STAMFORD — Altus Power, a leading owner and operator of commercial-scale clean electrification assets, announced Wednesday the acquisition of a 234-megawatt portfolio of solar generation and storage assets from investment manager Greenbacker Renewable Energy Company.
The acquired portfolio comprises more than 100 individual sites across 18 states and features long-term contracts with investment-grade customers, including a global e-commerce firm, a regional university and major utilities. The transaction is one of the most significant distributed generation asset purchases in recent years.
“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 of Altus Power.
The deal expands Altus Power’s operational footprint and customer base. Company executives stated the transaction reinforces its position as a partner capable of acquiring, managing and optimizing complex, distributed solar portfolios.
“Executing a transaction of this scale and complexity in such an efficient and timely manner reflects the depth of expertise and commitment across our team,” said Dan Griffin, Co-Head of Investment and Structured Finance at Altus Power.
For seller Greenbacker, the sale aligns with a strategy to optimize its project fleet.
“Partnering with Altus Power was a natural next step,” said Dan de Boer, CEO of Greenbacker. “Their scale, experience and commitment to long-term asset management and customer service align well with Greenbacker’s broader strategy.”
With this acquisition, Altus Power now owns and operates more than 1.3 gigawatts of commercial and community solar assets across 30 states and the District of Columbia. Winston & Strawn LLP served as exclusive legal counsel to Altus Power on the transaction.
About Altus Power:
Altus Power is a leading commercial-scale power company, delivering reliable, cost-effective solar electricity. It is a portfolio company of TPG Rise Climate Transition Infrastructure.
About Greenbacker Renewable Energy Company:
Greenbacker Renewable Energy Company LLC is a sustainable infrastructure company that acquires and manages income-producing renewable energy and other energy-related businesses.