Altus and Macquarie to Finance Land for Wind and Solar Power

Mar 20, 2014 | News

Altus Power America Management LLC, a U.S. renewable-energy investment company, and Macquarie Group Ltd. (MQG) will invest as much as $100 million in a program to buy land that developers will use for large power projects and lease it back to them.

Leasing the land will free up more capital for renewable-power systems, said Justin Marron, an Altus managing partner and head of origination. Wind and solar projects qualify for federal tax credits that don’t apply to purchases of the land where they’re built.

“They can’t include the cost of the land” in the tax credits, Marron said yesterday in a telephone interview. “For wind guys, solar guys, they want to focus on what gets them the best return and not have that capital stuck in land.”

The first land deal may close as early as the second quarter, Marron said. The nationwide program will target the U.S. West and Southwest where “there’s more open land and more of a likelihood that someone’s willing to sell.”

Altus, based in Old Greenwich, Connecticut, started a fund in November to finance commercial solar projects.

To contact the reporter on this story: Justin Doom in New York at

To contact the editors responsible for this story: Reed Landberg at Will Wade, Tina Davis

Latest news

Altus Power, Inc., a Market-Leading Clean Electrification Company, Announces the Completion of a $42 Million Tax Equity Structure Supporting the Energization of Several Solar Projects in Minnesota and Massachusetts

Sept. 30, 2021 Altus Power, Inc. ("Altus Power" or the "Company") announced today the closing of a sale leaseback tax equity structure for several solar projects. Altus Power previously announced an agreement for a business combination with CBRE Acquisition Holdings,...

read more