Greenbacker, an independent power producer and energy transition-focused investment manager, announced the sale of a 237 MW portfolio of solar and storage projects to Altus Power, a developer, owner, and operator of large-scale solar projects. The portfolio consists of more than 100 projects across 18 states.
KeyBanc Capital Markets, the corporate and investment banking arm of Cleveland-based KeyCorp, served as the exclusive financial advisor to Greenbacker on the transaction.
The transaction with Altus Power follows Greenbacker’s sale of a 51 MW distributed solar portfolio earlier in 2025.
“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,” said Dan de Boer, CEO of Greenbacker. “We believe it reflects our disciplined approach to portfolio management and to deploying capital where it can achieve the greatest impact for shareholders, project partners, and the energy transition. We’re pleased to partner with Altus Power on this transaction, whose experience and long-term stewardship align with our shared goal of delivering reliable clean power to communities nationwide.”
Last year, the company also secured $950 million in aggregate financing for the 674 MWdc/500 MWac Cider solar project in Genesee County, New York. The funding will be used to acquire, construct, and operate the utility-scale solar project. The construction of the project began in late 2024. According to Greenbacker, the project is expected to produce enough clean electricity to power approximately 120,000 households in New York and support hundreds of green jobs.
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.
This month, Anesco, a U.K.-based renewable energy developer, announced the acquisition of the 36 MW Beachampton solar project from One Planet Developments, a large-scale solar and battery storage project developer.
