Altus Power, a commercial-scale provider of clean electric power, announced the signing and closing of approximately 84 MW of commercial-scale solar arrays from Vitol, the largest independent energy trader globally, for total proceeds of approximately US$118 million.
The acquisition adds nearly 2000 community solar subscribers to Altus Power’s existing base of more than 20,000 subscribers, an additional 20 municipal, education and enterprise clients, school district, and other enterprise customers.
Altus Power serves its customers with a mix of rooftop, ground, and carport arrays to customers across the Northeast, notably in New York, New Jersey, and Maine. The clean electric power generated by the new assets will result in the carbon avoidance of more than 76,059 tons (69,000 tonnes) of carbon dioxide annually, the equivalent of keeping more than 15,000 gas-powered vehicles off the road.
The acquisition was closed using cash on hand and Altus expects to expand its funding facility with Blackstone in the near term to secure long-term financing.
