Altus Power Inc., an independent developer, owner and operator of commercial-scale solar facilities, has obtained an incremental $47 million in capital from Blackstone. This debt will provide long-term, fixed-rate financing for 35 MW of operating assets in Altus Power’s portfolio. The use of proceeds includes payoff of the $15.8 million outstanding under Altus Power’s construction facility, with the remainder as net cash proceeds available to be reinvested in its business.
This incremental financing is an expansion of the $204 million facility initiated in February. The additional $47 million will carry the same interest rate and terms as the initial borrowings: a fixed interest rate of 5.62% for the tenor of the facility and the option to refinance the debt without penalty after three years.
“Altus Power is fortunate to be positioned with access to capital that enables our company to invest in and own our assets for the long-term,” comments Dustin Weber, CFO of Altus Power.
“These long-term contracted assets meet the needs of our clients seeking high-quality, long-duration investments,” adds Robert Camacho, co-head of asset based finance within Blackstone’s Structured Finance Group. “Blackstone Structured Finance has significant capacity to invest and is focused on finding additional opportunities like those that Altus Power continues to originate.”
Photo by JComp at Freepik.
