GREENWICH, Conn., Jan. 14, 2020 /PRNewswire/ -- Altus Power America, Inc. ("Altus Power" or the "Company"), a
market-leading solar power company that provides clean electricity
to commercial, industrial and municipal clients across the
U.S., announced today that Blackstone (NYSE: BX),
through its GSO Capital Partners LP ("GSO") and
Blackstone Insurance Solutions ("BIS") groups, has led a
recapitalization with $850 million of
funded and committed capital to refinance the existing capital
structure and fund future development.
The recapitalization consists of preferred and minority equity
and investment grade-rated debt financing provided by GSO and a
BIS-led consortium, respectively, and a construction-to-term loan
facility from a syndicate of commercial banks, providing
Altus Power with sufficient capital
to grow its portfolio to over $1
billion of commercial and industrial solar
assets.
Altus Power is experiencing
significant growth in demand from its private and public clients
for locally sited solar arrays – in many instances in combination
with battery storage – that are capable of producing energy savings
for off-takers, creating rent payments for real estate owners, and
helping its clients meet corporate sustainability goals. To meet
this demand, Altus Power and
Blackstone have created a partnership that solidifies Altus Power's position as one of the most
competitive solar power companies in the industry. The
recapitalization includes one of the first ever privately rated
investment-grade financings comprised solely of commercial and
industrial distributed solar assets.
"We're incredibly enthusiastic to be partnering with Blackstone
as we position our business for accelerating growth. By providing
Altus with a full capital structure solution, including
investment-grade rated permanent senior financing, Blackstone is
empowering Altus to be one of the most competitive capital partners
in distributed generation solar," said Gregg Felton, Managing Partner of Altus Power.
"We are excited to partner with Altus, a leading developer and
operator of solar assets with a best in class management team. Our
investment will enable Altus to meet growing demand for low cost,
renewable energy in North America
and we believe represents an attractive opportunity for our
investors," said Robert Horn, Senior
Managing Director of Blackstone and Co-Head of GSO's Energy
Group.
About Altus Power
Altus Power is a market-leading
solar power company based in Greenwich,
Connecticut that provides clean electricity to commercial,
industrial and municipal clients across the U.S. Since its
founding in 2009, Altus has developed or acquired more than 130
distributed generation solar facilities totaling in excess of 180
megawatts from Vermont to
Hawaii. Visit www.altuspower.com
to learn more.
About GSO Capital Partners
GSO is one of the world's largest credit-oriented alternative
asset managers with approximately $121
billion in total assets under management as of September 30, 2019. GSO's team of 391
professionals constitutes one of the largest in the industry, with
a deep reservoir of credit expertise and experience across a range
of market cycles, further enhanced by access to Blackstone's global
resources and perspective. GSO's scale and expertise allow it to
provide financing solutions that enhance a corporation's financial
flexibility, while capturing opportunities for investors. The
solutions GSO offers draw upon a range of non-investment grade
investments such as leveraged loans, high yield bonds, distressed
debt, mezzanine lending and rescue financing.
About Blackstone Insurance Solutions
Blackstone Insurance Solutions manages assets for insurance
company clients, including affiliates of Blackstone and third-party
insurers. The BIS team leverages Blackstone's leading
investment platforms including private credit, private equity, real
estate and hedge funds to deliver tailored solutions that meet
insurers' unique objectives.
Media: Contact Altus Power at
203.698.0090 or bizdev@altuspower.com
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SOURCE Altus Power America,
Inc.