Funding to fuel expansion initiatives
Altus Power, Inc. has successfully concluded a secured credit facility, with principal loan worth $100 million, with Goldman Sachs Asset Management and CPPIB Credit Investments III Inc., a subsidiary of Canada Pension Plan Investment Board (CPP Investments). The funds will bolster Altus Power's ongoing expansion initiatives. The credit facility, which features an 8.50 percent interest rate and a six-year term, allows prepayment without penalties after three years.
“We’re pleased to welcome Goldman Sachs and CPP Investments as partners in Altus Power, bringing capital that will fund our expected growth plans in 2024. This financing capitalizes on our growing cash flow generation, which has been a defining feature of our business model,” says Dustin Weber, Altus Power CFO.
“Our pipeline includes an attractive flow of operating and development assets, and, with this efficient financing, we’re well positioned to execute on these opportunities,” says Gregg Felton, co-founder and co-CEO at Altus Power, highlighting the company's strategic positioning.
“We believe this new facility positions us to increase our market share while providing our counterparties with execution certainty and our shareholders with continued profitable growth,” he adds.
Headquartered in Stamford, Connecticut, Altus Power is a major provider of clean electric power on a commercial scale. The company specializes in delivering solutions to a diverse clientele, including commercial, industrial, public sector, and Community Solar customers. Altus Power is actively involved in the entire lifecycle of solar generation, energy storage, and charging infrastructure – from origination and development to ownership and operation.
In December, Altus Power cemented its presence on the West Coast with the acquisition of the core business of Unico Solar Investors (Unico Solar). Additionally, the company completed its acquisition of Project Hyperion, LLC, including 121 megawatts in solar assets. Back in November, Altus Power launched its Blackstone Construction Facility, designed for the construction of commercial solar assets.
