Altus Power has closed on a secured credit facility with a principal loan amount of $100 million by an affiliate of Goldman Sachs Asset Management and CPPIB Credit Investments III, a subsidiary of Canada Pension Plan Investment Board.
The company plans to use facility proceeds to support its ongoing expansion. The facility carries an 8.5% interest rate and a term of six years while being prepayable without penalty after three years.
“We’re pleased to welcome Goldman Sachs and CPP Investments as partners in Altus Power, bringing capital that will fund our expected growth plans in 2024,” says Dustin Weber, CFO of Altus Power. “This financing capitalizes on our growing cash flow generation, which has been a defining feature of our business model.”
“Our pipeline includes an attractive flow of operating and development assets and, with this efficient financing, we’re well positioned to execute on these opportunities,” adds Altus Power’s Gregg Felton. “We believe this new facility positions us to increase our market share while providing our counterparties with execution certainty and our shareholders with continued profitable growth.”