Altus Power America, Inc. A market-leading solar power company that offers clean electricity to commercial, industrial and municipal clients across the U.S., announced today that Blackstone (NYSE: BX), through its GSO Capital Partners LP (“GSO”) and Blackstone Insurance Solutions (“BIS”) groups, has led a recapitalization with $850 million of funded and dedicated capital to refinance the existing capital structure and fund future development.
The recapitalization is made up of preferred and minority equity and investment grade-rated debt financing provided by GSO and a BIS-led consortium, respectively, and a construction-to-term loan facility from a syndicate of commercial banks, providing Altus Power with adequate capital to cultivate its portfolio to over $1 billion of commercial and industrial solar assets.
Altus Power is undergoing significant growth in demand from its private and public customers for locally sited solar arrays — in many instances in combination with battery storage — that are capable of producing energy savings for off-takers, creating lease payments for real estate owners, and assisting its clients meet corporate sustainability goals.
To fulfill this demand, Altus Power and Blackstone have created a partnership that amuses Altus Power’s position as one of the most aggressive solar power companies in the business. The recapitalization includes one of the earliest ever privately rated investment-grade financings comprised solely of commercial and industrial distributed solar assets.
“We’re incredibly enthusiastic to be partnering with Blackstone as we position our business for accelerating growth. By providing Altus using a complete capital structure solution, including investment-grade rated permanent senior financing, Blackstone is empowering Altus to become one of the very aggressive capital partners in dispersed generation solar”
Gregg Felton, Managing Partner of Altus Power
“We are excited to partner with Altus, a leading developer and operator of solar assets using a best in class management team. Our investment will enable Altus to fulfill growing demand for low cost, renewable energy in North America and we believe represents an attractive chance for our investors”
Robert Horn, Senior Managing Director of Blackstone and Co-Head of GSO’s Energy Group.
