Altus Power, a leading long-term owner and operator of commercial-scale solar assets in the United States, has announced the acquisition of a 234-megawatt portfolio of solar generation and storage assets from Greenbacker, an energy-transition focused investment manager and independent power producer. The portfolio includes more than 100 projects located across 18 states.
The transaction is among the largest distributed generation asset acquisitions completed in recent years and strengthens Altus Power’s ability to acquire, manage and optimise complex commercial solar portfolios nationwide. The acquired assets are supported by long-term contracts with a broad base of high-quality, investment-grade customers, including a global e-commerce and logistics company, a regional university and major utilities.
Commenting on the acquisition, Abhi Parmar, Chief Investment Officer at Altus Power, said, “This acquisition demonstrates Altus Power’s ability to transact at scale and deliver reliable, cost-effective power solutions nationwide. Our disciplined approach and deep operational expertise enable us to serve as a long-term steward for these assets, creating enduring value for our customers, investors, and all stakeholders involved.”
The newly acquired projects expand Altus Power’s operating footprint and customer base, supporting its focus on delivering affordable and reliable energy across key markets. Dan Griffin, Co-Head of Investment and Structured Finance at Altus Power, said, “Executing a transaction of this scale and complexity in such an efficient and timely manner reflects the depth of expertise and commitment across our team. This portfolio meaningfully expands our platform and strengthens our presence in key markets, further demonstrating our ability to integrate and optimize diverse solar assets at scale.”
From the seller’s perspective, Dan de Boer, Chief Executive Officer of Greenbacker, said, “We’re proud of the portfolio we built and the role these projects play in expanding access to renewable energy. Partnering with Altus Power was a natural next step. Their scale, experience and commitment to long-term asset management and customer service align well with Greenbacker’s broader strategy to optimize our project fleet via selective sales of non-core assets, as we sharpen our focus on high-impact, larger-scale clean energy projects.”
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, reinforcing its leadership position in the distributed generation sector. Winston & Strawn LLP served as Altus Power’s exclusive legal counsel on the transaction.
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