Altus Power Inc. has signed definitive agreements to acquire approximately 97 MW of operating solar assets for approximately $220 million funded by a combination of cash on hand and assumed liabilities.
The largest of these portfolios includes 88 MW of generating assets, and the acquisition is subject to certain closing conditions. The acquisition of the remaining approximately 9 MW has recently closed and such assets are currently operating as part of Altus Power’s portfolio.
These commercial and industrial-scale (C&I) assets include rooftop, ground- and carport-mounted solar arrays in nine states. They deliver electricity under long-term contracts to predominantly investment-grade customers. Following the closing of these acquisitions, Altus Power expects to own, operate and service these new assets and new customer relationships over the long term, with the potential to offer additional electrification solutions, including battery storage, as well as electric vehicle or fleet charging stations.
“We are excited to bring these new long-term customer relationships and operating assets to our portfolio of C&I solar and storage assets,” says Gregg Felton, co-CEO of Altus Power. “We welcome the opportunity to serve customers in new markets including Pennsylvania, Indiana, Arizona and Nevada, as well as to grow our footprint in existing markets. Altus Power will continue to focus on expanding our customer base as well as profitably increasing the size of our portfolio of commercial-scale assets by leveraging our specific expertise of executing both development and operating opportunities.”