Ellomay Solar Secures Financing for 28 MW Solar Project

Altus Power, an independent developer, owner, and operator of commercial-scale solar facilities, announced the acquisition of Project Hyperion, which owns 121 MW of solar power projects in North and South Carolina.

Altus acquired the projects using the funds advised by Basalt Infrastructure Partners and Soltage, an owner and developer of distributed solar and storage assets.

The transaction is expected to expand Altus’ presence in the Southeast and introduce new government and municipal entities into the company’s portfolio.

The company plans to grow its portfolio of commercial-scale solar assets to ~900 MW by the end of 2023. Altus currently owns and operates distributed solar arrays across 25 states in the U.S.

The company 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%. This amount includes $89 million to finance Hyperion, with the remaining proceeds used to provide long-term funding for other asset additions.

“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.”

Stoel Rives served as legal advisor to Altus Power. Marathon Capital Markets served as the exclusive financial advisor to Basalt and Soltage. Winston & Strawn served as Basalt’s legal advisor. Foley Hoag served as Soltage’s legal advisor. Parker Poe Adams & Berstein served as legal advisors to Basalt and Soltage.

According to Mercom’s 9M and Q3 2023 Solar Funding and M&A Report, in the first nine months (9M) of 2023, there were 166 project acquisitions for 31.6 GW compared to 207 projects for 52.1 GW in 9M 2022.

Emeren, a solar project developer, recently announced the sale of a 53.6 MW solar project portfolio in Hungary to Kronospan / Douglas Renewables, a manufacturer of wood-based panels. The portfolio encompasses six projects at various stages of advanced development.