Connecticut-based Altus Power said July 19 it has grown its solar portfolio by acquiring 4.4 megawatts (MW) of operating solar assets in Southern California.
Financial terms were not disclosed.
The assets, acquired from funds managed by Apollo, include rooftop, carport and ground-mounted solar arrays. The acquisition builds on the 112 MW the company currently owns and operates in California.
Long-term contracts for power generated by the assets have already been sealed with HP Inc., Keysight Technologies and a local municipality, Altus said in a news release.
“In addition, Altus Power continues to look for opportunities to add new customers in California and we appreciate the support of the Apollo team in the acquisition of these projects,” Altus Power Co-CEO Gregg Felton said.
The acquisition came about seven months after Altus, one of the largest providers of distributed and community solar in the U.S., entered a definitive agreement to acquire about 220 MW of solar assets from funds managed by True Green Capital Management LLC.
The company’s portfolio spans about 25 states with its largest operations located in New York.
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