Altus Power Acquires 234 MW Portfolio Across 18 States from Greenbacker

Marks one of the most significant distributed generation transactions to date,

expanding Altus’ coverage to 30 states nationwide

STAMFORD, Conn.--(BUSINESS WIRE)--Altus Power, one of the nation’s leading long-term owners and operators of commercial-scale solar assets, today 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, comprising more than 100 sites across 18 states. This transaction ranks among the most significant distributed generation asset purchases in recent years, reinforcing Altus Power’s position as the trusted go-to partner, offering an unmatched ability to acquire, manage, and optimize complex, diverse commercial solar portfolios nationwide. The acquired portfolio features long-term contracts with a diverse mix of high-quality, investment-grade customers including a global e-commerce and logistics company, a regional university and major utilities.

“This acquisition demonstrates Altus Power’s ability to transact at scale and deliver reliable, cost-effective power solutions nationwide,” said Abhi Parmar, Chief Investment Officer, Altus Power. “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.”

These newly acquired projects expand Altus’ operational footprint and customer base, furthering its commitment to delivering reliable, affordable energy where it's needed most.

“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,” said Dan Griffin, Co-Head, Investment and Structured Finance, Altus Power. “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.”

“We’re proud of the portfolio we built and the role these projects play in expanding access to renewable energy,” said Dan de Boer, CEO of Greenbacker. “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.”

With this acquisition, Altus Power now owns and operates more than 1.3 GW of commercial and community solar assets across 30 states and the District of Columbia, further cementing its leadership in distributed generation and its capacity to manage and grow diverse portfolios across the country. Winston & Strawn LLP served as Altus Power’s exclusive legal counsel on the transaction.

About Altus Power

Altus Power is a leading commercial-scale power company, delivering reliable, cost-effective solar electricity across 30 states and the District of Columbia. With more than 1.3 GW of solar generation assets, Altus Power owns and operates a robust network that serves Fortune 1000 companies, municipalities, schools and households. As a portfolio company of TPG Rise Climate Transition Infrastructure, Altus Power leverages this strategic partnership to scale operations and expand access to affordable, locally-sourced renewable power nationwide. By combining deep market expertise with innovative financing, Altus Power sets the standard for commercial-scale power generation while stabilizing electricity costs and driving the transition to a cleaner, brighter future.

About Greenbacker Renewable Energy Company

Greenbacker Renewable Energy Company LLC is a publicly reporting, non-traded limited liability sustainable infrastructure company that both acquires and manages income-producing renewable energy and other energy-related businesses, including solar and wind farms, and provides investment management services to other renewable energy investment vehicles. We seek to acquire and operate high-quality projects that sell clean power under long-term contracts to high-creditworthy counterparties such as utilities, municipalities, and corporations. We are long-term owner-operators, who strive to be good stewards of the land and responsible members of the communities in which we operate. Greenbacker conducts its investment management business through its wholly owned subsidiary, Greenbacker Capital Management, LLC, an SEC-registered investment adviser. We believe our focus on power production and asset management creates value that we can then pass on to our shareholders—while facilitating the transition toward a clean energy future. For more information, please visit https://greenbackercapital.com.