GREENWICH, Conn., June 19, 2017 /PRNewswire/ -- Altus Power America, Inc. ("Altus Power") is proud to announce the acquisition of a 6 megawatt (MW) DC ground-mounted single-axis tracker solar installation in Rancho Cordova, California. The solar energy system sells clean, renewable energy to Aerojet, Rocketdyne, Inc.
The solar project generates approximately 11 million kilowatt hours (kWh) of electricity annually, enough energy to power the equivalent of 800 homes. The solar project also receives a Power-Based Incentive from Sacramento Municipal Utility District, contributing to California's goal of deriving 33% of retail energy sales from renewable energy by 2020.
"Altus Power is delighted to have consummated this acquisition and enjoyed working with all stakeholders. We believe this transaction demonstrates Altus' structuring flexibility as we were able to invest capital to reinvigorate a seasoned project and optimize production for many years to come," said Abhi Parmar, Vice President of Altus Power. Managing Partner of Altus, Gregg Felton added, "While Altus Power has historically focused on building new projects across the U.S., we are increasingly enthusiastic about acquiring existing operational solar assets; these secondary transactions often involve a degree of technical or structural complexity, which absolutely plays to Altus' strengths."
About Altus Power America
Altus Power America, Inc. is a Greenwich, Conn. 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 (sub-advised by GSO Capital Partners, a Blackstone Group company). Visit www.altuspower.com to learn more.
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SOURCE Altus Power America, Inc.