Altus Power, a US-based renewable energy provider, has agreed to buy True Green Capital Management’s (TGC) 220 MW solar asset portfolio for $293 million. The portfolio includes 13 MW of power that is almost finished and 207 MW of commercial-scale operating solar capacity. The solar assets, which are primarily found in California, New York, New Jersey, and Massachusetts, were developed and constructed by TGC.
While debt and tax equity were provided by TGC’s financing partners, equity financing was provided by the third fund of TGC, True Green Capital Fund III. If certain closing requirements are completed, the deal is anticipated to close in the first quarter 2023. Altus Power, a Connecticut-based company, provides complete renewable energy solutions to clients in the commercial, industrial, public, and community sectors.
In December 2022, Altus Power entered into a definitive deal to acquire approximately 220 MW of newly developed and under construction solar assets from funds managed by True Green Capital Management for approximately $293 million. Altus Power and True Green Capital Management currently expected the transaction to close in the first quarter of 2023 upon satisfaction of certain closing conditions. The company plans to use cash on hand and its long-term funding arrangement overseen by Blackstone Structured Finance to finance the transaction.