Altus Power acquires Project Hyperion to expand solar portfolio in US Southeast

Altus Power, Inc. (NYSE: AMPS), a leader in the commercial-scale provision of clean electric power, has announced the successful closure of its acquisition of Project Hyperion, LLC. The acquisition, encompassing 121 megawatts of solar assets primarily located in North and South Carolina, marks a significant expansion of Altus Power’s presence in the Southeast region.

Acquisition Details and Partnerships

The solar assets of Hyperion were acquired from funds advised by Basalt Infrastructure Partners LLC and Soltage, LLC, known for their expertise in developing distributed solar and storage assets. This transaction not only enlarges Altus’ geographical footprint but also introduces new government and municipal entities to its portfolio.

Statements from Altus Power and Basalt

Gregg Felton, co-CEO of Altus Power, expressed enthusiasm about the acquisition: “We are pleased to welcome new solar customers to the Altus portfolio and look forward to working with these high-quality government and municipal agencies to help them reach their sustainability goals through the use of clean, electric power.” Wil Jones, Partner at Basalt, also reflected positively on the deal, noting Altus as an excellent operator for the Hyperion portfolio.

Growth Plans and Financial Strategies

Altus Power continues to ambitiously grow its portfolio of commercial-scale solar assets, aiming to reach nearly 900 MWs by the end of 2023. Currently, Altus owns and operates distributed solar arrays across 25 states in the U.S., emphasizing clean and affordable electric power. Alongside this acquisition, Altus Power announced an incremental draw of $163 million from its Blackstone long-term funding facility at a fixed interest rate of 6.70%. This funding, including $89 million allocated for Hyperion, will also support additional asset additions.

Legal and Financial Advisors

For this transaction, Altus Power was advised legally by Stoel Rives LLP. Marathon Capital Markets LLC served as the exclusive financial advisor to Basalt and Soltage, with Winston & Strawn LLP advising Basalt legally, Foley Hoag LLP advising Soltage, and Parker Poe Adams & Bernstein LLP advising both Basalt and Soltage.

In summary, Altus Power, Inc.’s acquisition of Project Hyperion significantly strengthens its position in the renewable energy sector, especially in the Southeast U.S., reflecting its commitment to expanding its portfolio of clean, sustainable energy sources.