Altus Power Acquires 234 MW Portfolio in Major Consolidation Move

STAMFORD, CT – December 18, 2025 – Altus Power has significantly expanded its national footprint with the acquisition of a 234-megawatt (MW) portfolio of solar generation and energy storage assets from Greenbacker, an investment manager focused on the energy transition. The deal, announced today, involves more than 100 sites across 18 states and stands as one of the most substantial transactions in the distributed generation sector in recent years.

The acquisition boosts Altus Power's total owned and operated capacity to over 1.3 gigawatts (GW) across 30 states and the District of Columbia, cementing its position as a dominant force in the commercial and community solar market. The newly acquired projects feature long-term contracts with a diverse mix of high-quality, investment-grade customers, including a global e-commerce and logistics company, a regional university, and major utilities.

A Strategic Play for Market Leadership

This transaction is more than just an expansion; it is a clear indicator of Altus Power's strategy to consolidate the fragmented distributed generation market. By acquiring large, complex portfolios, the Stamford-based company is positioning itself as the premier partner for asset owners looking to divest.

“This acquisition demonstrates Altus Power’s ability to transact at scale and deliver reliable, cost-effective power solutions nationwide,” said Abhi Parmar, Chief Investment Officer at Altus Power. “Our disciplined approach and deep operational expertise enable us to serve as a long-term steward for these assets, creating enduring value for our customers, investors, and all stakeholders involved.”

This move is part of a broader pattern of aggressive growth for Altus. The company has been actively scaling its operations, backed by substantial financial support from partners like Blackstone, which has provided approximately $1.5 billion in funding to date. Earlier in 2024, Altus acquired an 84 MW portfolio from Vitol for roughly $118 million, signaling its capacity and appetite for large-scale acquisitions. The ability to execute such deals efficiently highlights the company's operational strength.

“Executing a transaction of this scale and complexity in such an efficient and timely manner reflects the depth of expertise and commitment across our team,” noted Dan Griffin, Co-Head of Investment and Structured Finance at Altus Power. “This portfolio meaningfully expands our platform and strengthens our presence in key markets.”

Greenbacker's Pivot to Larger-Scale Projects

For Greenbacker, the sale represents a strategic realignment rather than a retreat. The company is deliberately shifting its focus away from managing a wide array of smaller distributed assets to concentrate on developing and operating larger, high-impact clean energy projects. This move is intended to optimize its project fleet and unlock capital for reinvestment.

“Partnering with Altus Power was a natural next step," said Dan de Boer, CEO of Greenbacker. "Their scale, experience and commitment to long-term asset management and customer service align well with Greenbacker’s broader strategy to optimize our project fleet via selective sales of non-core assets, as we sharpen our focus on high-impact, larger-scale clean energy projects.”

This strategic pivot comes as Greenbacker navigates a challenging financial environment. After reporting a significant net loss in 2024 and a subsequent decrease in its Net Asset Value (NAV), the company initiated an organizational restructuring to streamline operations. The sale of this 234 MW portfolio, along with a separate 51.2 MW portfolio sale in August 2025, provides crucial capital and allows the firm to dedicate resources to its development pipeline. A prime example of this new focus is Greenbacker's 674 MWdc "Cider" solar farm in New York, for which it recently secured nearly $1 billion in financing. Once completed, Cider is expected to be the largest solar project in the state, underscoring the company's commitment to utility-scale generation.

Powering Commerce and Communities Across America

Beyond the corporate strategy, this acquisition directly impacts businesses and communities in 18 states. The portfolio's assets, likely a mix of rooftop and ground-mounted systems, provide clean, locally-sourced electricity to a diverse customer base, including commercial clients, municipalities, universities, schools, and hospitals. For these customers, the long-term power purchase agreements (PPAs) associated with these projects offer critical benefits: predictable, often lower, electricity costs and a tangible way to meet corporate sustainability goals.

The inclusion of a "global e-commerce and logistics company" in the customer roster highlights a major trend driving the renewable energy market: corporate procurement. Companies, particularly in the tech and logistics sectors with their vast data centers and warehouses, are increasingly turning to PPAs to secure clean energy, manage price volatility, and reduce their carbon footprint. With an expanding portfolio, Altus Power is well-positioned to serve this growing demand, offering digital tools that help corporate clients track their energy usage and sustainability metrics.

The expansion also strengthens Altus Power's role in the community solar space, where it already serves over 24,000 customers. Community solar projects allow homeowners, renters, and small businesses to subscribe to a local solar farm and receive credits on their electricity bills, making renewable energy accessible to those who cannot install panels on their own properties.

Navigating a Dynamic and Consolidating Energy Landscape

The Altus-Greenbacker deal reflects the broader dynamics of the U.S. renewable energy market, which is experiencing both rapid growth and significant consolidation. While the distributed solar market is projected to grow substantially, reaching an estimated $183.6 billion by 2034, developers and asset owners face headwinds. Persistent challenges include interconnection delays, skilled labor shortages, and the impact of higher interest rates on project financing.

In this environment, well-capitalized and operationally mature companies like Altus Power have a distinct advantage. They can acquire high-quality assets from firms that are either facing financial pressure or, like Greenbacker, strategically choosing to refocus their efforts. This trend is likely to continue, with larger players absorbing smaller portfolios to achieve greater scale, efficiency, and market share. By successfully integrating this complex, multi-state portfolio, Altus Power not only enhances its own platform but also demonstrates a viable model for growth and long-term asset stewardship in an evolving industry. The transaction reinforces the company's capacity to manage diverse portfolios across the country, furthering its mission to expand access to affordable and reliable clean energy.