Altus Power Announces Closing of 121 Megawatts in Solar Assets from Basalt and Soltage
Expands its presence in the Southeast
STAMFORD, Conn.–(BUSINESS WIRE)–Altus Power, Inc. (NYSE: AMPS), the leading commercial-scale provider of clean electric power, today announced the closing of its acquisition of Project Hyperion, LLC, comprising of 121 megawatts in solar assets, primarily located in North and South Carolina. Hyperion was acquired from funds advised by Basalt Infrastructure Partners LLC and Soltage, LLC, a leading owner and developer of distributed solar and storage assets. The transaction expands Altus’ presence in the Southeast and introduces new government and municipal entities into the Altus portfolio.
“We are pleased to welcome new solar customers to the Altus portfolio and look forward to working with these high-quality government and municipal agencies to help them reach their sustainability goals through the use of clean, electric power,” said Gregg Felton, co-CEO, Altus Power. “Basalt and Soltage are important partners and their successful development of commercial scale solar complements our strengths in optimizing asset performance and providing superior customer management.”
“It was a pleasure to work alongside Soltage over the last seven years to build a high quality and diversified portfolio of solar assets,” said Wil Jones, Partner at Basalt. “Altus will be an excellent operator for the Hyperion portfolio going forward.”
Altus Power continues to drive plans to grow its portfolio of commercial scale solar assets to almost 900 MWs by the end of 2023. Altus Power currently owns and operates distributed solar arrays across 25 states, delivering clean, electric power at a discount to enterprises and households.
Altus Power additionally announced plans for an incremental draw of $163 million from its Blackstone long-term funding facility at a fixed interest rate of 6.70%. This amount includes $89 million to finance Hyperion with the remaining proceeds to provide long-term funding for other asset additions.
Stoel Rives LLP served as legal advisor to Altus Power. Marathon Capital Markets LLC served as exclusive financial advisor to Basalt and Soltage. Winston & Strawn LLP served as legal advisor to Basalt. Foley Hoag LLP served as legal advisor to Soltage. Parker Poe Adams & Berstein LLP served as legal advisor to Basalt and Soltage.
About Altus Power
Altus Power, based in Stamford, Connecticut, is the leading commercial-scale provider of clean electric power serving commercial, industrial, public sector and Community Solar customers with end-to-end solutions. Altus Power originates, develops, owns and operates locally-sited solar generation, energy storage and charging infrastructure across the nation. Visit www.altuspower.com to learn more.
About Basalt
Basalt is the investment advisor to infrastructure equity investment funds focusing on mid-market investments in utilities, power, transport, and communications infrastructure in North America and Europe. Other investments in North America by funds advised by Basalt include Helios Power, Black Bear Transmission, Habitat Solar, Xpress Natural Gas, Skyway Towers, Fatbeam and Fortbrand.
For more information, please visit www.basaltinfra.com
About Soltage
Soltage is a leading developer, owner, and operator of distributed utility-scale solar and storage assets for utility, commercial, industrial, and municipal customers across the United States. Soltage has developed more than 125 clean energy projects with more than 500MW total distributed generating capacity under construction and management. Soltage is headquartered in Jersey City, New Jersey and backed by Igneo Infrastructure Partners, a leading global investment manager with more than $17 billion in direct infrastructure assets. For more information, please visit www.soltage.com.
Forward-Looking Statements
This press release contains forward-looking statements. Forward-looking statements may be identified by the use of words such as “aims,” “believes,” “expects,” “intends,” “may,” “could,” “will,” “should,” “plans,” “projects,” “forecasts,” “seeks,” “anticipates,” “goal,” “objective,” “target,” “estimate,” “future,” “outlook,” “strategy,” “vision,” or variations of such words or similar terminology that predict or indicate future events or trends or that are not statements of historical matters. These statements, which involve risks and uncertainties, relate to analyses and other information that are based on forecasts of future results and estimates of amounts not yet determinable and may also relate to Altus Power’s future prospects, developments and business strategies. These statements are based on Altus Power’s management’s current expectations and beliefs, as well as a number of assumptions concerning future events.
Such forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Altus Power’s control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. These risks, uncertainties, assumptions and other important factors include, but are not limited to: (1) failure to obtain required consents or regulatory approvals in a timely manner or otherwise; (2) the ability of Altus Power to retain customers and maintain and expand relationships with business partners, suppliers and customers; (3) the ability of Altus Power to successfully integrate the acquisition of solar assets into its business and generate profit from their operations; (4) the risk that pending acquisitions may not close in the anticipated timeframe or at all due to a closing condition not being met (5) the risk of litigation and/or regulatory actions related to the proposed acquisition of solar assets; and (6) the possibility that Altus Power may be adversely affected by other economic, business, regulatory, credit risk and/or competitive factors.
Additional factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements can be found under the heading “Risk Factors” in Altus Power’s Form 10-K filed with the Securities and Exchange Commission on March 30th, 2023, as well as the other information we file with the Securities and Exchange Commission. New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect us. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made and the information and assumptions underlying such statement as we know it and on the date such statement was made, and Altus Power undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, changes in expectations, future events or otherwise.
This press release is not intended to be all-inclusive or to contain all the information that a person may desire in considering an investment in Altus Power and is not intended to form the basis of an investment decision in Altus Power. All subsequent written and oral forward-looking statements concerning Altus Power or other matters and attributable to Altus Power or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above.
Contacts
Chris Shelton, Head of Investor Relations
