September 27 (Renewables Now) - US clean energy firm Altus Power Inc (NYSE:AMPS) today said it is buying 97 MW of operating distributed solar assets across nine US states from undisclosed sellers for about USD 220 million (EUR 228m) funded by a mixture of cash on hand and assumed liabilities.
The acquisition of 88 MW of these is subject to closing conditions, expected to be fulfilled in the coming weeks. Altus Power, which specialises in locally sited solar, energy storage and electric vehicle (EV) chargers, has recently completed the purchase of the remaining about 9 MW.
The Stamford, Connecticut-based company expects the deals to boost its portfolio of solar and storage assets to about 466 MW, located in 22 states, while bringing new customer relationships.
The acquisitions involve commercial and industrial (C&I) assets such as rooftop, ground and carport-mounted solar instalaltions that supply power under long-term contracts to predominantly investment-grade customers.
“We welcome the opportunity to serve customers in new markets including Pennsylvania, Indiana, Arizona and Nevada, as well as to grow our footprint in existing markets,” said Altus Power co-chief executive Gregg Felton.
(USD 1 = EUR 1.037)