Altus Power – an independent developer, owner, and operator of commercial-scale solar facilities – announced definitive agreements to acquire around 97 MW of operating solar assets from undisclosed sellers for $220 million through a combination of cash and assumed liabilities.
The acquisition of 88 MW of these is subject to closing conditions and expected to be closed in the coming weeks. Altus Power, which specializes in locally sited solar, energy storage, and electric vehicle chargers, has recently completed the purchase of the remaining about 9 MW.
Altus Power acquisitions include commercial and industrial scale assets, including rooftop, ground, and carport-mounted solar arrays, and delivering clean electricity under long-term contracts to especially investment-grade customers.
“We are excited to bring these new long-term customer relationships and operating assets to our portfolio of C&I solar and storage assets,” said Gregg Felton, Co-CEO of Altus Power. “We welcome the opportunity to serve customers in new markets, including Pennsylvania, Indiana, Arizona, and Nevada, as well as to grow our footprint in existing markets.
Earlier this month, Enefit Green, an Estonian renewable energy developer, signed an agreement to acquire a 100% stake in Raabiste Pollud OU, an entity that owns 165 MW of two early-stage solar development projects in Parnu County, Estonia, from Raabiste Pollud OU. The financial side of the arrangement was not disclosed.
According to Mercom’s 1H and Q2 2022 report, 66 large-scale solar project acquisitions in Q2 2022 compared to 82 transactions in Q1 2022.
Nautilus Solar Energy, a solar project developer on behalf of its affiliate Nautilus US Power Holdco, acquired 25 MW of two community solar projects in New York from Cipriani Energy Group Corporation, a renewable energy project developer. The two companies will co-develop eight community solar projects, totaling 25 MW.