Owner and operator of commercial-scale solar assets, Altus Power, has acquired a 234-megawatt (MW) portfolio of solar and storage projects from Greenbacker, spanning more than 100 sites in 18 states.
The acquisition ranks among the largest distributed generation purchases in recent years, strengthening Altus Power’s capacity to manage and optimize complex, multi-state commercial solar portfolios.
The portfolio includes long-term contracts with a diverse set of high-quality customers, such as a global e-commerce and logistics company, a regional university, and major utilities. These projects expand Altus Power’s operational footprint and customer base, reinforcing the company’s commitment to delivering reliable, cost-competitive energy where it is needed most.
“This acquisition demonstrates Altus Power’s ability to transact at scale and deliver reliable, cost-effective power solutions nationwide,” said Abhi Parmar, Chief Investment Officer, Altus Power, in a statement. “Our disciplined approach and deep operational expertise enable us to serve as a long-term steward for these assets, creating enduring value for our customers, investors, and all stakeholders involved.”
Dan de Boer, CEO of Greenbacker, added, “We’re proud of the portfolio we built and the role these projects play in expanding access to renewable energy. Partnering with Altus Power was a natural next step. Their scale, experience and commitment to long-term asset management and customer service align well with Greenbacker’s broader strategy to optimize our project fleet via selective sales of non-core assets, as we sharpen our focus on high-impact, larger-scale clean energy projects.”
With this acquisition, Altus Power now owns and operates over 1.3 GW of commercial and community solar assets across 30 states and the District of Columbia, solidifying its leadership in distributed generation and demonstrating its ability to scale and manage diverse solar portfolios nationwide.
Winston & Strawn LLP served as Altus Power’s exclusive legal counsel on the transaction.
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