Altus Power Acquires 19 MW Operating Solar Portfolio in 3 US States

The company has acquired the portfolio from a lender through a private foreclosure sale.

Greenwich- based Altus Power has completed the acquisition of a multi-state 19 MW operating portfolio of ground-mounted solar assets.

The company has acquired the portfolio from a lender through a private foreclosure sale.

Further, this 19 MW DC portfolio of solar energy systems sell clean, renewable energy to offtakers ranging from regional and national utilities to various municipalities in Massachusetts, North Carolina and New Mexico.

Commenting on the acquisition, Altus Power, Managing Partner, Gregg Felton, said, “For the past several years, Altus Power has been focused on acquiring operating solar projects from a diverse set of asset owners, often with significant and unique structuring requirements. We are delighted to have successfully partnered with a lender, whose borrower was in default, in order to acquire this portfolio. Over the past several years, Altus Power has acquired 54 discrete projects in nine separate transactions.”

“This transaction once again demonstrates Altus Power’s structuring expertise and willingness to acquire complex portfolios of solar assets,” said Elaine Charlebois, Senior Associate, Altus Power.

The company said that, the ten solar projects together likely to generate approximately 27 million kilowatt hours (kWh) of electricity (and 27,000 renewable energy credits) annually, enough energy to power the equivalent of 3,300 homes.

Meanwhile, the company owns and manages 165 MW of solar PV assets across 14 states that provide renewable energy and solar savings to commercial and public sector clients.

It is funded by Goldman Sachs, Global Atlantic Financial Group and FS Investments.

The company invests in, trades, and structures portfolios of renewable energy certificates and other renewable attributes.

It deploys capital to build, own and operate clean energy systems on commercial buildings and properties, schools and municipal buildings (“Hosts”). The electricity generated from these systems is then sold to the Host, utility or other third party at a discount to the price paid to the grid.