Altus Power closes USD-42m sale leaseback solar funding

US clean energy firm Altus Power Inc has completed a sale leaseback tax equity financing worth USD 42 million (EUR 36.2m) for several unspecified solar projects in Minnesota and Massachusetts.

The company, which offers locally-sited solar generation, energy storage and electric vehicle (EV) charging and is preparing to list in New York via a merger with a blank-check company, said on Thursday that its financial partner in the transaction was Fifth Third Bank NA. The deal was Altus’ first sale leaseback financing.

The projects in Minnesota will serve community solar customers and the ones in Massachusetts will participate in the state’s Solar Massachusetts Renewable Target (SMART) incentive programme.

As announced in July, Altus Power will merge with CBRE Acquisition Holdings inc (NYSE:CBAH), a blank-check company sponsored by commercial real estate services major CBRE Group Inc (NYSE:CBRE). The transaction is expected to generate gross cash proceeds of about USD 678 million to the company.

Last month, Altus Power upsized an investment-grade senior funding facility to USD 503 million to partly fund the purchase of a 79-MW solar plant portfolio.

(USD 1.0 = EUR 0.862)

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