Altus Power Announces New Construction Facility
13 11월 2023 - 9:15PM
Business Wire
Construction Facility Provided by Insurance
Companies to fund Altus Power Assets During Construction
Altus Power, Inc. (NYSE: AMPS), the leading commercial-scale
provider of clean electric power, today announced the closing of
its Blackstone Construction Facility. The facility is designed for
the construction of commercial solar assets and includes capacity
of $200 million to fund costs including equipment, labor,
interconnection as well as development fees.
“In an environment where bank lending and conventional
construction facilities are extremely limited, Altus Power has
secured an additional line of capital from Blackstone which can be
used to fund our construction activity,” said Dustin Weber, CFO of
Altus Power. “This new facility provides a significant advantage as
we look to optimize our working capital to support our targeted
expansion in 2024 and beyond.”
“We built our business to be resilient and capable of prospering
in various market environments, including the current one. This
first-of-its-kind facility demonstrates our team’s financing
ingenuity and our long-standing Blackstone relationship,” added
Gregg Felton, Co-founder, and Co-CEO of Altus Power. “Together with
Blackstone, we designed this construction facility to leverage the
strong appetite of insurance capital which provides long-term
financing and will now also finance Altus during the construction
period.”
“We are pleased to be partnering with Altus Power to launch this
construction facility on behalf of our insurance clients,” remarked
Robert Camacho, Global Head of Asset Based Finance for Blackstone’s
Structured Finance Group. “Our insurance clients have significant
capacity for the high quality long-duration investments that Altus
is originating.”
About Altus Power
Altus Power, based in Stamford, Connecticut, is the leading
commercial-scale provider of clean electric power serving
commercial, industrial, public sector and Community Solar customers
with end-to-end solutions. Altus Power originates, develops, owns
and operates locally-sited solar generation, energy storage and
charging infrastructure across the nation. Visit www.altuspower.com
to learn more.
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version on businesswire.com: https://www.businesswire.com/news/home/20231113067067/en/
Altus Power: Chris Shelton Head of IR
InvestorRelations@altuspower.com
Altus Power (NYSE:AMPS)
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