Altus Power Expands Customer Base with Acquisition of 84MW Portfolio from Vitol
Altus Power, a prominent provider of clean electric power, has recently completed the acquisition of approximately 84 megawatts (MW) of commercial-scale solar arrays from Vitol, the largest independent energy trader globally. The deal, closed at a value of around $118 million, adds thousands of new long-term customers to Altus Power’s portfolio, including those from the community solar, school district, and enterprise sectors across New York, New Jersey, and Maine. These customers will benefit from a diverse set of solar array options, including rooftop, ground, and carport installations.
This move reinforces Altus Power’s position as the leading commercial-scale provider of clean electric power. The company has successfully expanded its customer base by incorporating a wide range of energy consumers, including community solar programs that enable individuals and organizations to access the benefits of solar power without the need for on-site installations. Altus Power’s acquisition of the 84MW portfolio from Vitol further solidifies its presence in the Northeastern United States, a region with a high demand for clean energy solutions.
In addition to the recent acquisition, Altus Power has also announced the closing of its Blackstone Construction Facility. This facility, equipped with $200 million in funding, is specifically designed for the construction of commercial solar assets. It encompasses the necessary resources to cover equipment, labor, interconnection costs, as well as development fees. This strategic move allows Altus Power to undertake new solar projects efficiently, especially considering the limited availability of bank lending and conventional construction facilities in the current environment.
Altus Power’s acquisition of the 84MW portfolio and the establishment of its Blackstone Construction Facility highlight the company’s dedication to expanding its clean energy footprint. With a growing customer base and a robust construction facility, Altus Power is well-positioned to advance the adoption of renewable energy in the commercial sector while providing long-term sustainable power solutions.
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