Altus Power Acquires 237 MW Solar Portfolio from Greenbacker
Deal involves over 100 solar and storage assets across 18 states, significantly expanding Altus Power's national clean energy footprint.
Altus Power is significantly expanding its renewable energy capacity, announcing the acquisition of a 237-megawatt (MW) solar and energy storage portfolio from the investment manager Greenbacker.
The deal, announced via a press release, adds over 100 commercial and industrial-scale projects to Altus Power's holdings. The assets are geographically diversified, spanning 18 states, and bolster the company’s position as a leading owner and operator of clean electrification infrastructure.
The acquisition marks a strategic move for both parties. For Altus Power, it underscores an aggressive growth strategy focused on acquiring and operating long-term clean energy assets. "This acquisition demonstrates Altus Power’s ability to transact at scale and deliver reliable, cost-effective power solutions nationwide," commented Abhi Parmar, Chief Investment Officer at Altus Power. He emphasized the company's role as a long-term manager, stating, "Our disciplined approach and deep operational expertise enable us to serve as a long-term steward for these assets, creating enduring value for our customers, investors, and all stakeholders involved."
For Greenbacker, the sale represents a strategic refinement of its own portfolio. The transaction allows the firm to concentrate its efforts on larger, utility-scale clean energy projects. Dan de Boer, CEO of Greenbacker, framed the divestiture as a move to optimize the company's asset fleet.
"This transaction advances Greenbacker’s strategic focus on larger, utility-scale projects that drive greater efficiency and long-term value creation, while strengthening the U.S. energy system," de Boer stated. He added that the sale highlights a "disciplined approach to portfolio management and to deploying capital where it can achieve the greatest impact."
Financial terms of the transaction were not disclosed in the announcement. The deal underscores a continuing trend of consolidation and strategic asset rotation within the competitive renewable energy sector, as companies seek to build scale and refine their strategic focus.
Altus Power builds and operates solar generation, energy storage, and charging infrastructure for commercial, public sector, and community solar customers across the United States. This acquisition is one of the company's most significant portfolio expansions to date, adding a substantial and geographically diverse set of operating assets. KeyBanc Capital Markets Inc. served as an advisor to Greenbacker on the transaction.