Greenwich-based Altus Power America Inc. has completed its acquisition of a multistate operating portfolio of ground-mounted solar assets. The financial terms of the acquisition were not disclosed, and the portfolio was acquired from an unnamed lender in a private foreclosure sale.
The portfolio totals 19 MW from 10 projects that sell solar-sourced power to municipalities and utilities in Massachusetts, New Mexico and North Carolina. With the completion of this acquisition, the company now owns and manages 165 MW of solar photovoltaic assets across 14 states.
“For the past several years, Altus Power has been focused on acquiring operating solar projects from a diverse set of asset owners, often with significant and unique structuring requirements,” said Elaine Charlebois, senior associate of Altus Power. “We are delighted to have successfully partnered with a lender, whose borrower was in default, in order to acquire this portfolio. Over the past several years, Altus Power has acquired 54 discrete projects in nine separate transactions. This transaction once again demonstrates Altus Power’s structuring expertise and willingness to acquire complex portfolios of solar assets.”