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Altus Power America Management, a Connecticut-based company that invests in, owns and operates clean energy projects, announced last week the launch of a Clean Energy Land Program with Macquarie Group to finance up to $100 million in solar and wind land energy projects in the US.
The program is designed to bring to the market the most cost competitive capital to acquire lands and rights under solar and wind assets, while allowing the developers and owners of these assets to monetize those values. Through this program, funds can be more quickly and efficiently deployed towards relevant energy projects.
Justin Marron, Managing Partner & Head of Origination of Altus Power America, said:
"We are excited to be working with Macquarie to offer the most cost competitive capital to all project developers and land owners that host such projects. Our new program provides an enhanced opportunity to monetize power assets. This agreement will allow us to identify attractive solar and wind land opportunities throughout the country and efficiently deploy capital."
Matthew Lancaster, Senior Managing Director and Head of North American Lending for Macquarie Corporate and Asset Finance, said:
"Altus and its principals have deep experience in clean energy, and a proven track record in developing wind and solar projects. This arrangement combines the provision of efficient asset-based financing with a strong track record in project sourcing and execution."
The program will offer financial solutions to solar and wind developers to acquire lands under any projects in development and the opportunity to monetize any existing portfolios of similar assets immediately. The parties expect the first transaction to occur during the second quarter of 2014.