Altus Power raises $200 million for solar project investment

Solar energy investment group Altus Power America Management has raised $200 million for a new company aimed at financing solar generation projects.

The Connecticut-based Altus Power tapped four funds sponsored by Franklin Square Capital Partners to fund the new company, Altus Power America, Inc. (APA). The financing firm is Altus Power’s fifth solar-focused enterprise.

Tom Athan, Altus Power co-founder and managing partner, said Altus had built a successful solar investing platform over the past five years, adding that the "infusion of capital will help us propel growth and should position Altus Power as one of the largest investors in the rapidly expanding distributed generation commercial and industrial solar marketplace."

Altus Power offers a broad range of financial services to solar developers and construction companies. In addition to investing in operational and construction-ready solar projects, Altus Power invests in the development of projects in the form of early land option payments or feasibility studies.

Lars Norell, Altus Power co-founder and managing partner, added that solar energy was “a growing asset class” that was now attracting the attention of very significant investors.

“The APA platform will allow us to continue to serve corporate and public energy consumers by building solar energy systems and delivering savings in a growing number of states,” Norell said. “We are pleased to have an increased capital base available to fund solar developers in a transparent and predictable manner."

GSO Capital Partners, a Blackstone Group company, worked with the Franklin Square funds as a sub-advisor in backing APA.

"We believe Altus Power represents a great opportunity to invest in a rapidly developing sector with a best in class management team,” said Dan Smith, senior managing director at GSO Capital Partners. “It is consistent with our strategy of deploying capital in growing specialty finance companies that represent compelling and differentiated risk adjusted returns for the Franklin Square funds we sub-advise."