Portfolio Insights

Scaling a Leading Renewable Power Provider

Altus Power

The Backstory

The global energy transition will require $5 trillion in investment each year between now and 2030.1 This has created enormous opportunity for Altus Power – the largest owner of commercial scale solar in the US. Founded in 2009, Altus develops, owns and operates solar generation, energy storage and charging infrastructure for commercial, public sector, industrial and Community Solar customers.

During its first decade, Altus established itself as one of the leading companies in the distributed solar sector, thanks in part to an initial investment from Blackstone Credit in 2014. Yet by 2019, the acceleration of the energy transition meant that the company had the potential to expand even further, so they set out to find partners that could help it strategically and efficiently scale.

The Partnership

Blackstone took this opportunity to invest in an established renewable energy player on the verge of tremendous growth. We deepened our relationship with Altus Power in 2020, when Blackstone Credit and Blackstone Insurance Solutions led a recapitalization that included sufficient funding for Altus to more than double its solar capacity over the next two years. To date, Blackstone has provided approximately $1.5 billion to Altus, with targeted support for select solar initiatives. In November 2023, for instance, we issued a new line of capital – named the Blackstone Construction Facility – dedicated to funding the equipment, labor and fees needed to build new solar projects.

Our scale enabled us to act not merely as a capital provider, but as a capital partner, equipping the company with the resources to fuel its next chapter. Through our Value Creation program, we helped the company streamline processes, connecting them with our procurement service and an HR software provider that lowered administrative costs. And through our Real Estate business – the largest owner of commercial real estate in the world – we connected Altus with a key component for distributed solar projects: empty rooftop space.

Blackstone’s real estate portfolio includes Link Logistics, the operator of the largest portfolio of high-quality logistics assets in the United States . This gives us access to vast amounts of unused rooftop space – an ideal site for Altus to construct and operate local renewable energy.

At Blackstone, we look for opportunities to act as a one-stop-shop for our partners, equipping them with a full suite of tools to accelerate growth. The network, support and expertise we provided Altus Power exemplifies the comprehensive solutions we can offer companies.

Robert Horn
Global Head of the Sustainable Resources Group for Blackstone Credit & Insurance

The Outcome

Altus installed solar panels on Link’s New Jersey rooftops and electric vehicle charging systems at its facilities. All told, the project is anticipated to generate $150 million in value over 20 years, with nearly 20,000 metric tons of carbon dioxide removed each year. Consumers benefit as well: because the projects were built as part of New Jersey’s Community Solar program, the approximately 3,500 customers whose homes are powered by the 30 million kilowatt hours the panels deliver will enjoy a discount on their utility bills.

Similar Community Solar programs across seven additional states deliver Altus solar power at a discount to 20,000-plus customers – yet such projects represent only a fraction of the company’s growth. Prior to our recapitalization in 2020, Altus owned and operated 146 megawatts of renewable power; by late 2021, the year they went public, that number had more than doubled to 362 megawatts.

Today, Altus owns approximately 900 megawatts of renewable power, with the majority of these projects backed by Blackstone capital, and approximately 50 Blackstone employees in New York and New Jersey have elected to use Altus as their Community Solar provider through Altus Power’s Employee Partnership Program. The company’s rapid transformation models Blackstone’s approach to investing: find promising companies in high-growth industries and provide them with not just the capital but the connections and capabilities they need to fulfill their potential.

  1. International Renewable Energy Agency, “Investment Needs of USD 35 trillion by 2030 for Successful Energy Transition,” March 28, 2023.


project facilitated by Blackstone


of renewable power owned


community solar customers nationwide


increase in renewable power capacity since Blackstone recapitalization

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