Altus Power, Inc. Announces New Financing Agreement To Optimize Recent Acquisition from D.E. Shaw Renewable Investments
January 05 2023 - 7:00AM
Business Wire
New agreement refinances and upsizes assumed
DESRI facility up to $141.3 million at an effective fixed rate of
4.885% for five years
Altus Power, Inc. (“Altus Power” or the “Company”) (NYSE: AMPS),
the premier independent developer, owner and operator of
commercial-scale solar facilities, announced that on December 23,
2022, it refinanced and upsized the term loan facility assumed with
the recently executed D.E. Shaw Renewable Investments (DESRI)
portfolio. The principal amount of the facility was upsized to
$141.3 million consisting of a term loan facility for approximately
$125.7 million and letters of credit for approximately $15.6
million. The financing agreement includes an interest rate swap
which provides for an effective fixed rate of 4.885% for a term of
five years.
“This agreement secures long-term financing for our new assets
from DESRI at an attractive fixed rate while also increasing the
facility size to reflect the contracted cash flow profile of the
assets,” commented Dustin Weber, CFO of Altus Power. “With the
addition of this facility, we continue to demonstrate access to
multiple sources of capital.”
The lenders for the term loan are KeyBanc Capital Markets Inc.,
KeyBank National Association, and Huntington National Bank.
About Altus Power, Inc.
Altus Power, based in Stamford, Connecticut, is the premier
independent commercial-scale clean electrification company serving
commercial, industrial, public sector and community solar customers
with end-to-end solutions. Altus Power originates, develops, owns
and operates locally-sited solar generation, energy storage and
charging infrastructure across the nation. Visit www.altuspower.com
to learn more.
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version on businesswire.com: https://www.businesswire.com/news/home/20230105005416/en/
Altus Power Chris Shelton, Head of IR
InvestorRelations@altuspower.com
Altus Power (NYSE:AMPS)
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