STAMFORD, Conn.-Â Altus Power, Inc. announced the closing of a sale leaseback tax equity structure for several solar projects.
Altus Power previously announced an agreement for a business combination with CBRE Acquisition Holdings, Inc. which is expected to result in Altus Power becoming a public company listed on the New York Stock Exchange.Â
The Company has closed on many other types of tax equity structures, but this is the first sale leaseback financing the Company has completed. Fifth Third Bank, National Association, has been a financing partner of Altus Power since January 2020, when the Company established a construction-to-term loan funding facility. This efficient funding relationship with Fifth Third Bank led to an additional opportunity to partner on this sale leaseback financing transaction, which helped to fund projects across Minnesota and Massachusetts.
“With the successful closing of this sale leaseback funding facility, Altus Power continues to demonstrate access to a diversity of funding solutions to support our growth,” said Gregg Felton, Co-CEO of Altus Power. “Community solar is a growing part of our business and we are excited to add these Minnesota community solar customers to our over 5,000 residential customers to whom we provide reliable, renewable electric power at competitive prices. We are also pleased to expand our presence in Massachusetts with additional projects participating in the Massachusetts SMART (Solar Massachusetts Renewable Target) Program.”
