Altus Power acquires solar projects from True Green Capital as it plans to go public

Altus Power recently acquired a 79-megawatt (MW) portfolio of solar projects from private equity funds managed by True Green Capital Management.

The acquired solar projects, which operate across seven states, will boost Altus Power’s portfolio of operating generation assets to over 340 MW.

The acquisition follows the company’s planned business combination with CBRE Acquisition Holdings, which will result in Altus Power becoming a public company listed on the New York Stock Exchange. KeyBanc Capital Markets advised True Green Capital Management on this transaction.

The acquired solar portfolio includes commercial and industrial projects in Massachusetts, New Jersey, Connecticut, Rhode Island, Vermont, New York and Tennessee. They consist of rooftop, ground-mount and carport solar arrays. They each deliver clean electricity via long-term contracts to predominantly investment-grade customers, including municipalities, commercial entities and utilities.

“We are pleased to add these projects and customer relationships to our growing national portfolio of distributed solar generation assets,” Gregg Felton, co-CEO of Altus Power, said. “With the addition of Tennessee, Altus Power’s operating footprint now spans 17 states. Altus Power is focused on providing customers with reliable and clean electric power at competitive prices under long-term agreements.”

Altus Power, based in Greenwich, Conn., serves commercial, public sector and community solar customers with locally-sited solar generation, energy storage, and EV-charging stations across the U.S. It has developed or acquired in excess of 340 MW from Vermont to Hawaii.