Altus Power Expands Community Solar Portfolio with Five New Virginia Projects
Altus Power has strengthened its position in the U.S. community solar market by acquiring a portfolio of five community solar projects from New Leaf Energy in Virginia. The transaction represents the company’s first entry into the Commonwealth’s emerging shared solar market and highlights the growing momentum behind community-based renewable energy programs designed to lower electricity costs while expanding access to clean power.
The newly acquired portfolio has a combined generating capacity of 32 megawatts (MW) and is currently under development. Once completed, the projects will participate in Appalachian Power Company’s (APCo) Shared Solar Program, providing renewable electricity and bill savings to approximately 5,000 households while also serving eligible commercial customers. The projects are expected to support Virginia’s clean energy objectives by increasing the availability of locally generated solar power and offering consumers an alternative to rising electricity prices.
The acquisition also marks the first collaboration between Altus Power and New Leaf Energy, bringing together two companies with complementary expertise in renewable energy development, project execution, and community solar deployment. Both organizations view the partnership as an opportunity to accelerate clean energy adoption in Virginia while demonstrating the effectiveness of collaborative project development in emerging renewable energy markets.
Expanding Community Solar in Virginia
Community solar has become an increasingly important segment of the U.S. renewable energy industry because it enables customers who cannot install rooftop solar systems to benefit from solar-generated electricity. Participants subscribe to a portion of the electricity produced by a nearby solar facility and receive credits on their monthly utility bills, making renewable energy accessible to renters, apartment residents, homeowners with unsuitable rooftops, and small businesses.
With this acquisition, Altus Power is extending its community solar presence into Virginia, a state that continues to expand policies supporting renewable energy deployment. The projects will be ground-mounted solar facilities strategically developed to maximize energy production while supplying clean electricity to customers enrolled in APCo’s shared solar program.
By participating in the shared solar initiative, subscribers can reduce their electricity costs through solar bill credits without purchasing or maintaining their own solar equipment. The program provides an attractive solution for households seeking greater energy affordability while supporting broader environmental goals.
Addressing Rising Energy Costs
Electricity prices have continued to increase across many regions of the United States due to higher fuel costs, growing electricity demand, aging infrastructure, and investments in grid modernization. Against this backdrop, community solar programs have become an increasingly valuable tool for providing predictable energy savings to consumers.
Altus Power believes these Virginia projects will directly contribute to lowering electricity expenses for participating households and businesses by delivering clean, locally generated power through APCo’s shared solar framework.
According to Abhi Parmar, Chief Investment Officer of Altus Power, Virginia’s commitment to expanding clean electricity while protecting consumers from increasing utility costs creates an ideal environment for community solar investments.
Parmar noted that Virginia has demonstrated a strong commitment to protecting ratepayers through expanded access to incremental clean power generation. He emphasized that the shared solar program represents an important component of the state’s broader energy strategy and expressed enthusiasm about partnering with New Leaf Energy to help bring these projects to completion.
He also highlighted that combining the development expertise of New Leaf Energy with Altus Power’s operational capabilities enables both companies to successfully enter a new market while delivering meaningful financial benefits to residential and commercial customers.
First Partnership Between Altus Power and New Leaf Energy
The transaction represents the inaugural collaboration between Altus Power and New Leaf Energy, establishing a relationship focused on expanding community solar opportunities in new geographic markets.
New Leaf Energy has built a reputation as a renewable energy developer specializing in utility-scale solar, energy storage, and community solar projects. Through this partnership, the company successfully advanced the Virginia projects through early-stage development before transferring ownership to Altus Power for construction and long-term operation.
The collaboration demonstrates how developers and independent power companies can work together to accelerate renewable energy deployment by leveraging specialized expertise across different phases of project development.
For New Leaf Energy, the agreement validates its development model while supporting the broader objective of making renewable energy more accessible to communities throughout Virginia.
Delivering Community Benefits
Beyond supplying renewable electricity, the projects are expected to generate a range of economic and environmental benefits for local communities.
Once operational, the facilities will provide clean electricity that offsets fossil fuel generation, helping reduce greenhouse gas emissions associated with conventional power production. Increased reliance on solar energy also supports improved air quality while contributing to Virginia’s long-term sustainability objectives.
The construction phase is expected to create employment opportunities across engineering, procurement, construction, transportation, and related services. Local contractors and suppliers may also benefit from project-related spending during development and installation.
For participating households, the primary benefit will come through reduced monthly electricity bills via shared solar credits. This approach broadens access to renewable energy by removing many of the financial and technical barriers associated with rooftop solar installations.
Small businesses and commercial organizations that qualify for participation may similarly benefit from lower operating expenses through reduced electricity costs.
New Leaf Energy Highlights Project Development Success
Kate Vann, Senior Director and Head of Mergers & Acquisitions at New Leaf Energy, described the partnership as an example of how community solar projects can rapidly scale when experienced developers and long-term asset owners collaborate effectively.
She noted that New Leaf Energy is proud to have partnered with Altus Power throughout the development process and believes the projects will expand access to affordable clean energy for communities across Virginia.
Vann emphasized that successful execution depends on combining strong project development with efficient implementation, allowing community solar programs to deliver benefits more quickly to consumers.
Her comments underscore the increasing importance of strategic partnerships within the renewable energy industry as companies seek to expand clean energy deployment across new regions.
Supporting Virginia’s Shared Solar Program
The projects will operate under Appalachian Power Company’s Shared Solar Program, a regulatory framework designed to increase customer access to locally generated renewable electricity.
Participation in this program demonstrates Altus Power’s ability to operate within evolving state energy policies and adapt its business model to new regulatory environments.
As more states introduce shared solar initiatives, developers and independent power producers must navigate varying program requirements while ensuring projects remain economically viable for subscribers.
The Virginia portfolio provides Altus Power with valuable experience in a growing market while positioning the company for additional opportunities as community solar programs continue to expand nationwide.
Commitment to National Community Solar Growth
Skylar Werde, Head of Community Solar at Altus Power, emphasized that the Virginia projects represent more than a single investment—they reflect the company’s broader strategy to expand community solar access across the United States.
Werde said the projects demonstrate how collaboration with development partners can help establish new shared solar markets while keeping affordability as a central priority for customers.
He explained that expanding community solar creates new opportunities for households and businesses to participate in the clean energy transition without requiring individual solar installations.
According to Werde, the Virginia portfolio reflects Altus Power’s ongoing commitment to scaling the community solar model nationwide and increasing access to lower-cost, locally generated renewable electricity.
Strengthening Altus Power’s Renewable Energy Portfolio
The acquisition further expands Altus Power’s renewable energy asset portfolio while reinforcing its strategy of investing in distributed generation and community-based clean energy infrastructure.
As electricity demand continues to rise across the United States, distributed solar projects can play an increasingly important role in improving grid resilience, diversifying power generation, and supporting local energy independence.
Community solar also complements utility-scale renewable projects by serving customers who may otherwise be excluded from the benefits of solar energy.
With the addition of these five Virginia projects, Altus Power strengthens its presence in another regional market while supporting the continued growth of community solar as a practical and affordable clean energy solution.
The partnership with New Leaf Energy illustrates how collaboration between developers and long-term operators can accelerate renewable energy deployment, expand customer access to affordable electricity, and contribute to the broader transition toward a cleaner and more resilient energy system.
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