Altus Power acquires 84MW portfolio from Vitol for about $118M

Altus Power announced the signing and closing of approximately 84 MWs of commercial-scale solar arrays from Vitol, the largest independent energy trader globally, for total proceeds of approximately $118 million. The acquisition adds thousands of new long-term Community Solar, school district and other enterprise customers served by a mix of rooftop, ground and carport arrays to Altus Power’s strong customer base across the Northeast, notably in New York, New Jersey and Maine. “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,” said Gregg Felton, co-CEO and co-founder, Altus Power. “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.”