Altus Power increased the size of its investment grade senior funding facility to $503 million and reduced the facility’s interest rate, while also extending the facility’s term.
Altus Power previously announced an agreement for a business combination with CBRE Acquisition Holdings, which is expected to result in Altus Power becoming a public company listed on the New York Stock Exchange.
Altus Power has refinanced its existing senior funding facility with Blackstone Credit‘s structured products group to add an additional $135 million, bringing the aggregate facility to $503 million. The upsized senior funding facility now carries a weighted average 3.51% annual fixed rate, reduced from the previous weighted average rate of 3.70%, and matures in February 2056. This facility was used in part to fund the recently announced acquisition of a 79-megawatt portfolio of operating solar projects and is designed to be dynamic and to scale in order to fund future acquisitions of operating solar assets.
“With this upsized senior funding facility, Altus Power is well positioned to provide its best-in-class generation, storage and EV-charging services in an efficient and programmatic way,” Gregg Felton, co-CEO of Altus Power, said. “Altus Power’s reputation for successfully providing customers with reliable, renewable electric power at competitive prices on long-term agreements continues to grow.”
“We are excited to upsize our investment grade facility with Altus Power,” Rob Camacho, co-head of structured products at Blackstone Credit, said. “We look forward to our continued partnership with Altus Power as they scale their clean energy platform.”
