Altus Power Acquires 121MW Solar Assets, Expanding Portfolio to Nearly 900MW by Year-End 2023.

Altus Power has acquired 121MW solar assets in North and South Carolina, part of its strategy to grow its portfolio of commercial scale solar assets to almost 900 MWs by the end of 2023. The acquisition includes US$89 million to finance the 121MW assets and $163 million from Altus Power’s Blackstone long-term funding facility. The company also acquired solar energy system operator Unico Solar, whose development platform and pipeline will be wholly owned by the company. This acquisition will expand Altus’ presence on the West Coast of the US, adding “significant local coverage” to the company’s portfolio. The majority of the financing for the acquisition was provided by Blackstone Structured Finance through a US$204 million debt facility, with the remaining funds used for other asset additions.