Altus Power, a leading independent developer, owner, and operator of commercial-scale solar facilities, has announced that it has entered into a definitive deal to acquire approximately 220 MW of newly developed and under construction solar assets from funds managed by True Green Capital Management for approximately $293 million. Altus Power and TGC currently expect the transaction will close during the first quarter of 2023 upon satisfaction of certain closing conditions. The company plans to use cash on hand and its long-term funding arrangement overseen by Blackstone Structured Finance to finance the transaction.
Once the deal is finalised, the purchased portfolio will promptly add about 207 MW of commercial-scale solar assets to Altus Power’s operations, with the remaining 13 MW now under construction and scheduled for completion in the coming years. This portfolio provides access into two new markets, Delaware and South Carolina, in addition to providing significant scale in Altus Power’s current markets, which include California, Colorado, Illinois, Massachusetts, New Jersey, and New York.
Altus Power, based in Stamford, Connecticut, is the premier independent commercial-scale clean electrification company serving commercial, industrial, public sector and community solar customers with end-to-end solutions. TGC is a specialised renewable energy infrastructure private equity firm based in Westport, Connecticut and manages over $1 billion in equity capital, including $660 million in its most recently closed fund, TGC Fund IV, LLC.