Altus Power Announces Acquisition of 84 MW Portfolio from Vitol

Source: 2/2/2024, Location: North America

Altus Power, the leading commercial-scale provider of clean electric power, announced the signing and closing of approximately 84 MWs of commercial-scale solar arrays from Vitol, the largest independent energy trader globally, for total proceeds of approximately $118 million. The acquisition adds thousands of new long-term Community Solar, school district and other enterprise customers served by a mix of rooftop, ground and carport arrays to Altus Power’s strong customer base across the Northeast, notably in New York, New Jersey and Maine.

“We’re proud of our robust pipeline that is adding Community Solar subscribers, school districts and other enterprises to Altus Power’s growing customer base. Our expansion in the Northeast offers additional scale in these markets and allows us to continue to enhance the services that we offer our customers,” said Gregg Felton, co-CEO and co-founder, Altus Power. “This bilateral acquisition kicks off what we expect to be a long-term strategic partnership with Vitol, a world-class leader in energy asset management, and we look forward to expanding our relationship through future development assets.”

“Altus Power has an excellent reputation as a trusted and successful operator of solar assets,” said David Munsky, President of VC Renewables LLC, a wholly-owned subsidiary of Vitol. “We are pleased to be transferring this portfolio to such a well-respected company. Vitol continues to be committed to building its renewable power portfolio with a focus on larger utility scale projects as part of its commitment to the energy transition.”

Altus Power already has a significant customer presence in the Northeast. The additional assets will leverage the company’s platform to efficiently serve its customers in the market at scale and allow for increased engagement with both corporate and Community Solar clients. The clean electric power generated by the new assets will:

– Benefit nearly 2,000 Community Solar subscribers

– Serve an additional 20 municipal, education and enterprise clients – Result in the carbon avoidance of more than 69,000 metric tons of CO2 annually, the equivalent of keeping more than 15,000 gas-powered vehicles off the road.

The acquisition was closed using cash on hand and Altus expects to expand its funding facility with Blackstone in the near term to secure long-term financing.

Altus Power’s portfolio across 25 states serves enterprises committed to achieving carbon reduction goals, anchored by the company’s distributed solar arrays. As one of the pioneers of Community Solar, Altus Power currently serves more than 20,000 subscribers nationwide. Community Solar provides homeowners and renters of diverse income brackets access to the benefits of clean energy savings without requiring customers to provide their roofs for the installation of solar panels.

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