Altus Power, a US-based independent power producer, has completed the acquisition of an 84MW portfolio of commercial-scale projects from global energy firm Vitol, marking a substantial deal valued at US$118 million. The portfolio comprises ground-mount, rooftop, and carport facilities currently operational, providing power to local school districts, municipalities, and community solar subscribers. Spread across New Jersey, New York, and Maine, these projects represent Altus Power's latest strategic move to bolster its presence in the northeastern United States.
Gregg Felton, Altus co-CEO and co-founder, emphasized the significance of this expansion, stating, “Our expansion in the Northeast offers additional scale in these markets and allows us to continue to enhance the services that we offer our customers. This bilateral acquisition kicks off what we expect to be a long-term strategic partnership with Vitol, a world-class leader in energy asset management, and we look forward to expanding our relationship through future development assets.”
Altus Power highlighted that the transaction would not only increase its customer base by nearly 2,000 community solar subscribers but also extend its services to an additional 20 municipal, education, and enterprise clients.
In the context of the broader solar energy landscape in the US, where the Solar Energy Industries Association (SEIA) reported 6.2GW of community solar installations by the end of 2023, Altus Power's move aligns with the industry's trajectory. Although this deal doesn't directly augment the operating capacity of community solar projects, it underscores the growing interest in the sector—a pivotal factor as the industry aims to add the anticipated 6GW over the next five years.
This development follows Altus Power's recent achievement of raising US$100 million for expansion efforts earlier this year. The company has been actively enlarging its US portfolio, including the acquisition of solar assets in North and South Carolina with a combined capacity of 121MW.