Altus Power, Inc. (NYSE: AMPS), a leading provider of clean electric power, has successfully closed its acquisition of Project Hyperion, LLC. The acquisition includes 121 megawatts in solar assets, predominantly situated in North and South Carolina. This strategic move expands Altus Power’s footprint in the Southeast region.
Transaction Details and Key Players
Altus Power acquired Hyperion from funds managed by Basalt Infrastructure Partners LLC and Soltage, LLC, a renowned developer and owner of distributed solar and storage assets. The acquired assets have the potential to generate over 4.4 gigawatts of clean energy, making a significant contribution to the company’s growing portfolio.
Geographical Impact: Strengthening Presence in the Southeast
With a focus on clean and sustainable energy solutions, Altus Power’s acquisition aligns with its commitment to providing clean, electric power to commercial, industrial, public sector, and Community Solar customers. The addition of Hyperion reinforces Altus Power’s influence in the Southeast, strategically positioning them for further growth.
Optimism and Future Growth Plans
Gregg Felton, co-CEO of Altus Power, expressed enthusiasm for welcoming new solar customers into their portfolio. The company aims to collaborate with government and municipal agencies, assisting them in achieving their sustainability goals through the use of clean energy.
Altus Power remains steadfast in its plans to expand its portfolio of commercial-scale solar assets, targeting almost 900 megawatts by the end of 2023. The company currently operates distributed solar arrays across 25 states, delivering clean, cost-effective power to a diverse range of consumers.
Financial Strategies: Incremental Draw and Funding Plans
In addition to the acquisition, Altus Power revealed plans for an incremental draw of $163 million from its Blackstone long-term funding facility. This draw, at a fixed interest rate of 6.70%, includes $89 million allocated for financing Hyperion. The remaining proceeds will support long-term funding for additional asset acquisitions.
Legal Advisors and Collaborators
Stoel Rives LLP served as the legal advisor to Altus Power in this transaction. Marathon Capital Markets LLC acted as the exclusive financial advisor to Basalt and Soltage. Legal advisory support for Basalt and Soltage was provided by Winston & Strawn LLP and Foley Hoag LLP, respectively. Parker Poe Adams & Berstein LLP served as legal advisor to both Basalt and Soltage.
Source：businesswire.com
