Altus Power Inc., an independent developer, owner and operator of commercial-scale solar facilities, has acquired approximately 220 megawatts of newly developed and in-construction solar assets for approximately $293 million from True Green Capital Management LLC, a renewable energy infrastructure private equity firm based in Westport, Conn.
The portfolio looks to add approximately 207 megawatts of commercial-scale solar assets to Altus Power’s operations, with the remaining 13 megawatts in the final stages of construction and expected to be completed in the coming months. It offers additional scale in Altus Power’s existing markets including California, Colorado, Illinois, Massachusetts, New Jersey and New York and provides entry into new markets of Delaware and South Carolina. Altus Power aims to fund the transaction with its funding facility led by Blackstone Structured Finance and cash on hand.
“Altus Power’s capacity to execute with efficiency and focus on building long-term relationships has made them an extremely valuable partner in both of our transactions,” says Panos Ninios, managing partner and co-founder of TGC. “They share our founding belief that commercial-scale distributed solar generation is the most attractive segment of our industry. Our collaboration has facilitated TGC’s successful forays into new solar markets.”