(RTTNews) - Altus Power Inc. (AMPS) agreed to acquire about 220 megawatts (MW) of newly developed and in construction solar assets for about $293 million from funds managed by True Green Capital Management LLC. Altus Power and TGC currently expect the transaction will close during first quarter of 2023 upon satisfaction of certain closing conditions.
The company plans to fund the transaction with its long-term funding facility led by Blackstone Structured Finance and cash on hand. The acquired portfolio will promptly add approximately 207 MW of commercial-scale solar assets to Altus Power's operations, with the remaining 13 MW in the final stages of construction and expected to be completed in the coming months. This portfolio offers additional scale in Altus Power's existing markets including California, Colorado, Illinois, Massachusetts, New Jersey, and New York and provides entry into two new markets of Delaware and South Carolina.