Altus Power acquired a 79 MW portfolio of solar projects operating across seven states. The portfolio was acquired from private equity funds managed by True Green Capital Management, LLC. Terms were not disclosed.
Altus Power’s portfolio of operating generation assets now totals over 340 MW. The acquisition follows the announcement of Altus Power’s planned business combination with CBRE Acquisition Holdings, which is expected to result in Altus Power becoming a public company listed on the New York Stock Exchange.
The acquired solar portfolio includes sites in Massachusetts, New Jersey, Connecticut, Rhode Island, Vermont, New York, and Tennessee. The commercial and industrial projects include rooftop, ground-mount and carport solar arrays. Energy delivery is covered by long-term contracts to predominantly investment-grade customers, including municipalities, commercial entities, and utilities.
Altus Power is a developer, owner and operator of large-scale roof, ground and carport-based photovoltaic and energy storage systems, as well as electric vehicle charging facilities, serving commercial and industrial, public sector and community solar customers.
KeyBanc Capital Markets advised True Green Capital Management LLC in connection with this transaction.
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