Altus Power buys 12-MW US solar portfolio from Hecate Energy

US clean power firm Altus Power has acquired a 12-MW portfolio of operating commercial-scale solar assets from Chicago-based renewables developer Hecate Energy, expanding its presence across four states.

The portfolio comprises plants located in Florida, Georgia, Maryland and Rhode Island, strengthening Altus Power’s footprint in Mid-Atlantic and Southeast markets where electricity demand has been on the rise, the firm said on Thursday.

Financial terms of the transaction were not disclosed. Ignite Renewable Capital acted as exclusive sell-side adviser to Hecate Energy on the deal.

Altus Power said the assets serve a mix of enterprise and utility off-takers, in line with its strategy of supplying incremental, cost-effective power in markets with supportive policy frameworks and strong long-term demand.

The acquisition adds to Altus Power’s operating base of around 1.3 GW of solar capacity across more than 600 projects in 30 US states and Washington, DC. It also follows the company's recent deal to acquire a 234-MW portfolio of solar power and storage assets in the United States.

Altus Power is backed by private equity firm TPG Rise Climate Transition Infrastructure.

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