Altus Energy Inc. has entered a definitive settlement to amass roughly 220 MW of newly developed and in building photo voltaic belongings for roughly $293 million from funds managed by True Inexperienced Capital Administration LLC (TGC). Altus Energy and TGC at present anticipate the transaction will shut throughout first quarter of 2023 upon satisfaction of sure closing situations. The corporate intends to fund the transaction with its long-term funding facility led by Blackstone Structured Finance and money available.
“We’re excited to welcome this new set of shoppers to the Altus Energy model, deepening our attain, notably in New York and California, the place a majority of the belongings on this portfolio have been developed and constructed by our associate, TGC,” says Gregg Felton, co-CEO of Altus Energy. “TGC has a protracted historical past of efficiently investing in commercial-scale photo voltaic with underwriting requirements in step with our personal. Altus Energy’s strengths in asset on-boarding and long-term buyer servicing mixed with our scalable funding structure create a pure partnership.”
“Altus Energy’s capability to execute with effectivity and concentrate on constructing long-term relationships has made them an especially invaluable associate in each of our transactions,” states Panos Ninios, managing associate and co-founder of TGC. “They share our founding perception that commercial-scale distributed photo voltaic era is probably the most engaging section of our trade. Our collaboration has facilitated TGC’s profitable forays into new photo voltaic markets.”
The acquired portfolio, as soon as closed, will promptly add roughly 207 MW of commercial-scale photo voltaic belongings to Altus Energy’s operations, with the remaining 13 MW within the ultimate levels of building and anticipated to be accomplished within the coming months. This portfolio presents extra scale in Altus Energy’s current markets together with California, Colorado, Illinois, Massachusetts, New Jersey and New York, and gives entry into two new markets of Delaware and South Carolina.
“We’re happy to increase our long-standing strategic partnership with Altus Energy because it continues to fulfill the rising demand for low value, renewable power throughout the nation,” provides Robert Camacho, co-head of asset-based finance inside Blackstone’s Structured Finance Group. “Our investment-grade rated long-term funding facility gives Altus Energy with aggressive financing on this quickly rising market.”
Altus Energy expects to personal, function and repair these new belongings and new buyer relationships over the long-term with the potential to supply extra electrification options, together with battery storage, in addition to electrical automobile or fleet charging stations.
