Altus Power Acquires Sponsor Member Interests in Solar Tax Equity Partnership
Altus Power America, Inc. with its subsidiaries (“Altus Power”) has successfully completed the acquisition of sponsor member shares in an existing solar tax equity partnership from a California-based developer. The tax equity partnership owns a 3.97MW ground mounted PV solar system in southern California that sells power under a 20-year PPA. Altus Power structured the transaction to recapitalize the sponsor’s position in the partnership while maintaining the obligations under the partnership agreement to the tax equity investor.
Managing Partner of Altus Power, Lars Norell said, “We went into this deal recognizing there would be complexity and we are very pleased to have worked together with all the stakeholders in the asset for a successful close. We are also delighted to have set a good precedent that will allow us to purchase secondary membership interests in more solar partnerships.”
“This is a big milestone for Altus Power as this marks the first transaction of its kind for the company. Structuring a new tax equity partnership can be a fairly complicated process to begin with, so purchasing secondary shares in an existing partnership brings about an additional layer of challenges”, added Abhi Parmar, Vice President of Altus Power.
About Altus Power America
Altus Power America, Inc. is a Greenwich, Connecticut-based company that invests in, owns and operates clean energy projects that provide renewable energy and solar savings to commercial and public sector clients. Altus is funded by Goldman Sachs, Global Atlantic Financial Group and FS Investments. Visit www.altuspower.com to learn more.