Altus Power Expands National Footprint with Landmark 234 MW Solar and Storage Acquisition from Greenbacker
Altus Power, one of the United States’ foremost long-term owners and operators of commercial-scale solar energy assets, has significantly strengthened its national presence with the acquisition of a 234-megawatt portfolio of solar generation and energy storage assets from Greenbacker, a prominent energy-transition-focused investment manager and independent power producer. The transaction encompasses more than 100 individual project sites spread across 18 states, marking one of the largest distributed generation asset acquisitions completed in recent years.
The deal underscores Altus Power’s growing role as a consolidator in the distributed solar market and highlights its ability to execute complex, multi-state transactions at scale. By bringing this expansive and diverse portfolio under its ownership, Altus further solidifies its reputation as a trusted partner for commercial, institutional, and utility customers seeking long-term, reliable, and cost-effective clean energy solutions.
A Portfolio Built for Scale and Stability
The acquired assets include a broad mix of commercial and community solar projects, many of which are paired with energy storage systems designed to enhance grid resilience and optimize power delivery. These projects operate under long-term contracts with a wide range of high-quality, investment-grade customers. The customer base spans multiple sectors, including a global e-commerce and logistics company, a regional university, and several major utility counterparties, providing Altus Power with strong revenue visibility and diversified exposure.
This level of customer diversity is a key differentiator for the portfolio. Long-term contracted cash flows, coupled with creditworthy offtakers, align well with Altus Power’s strategy of owning and operating assets over extended periods while maximizing operational performance and customer value.
Industry observers note that distributed generation portfolios of this size and geographic reach rarely come to market, particularly with such a high concentration of contracted and operational assets. As a result, the transaction stands out not only for its scale but also for the strategic fit it offers within Altus Power’s existing platform.
Strengthening a National Operating Platform
With the integration of these assets, Altus Power significantly expands its operational footprint across the United States. The company’s growing network of projects enables it to deliver localized energy solutions in regions where demand for clean, affordable power continues to rise due to corporate sustainability commitments, grid constraints, and increasing electricity consumption.
“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 of Altus Power. He emphasized that the company’s disciplined investment approach and deep operational capabilities position it to serve as a long-term steward of complex asset portfolios. According to Parmar, the transaction creates enduring value not only for Altus Power’s investors but also for customers and broader stakeholders who benefit from stable, renewable energy supply.
Altus Power’s operating model focuses on actively managing and optimizing assets throughout their lifecycle. By applying standardized performance analytics, centralized operations, and proactive maintenance strategies, the company seeks to enhance asset performance while minimizing operational risk. The newly acquired portfolio will be integrated into this platform, allowing Altus to unlock efficiencies across a geographically diverse set of projects.
Execution Reflects Depth of Expertise
Successfully closing a transaction involving more than 100 sites across 18 states requires significant coordination, regulatory expertise, and technical diligence. Altus Power executives highlighted the efficiency and precision with which the acquisition was executed as evidence of the organization’s maturity and depth.
Dan Griffin, Co-Head of Investment and Structured Finance at Altus Power, noted that the scale and complexity of the transaction reflect the capabilities of the company’s investment, legal, and operations teams. He stated that the acquisition meaningfully expands Altus Power’s platform and strengthens its presence in key regional markets, further demonstrating the company’s ability to integrate and optimize diverse solar assets at scale.
The transaction also reinforces Altus Power’s positioning as a preferred buyer for asset owners seeking certainty of execution. As market conditions evolve and capital allocators reassess portfolio priorities, Altus Power’s ability to complete large, multi-asset transactions efficiently may continue to create attractive growth opportunities.
Strategic Alignment for Greenbacker
For Greenbacker, the sale represents a strategic step in the ongoing evolution of its portfolio. The company has played a significant role in developing and operating clean energy projects across the United States, and the divested assets have contributed meaningfully to the expansion of renewable energy access in multiple communities.
“We’re proud of the portfolio we built and the role these projects play in expanding access to renewable energy,” said Dan de Boer, Chief Executive Officer of Greenbacker. He described the transaction with Altus Power as a natural next step, citing strong alignment between the two organizations’ values and long-term outlooks.
Greenbacker’s broader strategy includes selectively monetizing non-core assets to sharpen its focus on high-impact, larger-scale clean energy projects. By partnering with Altus Power, Greenbacker was able to transition the portfolio to an owner with the scale, operational experience, and long-term management commitment necessary to support the assets over decades of operation.
Expanding Leadership in Distributed Generation
Following the acquisition, Altus Power now owns and operates more than 1.3 gigawatts of commercial and community solar assets across 30 states and the District of Columbia. This milestone further cements the company’s leadership position in the distributed generation sector and highlights its capacity to manage geographically diverse portfolios with varying regulatory and market dynamics.
As demand for decentralized energy solutions continues to grow, driven by corporate decarbonization goals and grid modernization efforts, Altus Power is well positioned to play a central role in the next phase of the U.S. energy transition. The company’s ability to combine scale with localized execution enables it to address both national sustainability objectives and community-level energy needs.
Winston & Strawn LLP served as Altus Power’s exclusive legal counsel on the transaction, supporting the company through the legal and regulatory complexities associated with a deal of this magnitude.
Source Link: https://www.businesswire.com/
