Altus Power Acquires 11 MW New Jersey Solar Portfolio

Altus Power America, Inc. announced the acquisition of a multisite New Jersey rooftop and carport solar portfolio, with an aggregate size of approximately 11 megawatts (MW) DC. The solar energy systems sell clean, renewable energy to an array of offtakers, primarily consisting of local businesses and corporations across the state of New Jersey.  Altus acquired the solar portfolio from a private equity firm specializing in the environmental and emissions markets.

The solar projects generate approximately 13 million kilowatt hours (kWh) of electricity annually, enough energy to power the equivalent of 1,000 homes. The solar projects also receive NJ SRECs, contributing to Governor Murphy’s Executive Order 28 of achieving 100% clean energy in the state of New Jersey by 2050.

“Altus Power is excited to have completed this transaction and looks forward to expanding its already robust client base through the addition of over 20 discrete solar systems and corresponding offtakers,” said Abhi Parmar, vice president of Altus Power. Managing Partner of Altus, Gregg Felton added, “While Altus Power has developed and constructed the predominance of its 130 megawatt operating portfolio, we have a flexible mandate across solar. This transaction demonstrates Altus’ broader capabilities including structuring the acquisition of a portfolio of operating projects with a diverse set of landlords and offtakers.” Altus has acquired numerous operational solar assets across the country and continues to seek additional opportunities.

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