Altus Power Secures $100 Million Credit Facility from Goldman Sachs Asset Management and CPP Investments

Credit: Altus Power

Renewable energy company has successfully closed a secured credit facility, securing a principal of $100 million from an affiliate of Asset Management and CPPIB Credit Investments III, a subsidiary of Canada Pension Plan Investment Board ().

The developer intends to utilize the proceeds from the credit facility to bolster its ongoing expansion initiatives. The facility, featuring an interest rate of 8.50% and a term of six years, allows for penalty-free prepayment after three years.

See also: Altus Power Expands Solar Portfolio with 121MW Acquisition in North and South Carolina

Dustin Weber, Chief Financial Officer at Altus Power, expressed satisfaction with the addition of Goldman Sachs and CPP Investments as partners, emphasizing the infusion of capital to support the company's growth plans in 2024. He highlighted the financing structure's alignment with Altus Power's business model, emphasizing the growing cash flow generation as a key aspect.

Gregg Felton, Co-founder and Co-chief Executive of Altus Power, elaborated on the company's optimistic outlook, citing a robust pipeline of operating and development assets. With this efficient financing in place, Altus Power aims to strategically execute on these opportunities, positioning itself to enhance market share while providing counterparties with execution certainty.

See also: Atlantic Green Secures £16.5 Million Financing from Goldman Sachs for UK Battery Storage Project

Felton emphasized the potential for continued profitable growth, aligning with the company's commitment to sustainable and lucrative expansion.

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