Altus Power, an independent developer, owner, and operator of commercial-scale solar projects, announced the acquisition of a 234 MW portfolio of solar and storage projects from Greenbacker, a renewable energy investment firm.
The acquired portfolio is backed by long-term contracts with a diverse set of high-quality, investment-grade customers, including a global e-commerce and logistics company, a regional university, and utilities. Winston & Strawn LLP served as Altus Power’s exclusive legal counsel on the transaction.
The newly acquired assets expand the company’s operational reach and customer base, reinforcing its commitment to delivering reliable and affordable energy solutions. Following the transaction, Altus Power now owns and operates over 1.3 GW of commercial and community solar capacity across 30 states and the District of Columbia, strengthening its leadership in distributed generation nationwide.
“This acquisition demonstrates Altus Power’s ability to transact at scale and deliver reliable, cost-effective power solutions nationwide,” said Abhi Parmar, Chief Investment Officer, Altus Power. “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.”
“We’re proud of the portfolio we built and the role these projects play in expanding access to renewable energy,” said Dan de Boer, CEO of Greenbacker. Partnering with Altus Power was a natural next step. Their scale, experience, and commitment to long-term asset management and customer service align well with Greenbacker’s broader strategy to optimize our project fleet via selective sales of non-core assets, as we sharpen our focus on high-impact, larger-scale clean energy projects.”
In the first nine months of 2025, approximately 29 GW of solar projects were acquired compared to 28.3 GW in 9M 2024, according to Mercom’s 9M and Q3 2025 Solar Funding and M&A report.
In December, WBS Power, a renewable energy project developer, announced the sale of Project Jupiter, which includes a 500 MW/2,000 MWh battery energy storage system (BESS) and up to 150 MW of solar capacity, located on a former airfield in Brandenburg, Germany. Prime Capital, acting on behalf of its Prime Green Energy Infrastructure Fund II, acquired the project.
