management and CPPIB Credit Investments III, a subsidiary of the Canada Pension Plan Investment Board, provided the secured credit facility.
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Gregg Felton, co-founder and co-CEO of Altus Power, said that Altus Power’s pipeline consisted of both operating and development assets. With the new capital, the company could increase its market share and provide execution certainty to its counterparties.
Prior to this, Altus Power acquired solar assets primarily in North and South Carolina, the US, with a combined capacity of 121MW in December 2023. The assets were acquired from funds advised by investment advisor Basalt Infrastructure Partners and distributed utility-scale solar and storage asset developer Soltage.
Altus Power said the deal had expanded its presence to the southeast US and included new government and municipal entities into the Altus portfolio. The acquisition was also part of the company’s effort to grow its portfolio of commercial scale solar assets to almost 900MW by the end of 2023.
Global alternative asset manager Blackstone also lent US$200 million towards the construction of new solar PV projects in the US by Altus Power in November 2023. The Blackstone Construction facility was put towards the construction of commercial solar assets, with the money to be used for expenses like labour, equipment, grid interconnection and development fees.
