Altus Power America said it has raised over $200 million from a group of investors including Goldman Sachs to fund future solar projects.
Commitments also came from Global Atlantic Financial Group and FS Investments, which is sub-advised by Blackstone’s credit business GSO Capital Partners and has previously backed Altus.
Altus, based in Connecticut, invests in operational and development projects. This capital raise will pay for new commercial projects that are expected to bring 10 to 15 percent returns annually, according to The Wall Street Journal.
“This additional capital will support Altus’ significant project pipeline as we continue to invest in the rapidly expanding distributed generation commercial and industrial solar marketplace,” Altus managing partner Gregg Felton said in a statement.
Beyond funding projects, Altus said it provides early-stage capital to help pay for land option payments or feasibility studies. The firm targets distributed solar and generation opportunities in the commercial and industrial sectors.
FS Investments and GSO Capital committed $125 million in October 2014 as part of Altus’s fifth solar fund. FS Investments currently manages six funds with over $18 billion in assets under management, and GSO Capital has around $85 billion in AUM.
Global Atlantic Financial Group is a life insurer founded at Goldman Sachs in 2004 that became an independent company in 2013.
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