Stamford firm closes deal for solar projects in MA, MN

Altus Power Inc. has closed a sale leaseback tax equity structure for several solar projects in Minnesota and Massachusetts.

The Stamford company previously announced an agreement for a business combination with CBRE Acquisition Holdings Inc., which is expected to result in Altus Power becoming a public company listed on the New York Stock Exchange.

The firm said the new deal is the first sale leaseback financing that it has completed. Fifth Third Bank, National Association, has been a financing partner of Altus Power since January 2020, when the firm established a construction-to-term loan funding facility.

That funding relationship led to an additional opportunity to partner on the sale leaseback financing transaction, which helped to fund projects across Minnesota and Massachusetts.

“With the successful closing of this sale leaseback funding facility, Altus Power continues to demonstrate access to a diversity of funding solutions to support our growth,” said Altus Power Co-CEO Gregg Felton.