Altus Power (NYSE: AMPS) has announced that it has entered into a definitive agreement to acquire approximately 220 MW of solar assets for approximately $293m from funds managed by True Green Capital Management.
The transaction is expected to close during Q1 2023, and will promptly add 207 MW of commercial-scale solar assets to Altus Power's operations, with the remaining 13 MW expected to be completed in the coming months. The portfolio offers additional scale in Altus Power's existing markets, including California, Colorado, Illinois, Massachusetts, New Jersey, and New York, and provides entry into two new markets: Delaware and South Carolina.
Altus Power expects to own, operate, and service these assets and new customer relationships over the long-term, with the potential to offer additional electrification solutions, including battery storage and electric vehicle or fleet charging stations. This acquisition is a strategic move for Altus Power, as it continues to expand its portfolio and strengthen its position in the renewable energy industry.
Gregg Felton, Co-CEO of Altus Power stated: “We are excited to welcome this new set of customers to the Altus Power brand, deepening our reach, particularly in New York and California, where a majority of the assets in this portfolio were developed and constructed by our partner, TGC.”
Altus Power, based in Stamford, Connecticut, is the premier independent commercial-scale clean electrification company serving commercial, industrial, public sector and community solar customers with end-to-end solutions.
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