US-based renewable energy firm Altus Power has agreed to purchase True Green Capital Management’s (TGC) 220MW solar asset portfolio for a consideration of $293m.
The portfolio consists of 207MW of commercial-scale operating solar capacity and 13MW of capacity nearing completion.
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Altus Power co-CEO Gregg Felton said: “We are excited to welcome this new set of customers to the Altus Power brand, deepening our reach particularly in New York and California.
“TGC has a long history of successfully investing in commercial-scale solar, with underwriting standards consistent with our own.”
TGC developed and built the solar assets, which are located mainly in California, New York, New Jersey and Massachusetts.
TGC’s third fund, True Green Capital Fund III, has provided equity financing, while debt and tax equity was given by TGC’s financing partners.
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By GlobalDataThe deal is expected to close early this year subject to certain closing conditions being met.
TGC co-founder and managing partner Panos Ninios said: “Altus Power shares our fundamental belief that commercial scale, distributed solar generation is the most attractive segment of our industry.
“Our collaboration has facilitated TGC’s successful exits of our first and second funds and now a partial exit of Fund III.”
TGC chief financial officer Chris Kirkman said: “TGC’s partnership with Altus Power has been mutually beneficial.
“Our alliance again enabled the efficient execution of a transaction that advanced our firms’ respective strategies.”
Based in Connecticut, Altus Power provides end-to-end clean energy solutions for commercial, industrial, public sector and community clients.
In December 2021, the company completed a $1.5bn business merger agreement with CBRE Acquisition Holdings (CBAH).
The transaction allowed Altus Power to become a public company listed on the New York Stock Exchange (NYSE).
The firm received proceeds of $636.5m from the deal, including funds from a private placement in public equity and CBAH’s former trust account.
