AMPS - Altus Power to acquire 220 MW of construction solar assets for $293M
- Altus Power ( NYSE: AMPS ) on Tuesday said to acquire ~220 megawatts of newly developed and in construction solar assets for ~$293M from funds managed by True Green Capital Management LLC (TGC).
- The deal will close during first quarter of 2023 upon satisfaction of certain closing conditions.
- Altus Power’s portfolio of solar and storage assets expected to grow to ~690 megawatts across 24 states and provides entry into two new markets of Delaware and South Carolina.
- The move will promptly add ~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.
- The company intends to fund the transaction with its long-term funding facility led by Blackstone Structured Finance and cash on hand.
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Altus Power to acquire 220 MW of construction solar assets for $293M