Altus Power, In Partnership with Blackstone, Announces Significant Portfolio Growth

Dec 23, 2020 | News

Greenwich, CT – December 23, 2020 – Altus Power America, Inc. (“Altus Power” or the “Company”), a leading clean electrification company serving commercial, municipal, utility and residential customers, announced today that it completed the acquisition of approximately 100 megawatts of distributed solar assets across California, Maryland, Massachusetts, Minnesota, New York and Vermont. The company expanded its long-standing partnership with Blackstone to finance the projects. Following the completion of these transactions, Altus Power is among the top 5 largest providers of distributed solar and community solar in the U.S., serving over 300 private and public entities and approximately 5,000 residential customers with output from more than 260 megawatts of distributed solar in operation, and a robust pipeline of solar and storage development opportunities.    

Altus Power has experienced significant growth in the last 12 months and currently operates in 16 states, providing clean electricity to its customers equal to the consumption of approximately 30,000 homes, displacing 240,000 tons of C02 emissions per annum.

“We are incredibly excited about the tremendous growth that Altus has experienced since partnering with Blackstone. Blackstone’s full capital structure solution has proven to be a true competitive advantage as we approach this rapidly growing market,” said Gregg Felton, Managing Partner of Altus Power.

“We are thrilled to grow our partnership with Altus and their premier management team, and the acquisitions highlight their leadership in the distributed solar and battery markets.  Our investment will enable Altus to continue to meet growing demand for low cost, renewable energy in North America and generate compelling risk-adjusted returns for our investors”, said Rob Camacho, Co-Head of Structured Products at Blackstone Credit, and Rob Horn, Co-Head of Energy at Blackstone Credit.

 

About Altus Power

Altus Power is a market-leading clean electrification company based in Greenwich, Connecticut that provides clean electricity to commercial, municipal and residential clients across the U.S.  Since its founding in 2009, Altus has developed or acquired more than 200 distributed generation solar facilities totaling over 260 megawatts from Vermont to Hawaii. Visit www.altuspower.com to learn more.

 

About Blackstone Credit

Blackstone Credit is one of the world’s largest credit-oriented alternative asset managers with approximately $135 billion in total assets under management as of September 30, 2020.  Blackstone Credit’s team of 363 professionals constitutes one of the largest in the industry, with a deep reservoir of credit expertise and experience across a range of market cycles, further enhanced by access to Blackstone’s global resources and perspective. Blackstone Credit’s scale and expertise allow it to provide financing solutions that enhance a corporation’s financial flexibility, while capturing opportunities for investors.  The solutions Blackstone Credit offers draw upon a wide range of disciplines, including loans, high yield and investment grade bonds, structured credit, mezzanine lending and rescue financing.

Latest news

Altus Power Completes Solar Array in Ewa, Hawaii

Altus Power America, Inc. (“Altus Power”) recently completed the construction of a 7.5 MW ground-mounted solar system in Ewa, Hawaii. Altus Power partnered with developer Environmental Chemical Corporation (“ECC”) and with EPC contractor, REC Solar Commercial...

read more

Altus Power Acquires Operating Solar Portfolio in Georgia

Altus Power America, Inc. ("Altus Power") has completed the acquisition of a 4-megawatt operating solar portfolio comprised of four single-axis tracker projects and seventeen fixed-tilt projects. The projects sell energy and renewable attributes to Georgia Power as...

read more