Altus Power to acquire US solar plant portfolio for USD 293m

US solar developer and operator Altus Power Inc (NYSE:AMPS) has sealed a deal to buy a 220-MW solar asset portfolio from funds managed by private equity firm True Green Capital Management LLC (TGC).

Connecticut-based Altus Power said on Tuesday that it agreed to pay about USD 293 million (EUR 275.8m) for 207 MW of commercial-scale solar plants already in operation and some under-construction projects totalling 13 MW that should be completed in the coming months.

The acquisition bolsters the company’s footprint in existing markets such as California, Colorado, Illinois, Massachusetts, New Jersey and New York, and provides entry into two new markets – Delaware and South Carolina. According to Gregg Felton, co-CEO of Altus Power, most of the newly-purchased assets are located in New York and California.

The transaction is seen to close in the opening quarter of 2023. It will expand Altus Power’s existing portfolio of solar and storage assets to about 690 MW across 24 states.

Earlier this month, the company announced securing up to USD 200 million in financing to support growth and development initiatives.

(USD 1 = EUR 0.941)

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