Altus Power, a commercial-scale provider of clean electric power, closed a $100 million secured credit facility with an affiliate of Goldman Sachs Asset Management and CPPIB Credit Investments, a subsidiary of the Canada Pension Plan Investment Board. Altus Power plans to use proceeds from the facility to support its ongoing expansion. The facility carries an interest rate of 8.5% and a term of six years and is prepayable without penalty after three years.
“We’re pleased to welcome Goldman Sachs and CPP Investments as partners in Altus Power, bringing capital that will fund our expected growth plans in 2024,” Dustin Weber, CFO of Altus Power, said. “This financing capitalizes on our growing cash flow generation, which has been a defining feature of our business model.”
“Our pipeline includes an attractive flow of operating and development assets and, with this efficient financing, we’re well positioned to execute on these opportunities,” Gregg Felton, co-founder and co-CEO of Altus Power, said. “We believe this new facility positions us to increase our market share while providing our counterparties with execution certainty and our shareholders with continued profitable growth.”
