Altus Power has acquired 84 megawatts of commercial-scale solar arrays from Vitol, the largest independent energy trader globally. Proceeds of the sale represented $118 million.
The acquisition was closed using cash on hand. Altus expects to expand its funding facility with Blackstone in the near term to secure long-term financing.
The clean electric power generated by the new assets will benefit nearly 2,000 community solar subscribers; serve an additional 20 municipal, education and enterprise clients; and result in the carbon avoidance of more than 69,000 metric tons of carbon dioxide annually. Altus Power currently has a significant customer presence in the Northeast. The additional assets will leverage the company’s platform to efficiently serve its customers in the market at scale and allow for increased engagement with both corporate and community solar clients.
“We’re proud of our robust pipeline that is adding community solar subscribers, school d