U.S.-based independent power producer Altus Power has successfully acquired solar assets in North and South Carolina, totaling 121MW in combined capacity. The assets were purchased from funds advised by investment advisor Basalt Infrastructure Partners and Soltage, a developer of distributed utility-scale solar and storage assets.
This strategic move by Altus Power marks an expansion into the southeastern United States, bringing new government and municipal entities into its portfolio. The company aims to strengthen its presence in the region and is part of a broader effort to grow its portfolio of commercial-scale solar assets to nearly 900MW by the end of 2023. Altus Power currently owns and operates distributed solar arrays across 25 states in the U.S.
As part of the acquisition plan, Altus Power disclosed intentions to draw an additional $163 million from its Blackstone long-term funding facility. Out of this amount, $89 million will be allocated to finance the newly acquired 121MW assets, with the remaining funds designated for long-term financing to support other asset additions.
In a related development, Altus Power has acquired Unico Solar, a solar energy system operator. With this acquisition, Altus Power gains control of Unico Solar's development platform and pipeline. This strategic move enables Altus Power to expand its footprint on the West Coast of the U.S., incorporating Unico Solar's Seattle and Denver offices into its portfolio.
Gregg Felton, co-CEO of Altus Power, highlighted the significance of adding “significant local coverage.” This acquisition follows Altus Power's financial close on 220MW of solar PV assets in February, representing a substantial investment of approximately $293 million.
Blackstone Structured Finance played a pivotal role in financing the acquisition, providing a debt facility of $204 million, with the remaining funding sourced from Altus Power's available cash reserves. The move aligns with Altus Power's commitment to advancing its position in the renewable energy sector and contributing to the expansion of solar capacity in the U.S.