Altus was advised by Basalt Infrastructure Partners and by Soltage, which owns and develops distributed solar and storage infrastructure. The acquisition is expected to expand Altus’ presence in the Southeastern United States and bring in new government and municipal entities into its portfolio. Altus has been planning to grow its portfolio of commercial-scale solar assets to around 900 MW by the end of 2023 and currently owns and distributes solar arrays across 25 states. It has also announced plans for an incremental draw of $163 million from its Blackstone long-term funding facility at a fixed interest rate of 6.70 percent. This inclucdes $89 million to finance the Hyperion acquisition with the remainder to provide long-term funding for other asset acquisitions.
“We are pleased to welcome new solar customers to the Altus portfolio and look forward to working with these high-quality government and municipal agencies to help them reach their sustainability goals through the use of clean, electric power” said Gregg Felton, co-CEO of Altus Power. “Basalt and Soltage are important partners, and their successful development of commercial-scale solar complements our strengths in optimizing asset performance and providing superior customer management.”
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