Vitol sells $118m US solar energy portfolio to Altus Power – IPE Real Assets

US renewables company Altus Power has expanded its Northeast customer base with the acquisition of 84MW of commercial-scale solar energy systems from Vitol for around $118m (€109m).

Altus Power, which owns a portfolio across 25 states, said the deal adds thousands of new long-term community solar, school district and other enterprise customers served by a mix of rooftop, ground and carport arrays across the Northeast, notably in New York, New Jersey and Maine.

Altus Power develops, owns and operates locally-sited solar generation, energy storage and charging infrastructure across the US.   

Gregg Felton, co-CEO and co-founder of Altus Power, said: “We’re proud of our robust pipeline that is adding community solar subscribers, school districts and other enterprises to Altus Power’s growing customer base. Our expansion in the Northeast offers additional scale in these markets and allows us to continue to enhance the services that we offer our customers.”

“This bilateral acquisition kicks off what we expect to be a long-term strategic partnership with Vitol, a world-class leader in energy asset management, and we look forward to expanding our relationship through future development assets.”

David Munsky, president of Vitol’s subsidiary VC Renewables, said: “We are pleased to be transferring this portfolio to such a well-respected company. Vitol continues to be committed to building its renewable power portfolio with a focus on larger utility-scale projects as part of its commitment to the energy transition.”

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