Altus gets $47 million upsize in Blackstone facility, pays off loan

By Devika Patel

Knoxville, Tenn., June 21 – Altus Power Inc. upsized its credit facility with Blackstone by $47 million and used $15.8 million of the proceeds to pay off the $15.8 million of borrowings under a construction credit agreement by and among APA Construction Finance, LLC, Fifth Third Bank, NA and Deutsche Bank New York Branch on June 15, according to an 8-K filed with the Securities and Exchange Commission.

This incremental financing is an expansion of the $204 million facility initiated in February 2023.

The additional $47 million will carry the same interest rate and terms as the initial borrowings, a fixed interest rate of 5.62% for the duration of the facility and the option to refinance the debt without penalty after three years.

As a result of the upsize, the total capacity available under the Blackstone credit facility is $251 million.

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

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