Altus Power to Acquire US Solar Plant Portfolio from True Green Capital for $293M
US solar developer and operator Altus Power has agreed to buy a 220-MW solar asset portfolio from funds managed by renewable energy-focused private equity firm True Green Capital (TGC) for approximately $293mn.
The deal is expected to close in the first quarter of 2023.
Connecticut-based Altus Power will own 207 MW of commercial-scale solar plants already in operation and some under-construction projects totaling 13 MW that should be completed in the coming months.
The portfolio offers additional scale in Altus’ existing markets including California, Colorado, Illinois, Massachusetts, New Jersey, and New York and provides entry into two new markets – Delaware and South Carolina.
Altus Power co-chief executive Gregg Felton said: “We are excited to welcome this new set of customers to the Altus Power brand, deepening our reach, particularly in New York and California, where a majority of the assets in this portfolio were developed and constructed by our partner, TGC.”
Earlier this month, the company secured a $200mn credit facility to support growth and development initiatives. Citibank, Bank of America, JPMorgan Chase Bank, KeyBank National Association and Truist Securities served as joint lead arrangers and joint bookrunners.