Clean electricity developer and provider Altus Power announced today the acquisition of a 79 megawatt portfolio of solar projects from private equity funds managed by True Green Capital Management.
The acquired portfolio is located across seven US states across Massachusetts, New Jersey, Connecticut, Rhode Island, Vermont, New York and Tennessee. Assets include a series of commercial and industrial projects, including rooftop, ground-mount and carport solar arrays, delivering electricity via long-term contracts to customers including municipalities, commercial entities, and utilities. Following the acquisition, Altus Power’s portfolio of operating generation assets now totals over 340 MW.
Gregg Felton, Co-CEO of Altus Power, said:
“We are pleased to add these projects and customer relationships to our growing national portfolio of distributed solar generation assets. With the addition of Tennessee, Altus Power’s operating footprint now spans 17 states. Altus Power is focused on providing customers with reliable and clean electric power at competitive prices under long-term agreements.”
Early last year, Altus announced a recapitalization led by alternative investor Blackstone, with $850 million of funded and committed capital to refinance its capital structure and fund future development, and with Blackstone taking a minority stake in the company. Altus recently announced a planned merger with SPAC CBRE Acquisition Holdings, which will generate $678 million for the company, and provide it with a public listing on the NYSE.