Altus Power takes $163 million incremental draw on funding facility

Chicago, Dec. 21 – Altus Power Inc. entered a third amendment to its credit agreement with U.S. Bank Trust Co., NA as administrative agent originally signed in Feb. 15, 2023 and modified on Wednesday, according to an 8-K filing with the Securities and Exchange Commission.

The third amendment to the Blackstone long-term funding facility provides an additional $163 million to Altus for borrowing with interest at 6.7%. Total aggregate commitments, including previous incremental increases, are now for a $430 million term loan with a fixed weighted average rate of 6.03%.

An $89 million portion of the proceeds were used to fund the acquisition of 121 megawatts of solar assets, with cash on hand.

The remaining proceeds will be used to provide long-term funding for other asset additions.

Altus Power is a Stamford, Conn.-based developer, owner and operator of commercial-scale solar facilities.

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