The capital will help Altus Power America to expand its portfolio to more than $1bn of solar assets. Credit: PRNewsfoto / Altus Power America, Inc

Altus Power America has secured $850m in funded and committed capital to boost its solar asset portfolio.

The solar power company will receive the financing from Blackstone units GSO Capital Partners (GSO) and Blackstone Insurance Solutions (BIS).

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The refinancing comprises preferred and minority equity by GSO and investment grade-rated debt financing provided by GSO and a BIS-led consortium. Altus Power America also received a construction-to-term loan facility from a syndicate of commercial banks.

With the proceeds, Altus Power America seeks to enhance its commercial and industrial solar asset portfolio to more than $1bn. It will also support the company’s existing capital structure and fund future solar development programmes.

Additionally, Altus Power America plans to utilise the funding aims to meet the growing demand for solar arrays, mostly combined with battery storage, from private and public clients.

Altus Power managing partner Gregg Felton said: “We’re incredibly enthusiastic to be partnering with Blackstone as we position our business for accelerating growth.

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“By providing Altus with a full capital structure solution, including investment-grade rated permanent senior financing, Blackstone is empowering Altus to be one of the most competitive capital partners in distributed generation solar.”

Based in Connecticut, Altus Power America provides capital to develop, own and operate clean energy systems on commercial buildings and properties.

Since 2009, the company has acquired more than 130 distributed generation solar facilities.

Blackstone senior managing director GSO Energy Group co-head Robert Horn said: “We are excited to partner with Altus, a leading developer and operator of solar assets with a best-in-class management team.

“Our investment will enable Altus to meet the growing demand for low cost, renewable energy in North America and we believe represents an attractive opportunity for our investors.”