Altus Power Expands Solar and Storage Portfolio to 1.7 GW
Altus Power has expanded its operating portfolio of solar generation and battery energy storage to 1.7 gigawatts (GW), with assets across 33 states and Washington, D.C. The milestone follows the company’s acquisition of 92 projects in 13 states from Arevon, adding nearly 200 megawatts (MW) of solar capacity and 10 megawatt-hours (MWh) of battery storage. The transaction strengthens Altus Power’s position in the commercial-scale energy market as electricity demand rises and grid infrastructure faces increasing pressure.
“Electricity demand is growing rapidly, while the grid infrastructure needed to deliver new power can take years to build,” said Gregg Felton, Chief Executive Officer of Altus Power. He said distributed generation can help address the gap by bringing additional supply directly to businesses and communities. Reaching 1.7 GW represents an important milestone for the company, he added, while local power is becoming a larger part of the way the country meets its energy requirements.
Portfolio Expansion Strengthens Established Markets
Altus Power’s operating portfolio now spans 33 states and Washington, D.C. The 92 projects acquired from Arevon are located across 13 states and add approximately 200 MW of solar generation and 10 MWh of battery storage. The assets increase the company’s presence in several established markets, particularly New York, New Jersey, Massachusetts and California.
The portfolio includes a range of distributed energy installations, including ground-mounted solar facilities, rooftop systems and solar carports, alongside battery storage assets. These projects serve commercial and industrial customers, municipalities, schools, universities and subscribers participating in community solar programs. The mix of customers and project types gives Altus Power exposure to different electricity needs and allows the company to provide locally generated power in multiple settings.
Altus Power financed part of the acquisition through an existing credit facility with Blackstone Credit & Insurance. The company said its operating scale and track record provide access to institutional capital that can support acquisitions of established energy assets.
“Scale changes the capital available to you and the terms on which you can access it,” said Dustin Weber, Chief Financial Officer of Altus Power. He said the company’s size and operating history give it access to a deep pool of institutional capital that is generally less accessible to smaller platforms. That financing capacity, he added, enables Altus Power to complete acquisitions of operating portfolios such as the assets purchased from Arevon efficiently.
Distributed Power Responds to Rising Electricity Needs
Distributed generation offers one way to address some of these challenges by locating electricity production closer to where it is consumed. Commercial-scale solar can provide power to businesses and public institutions, while battery storage can help manage when electricity is supplied. In areas with constrained transmission or distribution networks, locally situated resources may add capacity and help reduce reliance on moving all electricity across longer distances.
Altus Power said that combining solar generation with storage can support more affordable and reliable electricity while easing pressure on congested parts of the grid. The company’s expanded portfolio increases the number of operating assets it can use to serve customers and participate in the evolving energy market. The actual contribution of individual projects will depend on local grid conditions, operating arrangements and customer requirements.
Long-Term Ownership Remains Central to the Strategy
Altus Power said its investment approach is focused on acquiring and operating assets over the long term rather than treating a project’s purchase as the end of the investment process. Maintaining equipment, managing performance and serving customers over decades are central to the value of distributed generation portfolios.
“Value in distributed generation isn’t created at the point of investment. It’s created over 20-plus years of operating, maintaining and serving customers across a large portfolio,” said Abhi Parmar, Chief Investment Officer of Altus Power. He said the company’s growth reflects a deliberate effort to assemble a diversified group of operating assets in markets where local power can deliver meaningful value. Altus Power remains focused on disciplined investment and long-term ownership, he added.
Community Solar Extends Access to Energy Savings
Community solar is another component of Altus Power’s business. Through these programs, customers can receive credits or savings associated with electricity generated by a shared solar project without installing panels on their own properties. The model can make solar benefits available to households and businesses that may not have suitable rooftops, own their buildings or be able to fund an individual installation.
Altus Power serves more than 40,000 community solar subscribers. The company said these programs help households and businesses reduce electricity bills without requiring an upfront investment or the installation of rooftop solar panels. Renters and other customers who cannot access traditional rooftop systems can also participate, subject to program availability and eligibility requirements.
With its operating portfolio now totaling 1.7 GW across 33 states and Washington, D.C., Altus Power is expanding its role in commercial-scale distributed energy. The Arevon acquisition adds projects and storage capacity, increases density in key markets and broadens the company’s platform for serving commercial customers and community solar subscribers. As electricity demand continues to grow, the company is positioning its portfolio to contribute locally generated power and long-term energy services through its newly acquired projects.
Source Link: https://www.businesswire.com/
