Altus Power, Blackstone Team up on Solar Development and Investment

Altus Power, Blackstone Team up on Solar Development and Investment

Altus Power America Inc., a power company that provides solar electricity to commercial, industrial and municipal U.S. customers, says that Blackstone, through its GSO Capital Partners LP (GSO) and Blackstone Insurance Solutions (BIS) groups, has led a recapitalization with $850 million of funded and committed capital to refinance the existing capital structure and fund future development. 

The recapitalization consists of preferred and minority equity and investment grade-rated debt financing provided by GSO and a BIS-led company, respectively, and a construction-to-term loan facility from a syndicate of commercial banks, providing Altus Power with sufficient capital to grow its portfolio to over $1 billion of commercial and industrial solar assets.     

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

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Altus Power is experiencing significant growth in demand from its private and public clients for locally sited solar arrays capable of producing energy savings for off-takers, creating rent payments for real estate owners and helping its clients meet corporate sustainability goals. 

To meet this demand Altus Power and Blackstone have created a partnership that solidifies Altus Power’s position as one of the most competitive solar power companies in the industry, says the company.

Photo: Altus Power America, Blackstone solar development

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