Altus Power acquires 84MW solar arrays from Vitol for $118m to expand Northeast presence

Altus Power (NYSE: AMPS), a leader in commercial-scale clean electric power, today announced a significant expansion of its portfolio with the acquisition of approximately 84 megawatts (MWs) of commercial-scale solar arrays from Vitol, the world’s largest independent energy trader. The deal, valued at approximately $118 million, marks a substantial growth step for Altus Power, adding thousands of new long-term Community Solar, school district, and other enterprise customers.

The acquisition significantly strengthens Altus Power’s presence in the Northeast, notably in New York, New Jersey, and Maine. Gregg Felton, co-CEO and co-founder of Altus Power, highlighted the strategic importance of this expansion, noting its ability to enhance services offered to customers. This move not only diversifies Altus Power’s customer base but also underscores its commitment to increasing clean energy accessibility.

David Munsky, President of VC Renewables LLC, a subsidiary of Vitol, praised Altus Power’s reputation as a trusted solar operator. Vitol’s decision to transfer this substantial portfolio to Altus Power aligns with its continued commitment to larger utility-scale renewable projects, signaling a strategic shift towards the energy transition.

This acquisition is set to benefit nearly 2,000 Community Solar subscribers and serve an additional 20 municipal, education, and enterprise clients. It also signifies a notable environmental impact, potentially avoiding over 69,000 metric tons of CO2 annually. This effort aligns with broader initiatives to reduce carbon footprints and promote sustainable energy practices.

The acquisition was financed using cash on hand, with plans to expand Altus Power’s funding facility with Blackstone for long-term financing. This strategic financial management positions Altus Power for continued growth and development in the clean energy sector.

Based in Stamford, Connecticut, Altus Power is at the forefront of providing end-to-end clean electric power solutions. With a portfolio spanning 25 states, the company is a pioneer in Community Solar, serving over 20,000 subscribers nationwide. Altus Power’s commitment to distributed solar arrays and diverse clean energy offerings solidifies its role as a leader in renewable energy.

Altus Power’s acquisition of solar arrays from Vitol is a strategic move that reinforces its commitment to expanding renewable energy solutions. This acquisition not only strengthens Altus Power’s position in the commercial-scale solar market but also demonstrates the growing importance of sustainable energy sources in meeting the evolving energy needs of various sectors. The emphasis on Community Solar, in particular, highlights a notable shift towards making renewable energy accessible to a broader range of consumers, fostering a more inclusive and environmentally responsible energy landscape.