Altus Power Americahas completed the acquisition of a multistate operating portfolio of ground-mounted solar assets, in the US.
The 19 megawatt (MW) DC portfolio of solar energy systems sell clean, renewable energy to offtakers ranging from regional and national utilities to various municipalities in Massachusetts, North Carolina and New Mexico. Altus acquired the portfolio from a lender through a private foreclosure sale.
Managing Partner of Altus Power, Gregg Felton, said, “For the past several years, Altus Power has been focused on acquiring operating solar projects from a diverse set of asset owners, often with significant and unique structuring requirements. We are delighted to have successfully partnered with a lender, whose borrower was in default, in order to acquire this portfolio. Over the past several years, Altus Power has acquired 54 discrete projects in nine separate transactions.” Elaine Charlebois, Senior Associate of Altus Power added, “This transaction once again demonstrates Altus Power’s structuring expertise and willingness to acquire complex portfolios of solar assets.”
Together, the ten solar projects generate approximately 27 million kilowatt hours (kWh) of electricity (and 27,000 renewable energy credits) annually, enough energy to power the equivalent of 3,300 homes. Altus Power owns and manages 165 MW of solar PV assets across 14 states.
Source: Company Press Release