Altus Power acquires 84 MW in solar arrays from Vitol for $118M

Stamford-based Altus Power (NYSE: AMPS) announced the signing and closing of approximately 84 MW of commercial-scale solar arrays from Vitol, an independent energy trader globally, for approximately $118 million.

The acquisition adds thousands of new long-term community solar, school district and other enterprise customers served by a mix of rooftop, ground and carport arrays to Altus Power’s strong customer base across the Northeast, notably in New York, New Jersey and Maine.

“We’re proud of our robust pipeline that is adding community solar subscribers, school districts and other enterprises to Altus Power’s growing customer base,” said Gregg Felton, co-CEO and co-founder, Altus Power. “Our expansion in the Northeast offers additional scale in these markets and allows us to continue to enhance the services that we offer our customers. This bilateral acquisition kicks off what we expect to be a long-term strategic partnership with Vitol, a world-class leader in energy asset management, and we look forward to expanding our relationship through future development assets.”