Altus Power said the deal expands its presence to the southeast US and includes new government and municipal entities into the Altus portfolio.
The acquisition is also part of the company’s effort to grow its portfolio of commercial scale solar assets to almost 900MW by the end of 2023. Currently, Altus Power owns and operates distributed solar arrays across 25 states in the US.
Additionally, Altus Power announced plans for an incremental draw of US$163 million from its Blackstone long-term funding facility. This amount includes US$89 million to finance the 121MW assets, with the remaining proceeds to provide long-term funding for other asset additions.
Aside from this, Altus Power has also acquired solar energy system operator Unico Solar. Unico Solar’s development platform and pipeline will become wholly owned by Altus Power.
This acquisition will enable Altus Power to expand its presence on the West Coast of the US, as the Seattle office of Unico Solar, as well as the Denver branch, will be added to Altus Power’s portfolio.
Gregg Felton, co-CEO of Altus Power, said the company is adding “significant local coverage”. In February, it reached a financial close on 220MW of solar PV assets, representing an investment of about US$293 million.
The bulk of the financing for the acquisition was provided by Blackstone Structured Finance through a US$204 million debt facility, whilst the remainder was fulfilled with cash on hand.
