Altus Power acquires five solar farms from Beltline Energy
Altus Power America has completed the acquisition of a 4MW operating solar portfolio from Beltline Energy, comprising four single-axis tracker and one fixed-tilt facility.
The projects sell clean, renewable energy to Georgia Power, while generating approximately 6.5 million KW hours of electricity annually, enough to power 540 homes.
"This acquisition demonstrates Altus Power's ability to structure a complex transaction to optimise Beltline's objectives. The acquisition of the Beltline assets, together with the strategic acquisition of a significant number of C&I-scale operating solar assets over the past 18 months, solidifies Altus Power's position as a competitive buyer of solar assets throughout the United States. In addition to the acquisition of operating projects, Altus Power continues to develop C&I-scale solar assets across the country," says Sean Rheuben, Managing Director of Altus Power.
Based in Greenwich, Connecticut, Altus Power is a solar power company that provides clean electricity to commercial, industrial and municipal clients across the US. Since it’s founding in 2009, Altus has developed or acquired more than 150 distributed generation solar facilities totalling in excess of 200 megawatts from Vermont to Hawaii.
"Altus Power was a great partner in this transaction and demonstrated a strong understanding of the complexities of renewable energy financing along with knowledge in solar operations. Beltline has developed multiple portfolios with numerous groups over the years, and Altus Power stands out in its expertise, along with its adherence to being a reasonable and reliable counterparty.
“Beltline continues as a leader in developing solar portfolios in the Southeast and we look forward to more transactions with Altus Power," says Stephen Elkind, Managing Partner of Beltline Energy.
Earlier this year, the company teamed up with Blackstone, through its GSO Capital Partners and Blackstone Insurance Solutions groups, to lead a recapitalisation with £657 million of funded and committed capital to refinance the existing capital structure and fund future development.
The recapitalisation consists of preferred and minority equity and investment grade-rated debt financing provided by GSO and a BIS-led consortium, respectively, and a construction-to-term loan facility from a syndicate of commercial banks, providing Altus Power with sufficient capital to grow its portfolio to over £774 million worth of commercial and industrial solar assets.
The company says that it is experiencing significant growth in demand from its private and public clients for locally sited solar arrays – in many instances, in combination with battery storage – that are capable of producing energy savings for off-takers creating rent payments for real estate owners, and helping its clients meet corporate sustainability goals.
HyNet North West and InterGen to build Zero Carbon plant
Expected to begin in the mid-2020s, the partnership could reduce the CO2 emissions from the Runcorn power station by over 150,000 tonnes each year, the equivalent of taking 60,000 cars off the road every year.
Situated across one of the UK’s largest industrial areas which supports the highest number of manufacturing jobs of any UK region, HyNet North West will bring clean growth to safeguard jobs, and create thousands of new employment opportunities.
Following a commitment of £72 million in funding, HyNet North West will transform the North West into the world’s first low carbon industrial cluster, playing a critical role in the UK’s transition to ‘net zero’ greenhouse gas emissions by 2050 and the global fight against climate change.
HyNet North West will begin decarbonising the North West and North Wales region from 2025, replacing fossil fuels currently used for electricity generation, industry, heating homes and transportation with clean hydrogen. The project will also capture and lock up carbon which is currently emitted into the atmosphere.
It anticipates that by 2028, Rocksavage will have enough hydrogen produced by HyNet to move towards a 100% net zero power generation power station as the Gas Turbine technology becomes available.
InterGen’s Rocksavage Plant Manager Dan Fosberg said Rocksavage has been safely generating energy to power the north west for nearly 25 years, but in order to meet the UK’s net zero targets, traditional generation needs to adapt.
"HyNet North West will allow us to pivot our operations as we transition to a low-carbon world. The proximity of the Rocksavage Power Plant to the HyNet North West hydrogen network provides us with an exciting and unique opportunity," he said.
As soon as the first stage of the hydrogen network is available at Runcorn, InterGen intends to modify the existing generating plant to consume a blend of hydrogen with natural gas and start to reduce our emissions.
The HyNet North West project milestones mean that Rocksavage could be the first plant in the UK to blend Hydrogen with natural gas, a step forward for the industry in the target for net-zero. Once the gas turbine technology becomes available, it will explore options with HyNet North West to create a zero emissions power station using 100% hydrogen.
The project will play a big part in supporting Liverpool City Region in its commitment to reach zero carbon by 2040 and accelerate the UK’s transition to net zero by 2050.
Steve Rotheram, Metro Mayor of Liverpool City Region, said: “Putting the Liverpool City Region at the heart of the Green Industrial Revolution is one of my top priorities. With our existing strengths in green energy, we have the potential to become the UK’s renewable energy coast.
“I am committed to doubling the number of green jobs in our region and exciting projects like HyNet will be a key part of that. We’re going to lead the way, not only in doing our bit to tackle climate change, but in pioneering new and innovative technology that in turn attracts more jobs and investment to our region.”
David Parkin, HyNet North West Project Director, said HyNet North West will play a big part in tackling climate change regionally. "It will ensure the region remains an attractive location for investment and for companies to grow through the establishment of a clean economy, protection of skilled jobs and creation of thousands of new long-term employment opportunities.
“Our partnership with InterGen at Rocksavage shows just how great an impact HyNet will have on the region – decarbonising homes, workplaces, travel and industry.”
HyNet North West is a low carbon energy project at the forefront of the UK’s journey to a Net Zero future, being developed by a consortium comprising Progressive Energy, Cadent, Essar, Inovyn, Eni, University of Chester, CF Fertilisers and Hanson.