Altus and Macquarie to Finance Land for Wind and Solar Power

Mar 20, 2014 | News

http://www.bloomberg.com/news/2014-03-20/altus-and-macquarie-create-fund-for-renewable-power-land-leasing.html

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 jdoom1@bloomberg.net

To contact the editors responsible for this story: Reed Landberg at landberg@bloomberg.net Will Wade, Tina Davis

Latest news

Altus Power Acquires 19 MW Operating Solar Portfolio

Altus Power America, Inc. (“Altus Power”) has completed the acquisition of a multistate operating portfolio of ground-mounted solar assets.  The 19 megawatt (MW) DC portfolio of solar energy systems sell clean, renewable energy to offtakers ranging from regional and...

read more

Altus Power Acquires Multistate Portfolio of Solar Assets

Altus Power America, Inc. (“Altus Power”) has completed the acquisition of a multistate portfolio of operating rooftop and carport solar assets.  The 2.2 megawatt (MW) DC portfolio of solar energy systems sell clean, renewable energy to offtakers including a charter...

read more

Altus Power Energizes 4 MW Solar Project in Johnston, RI

Altus Power America, Inc. (“Altus”) and Reservoir Road Holdings, LLC (“Reservoir”) recently combined efforts to develop and construct one of the largest solar projects in Rhode Island to date, a 4,057 kW DC ground-mounted solar system located in the Town of Johnston....

read more