Altus Power Inc., an independent developer, owner and operator of commercial-scale solar facilities, has closed on the acquisition of approximately 220 MW of solar assets, including 207 MW of operating assets and 13 MW of assets under construction.
These assets were purchased from True Green Capital Fund III LP under definitive agreements that were previously announced in December 2022.
The base purchase price of approximately $293 million was financed partially with debt secured from a $204 million long-term funding facility led by Blackstone Structured Finance at a fixed interest rate of 5.62%, and the remainder from cash on hand. The interest rate on the debt is fixed for the term of the facility, and Altus Power additionally has the option to refinance the debt without penalty after three years.
“We’re pleased to further expand our relationship with Blackstone as the lender for this new portfolio of assets,” comments Gregg Felton, co-CEO of Altus Power. “Blackstone has a depth of financing experience across a diversity of asset classes and shares our enthusiasm for commercial-scale solar.”
With the addition of these new assets, Altus Power’s portfolio with community solar customers account for over 20% of the company’s installed megawatts, with an additional approximately 70 MW in advanced stages of development in New Jersey, Maryland, New York and Hawaii that will also be dedicated to community solar programs.