Altus Power Inc, a leading US solar developer, has bolstered its New Jersey portfolio to 185.5 megawatts (MW) with the acquisition of an 8.5 MW photovoltaic (PV) park aimed at supplying green electricity to the PJM market.
The company announced the acquisition in a statement on Wednesday, withholding details about the vendor and financial terms of the transaction.
Under a contract with PJM, the ground-mounted PV farm will sell its entire output along with Solar Renewable Energy Credits (SRECs). It is projected to generate approximately 8.78 million kilowatt-hours (kWh) over the next year, offsetting more than 6,100 tonnes of carbon dioxide (CO2) emissions.
“This acquisition includes 63 acres of land which enhances our flexibility to redevelop this site in the future and maximize long-term value,” remarked Gregg Felton, CEO of Altus Power.
Earlier this year, Altus Power expanded its presence with the acquisition of 84 MW of solar parks in the US Northeast from energy trader Vitol. This portfolio encompasses commercial-scale plants serving clients in New York, New Jersey, and Maine.
