Altus Power America, Inc., a leading clean electrification company serving commercial, municipal, utility and residential customers, announced today that it completed the acquisition of approximately 100 megawatts of distributed solar assets across California, Maryland, Massachusetts, Minnesota, New York and Vermont. The company expanded its long-standing partnership with Blackstone to finance the projects. Following the completion of these transactions, Altus Power is among the top 5 largest providers of distributed solar and community solar in the U.S., serving over 300 private and public entities and approximately 5,000 residential customers with output from more than 260 megawatts of distributed solar in operation, and a robust pipeline of solar and storage development opportunities.
Altus Power has experienced significant growth in the last 12 months and currently operates in 16 states, providing clean electricity to its customers equal to the consumption of approximately 30,000 homes, displacing 240,000 tons of C02 emissions per annum.
“We are incredibly excited about the tremendous growth that Altus has experienced since partnering with Blackstone. Blackstone’s full capital structure solution has proven to be a true competitive advantage as we approach this rapidly growing market,” said Gregg Felton, Managing Partner of Altus Power.
“We are thrilled to grow our partnership with Altus and their premier management team, and the acquisitions highlight their leadership in the distributed solar and battery markets. Our investment will enable Altus to continue to meet growing demand for low cost, renewable energy in North America and generate compelling risk-adjusted returns for our investors”, said Rob Camacho, Co-Head of Structured Products at Blackstone Credit, and Rob Horn, Co-Head of Energy at Blackstone Credit.