Altus Power America Completes Capital Raise for Solar Energy with Four Franklin Square Sponsored Funds Sub-Advised by GSO Capital Partners
October 1, 2014 – Altus Power America Management, LLC (“Altus Power”), a market leader in solar power project investing, has joined with four funds sponsored by Franklin Square Capital Partners, all sub-advised by GSO Capital Partners, a Blackstone Group company to fund Altus Power America, Inc. (“APA”). This new company, Altus Power’s fifth solar-focused operation, has the financial capacity to fund $200 million of solar generation projects.
“Over the past five years Altus Power has built a successful solar investing platform and we are now excited to partner with GSO/Blackstone and the Franklin Square funds. This infusion of capital will help us propel growth and should position Altus Power as one of the largest investors in the rapidly expanding distributed generation commercial and industrial solar marketplace,” said Tom Athan, Altus Power Co-Founder and Managing Partner.
Altus Power offers solar developers and construction companies the full suite of financial services and is viewed in the market as a flexible partner in developing solar assets. In addition to investing in operational and construction-ready solar projects, Altus Power invests capital to develop projects in the form of early land option payments or feasibility studies with the aim of creating value for investors and clean energy savings for its clients.
Lars Norell, Co-Founder and Managing Partner added “Solar energy is a growing asset class that is now attracting the attention of some very significant investors, like the Franklin Square funds and GSO/Blackstone. The APA platform will allow us to continue to serve corporate and public energy consumers by building solar energy systems and delivering savings in a growing number of states. We are pleased to have an increased capital base available to fund solar developers in a transparent and predictable manner.”
Tom Athan and Lars Norell will continue to grow Altus Power together with their partners, including Gregg Felton, Tony Savino and Justin Marron, all of whom have extensive experience in the finance and renewable energy development sectors. The Altus Power staff has broad-based experience in operations, sales, marketing and administration.
GSO Capital Partners, with approximately $69.5 billion in assets under management, is the credit platform of The Blackstone Group, a leading global institutional alternative asset manager and provider of financial advisory services, with assets under management of approximately $279 billion.
Franklin Square Capital Partners is a leading manager of alternative investment funds designed to enhance investors’ portfolios by providing access to asset classes, strategies and asset managers that typically have been available to only the largest institutional investors. Franklin Square manages over $12 billion** in assets. Franklin Square’s funds are currently sub-advised by GSO or its affiliates.