Altus Power Announces Acquisition of 3.4 MW Community Solar Development Project in Maryland from Chaberton Energy

Rhea-AI Summary

Altus Power has acquired a 3.4 MW solar project from Chaberton Energy in East New Market, Maryland. The project, part of Maryland's Community Solar Energy Generating Systems pilot program, will provide clean electric power to over 380 households upon completion. The development includes forest conservation measures and $2 million in grid and substation upgrades to improve electrical reliability in Dorchester County. This acquisition expands Altus Power's Maryland portfolio and community solar subscriber base, which currently serves over 30,000 subscribers nationwide.

Positive

• Expansion of portfolio with 3.4 MW solar project acquisition
• Project will serve 380+ households, expanding customer base
• $2 million investment in grid infrastructure improvements
• Strengthens presence in Maryland's community solar market

Negative

• None.

Insights

Financial Analyst

The acquisition of a 3.4 MW solar project in Maryland represents a strategic expansion of Altus Power's community solar portfolio. The project's key financial metrics include:

• Expected subscriber base of 380+ households
• Infrastructure investment of $2 million in grid upgrades
• Additional value from 3+ acres of protected forest conservation land

While modest in size compared to Altus's total portfolio, this acquisition strengthens their position in Maryland's CSEGS program and adds predictable, long-term revenue streams. The investment aligns with growing demand for community solar projects, which typically generate stable returns through subscriber-based revenue models. The grid infrastructure improvements could potentially create additional value through enhanced system reliability and reduced maintenance costs.

STAMFORD, Conn. & ROCKVILLE, Md.--(BUSINESS WIRE)-- Altus Power, the largest commercial-scale provider of clean electric power, today announced the acquisition of a 3.4 MW solar project from Chaberton Energy, a Maryland-based national renewable energy project developer, which Altus Power will complete development of and then construct. Upon completion, the power generated by the asset, owned and operated by Altus and located in East New Market, Maryland, will deliver the benefits of clean, electric power to the local community, through Maryland’s Community Solar Energy Generating Systems (CSEGS) pilot program.

“We’re proud to be expanding our portfolio in Maryland and growing our Community Solar subscriber base in the state, enabling more households to access the benefits of clean, electric power,” said Abhi Parmar, Chief Investment Officer of Altus Power. “The Chaberton team’s expertise and vision was instrumental in bringing this project to fruition, and we look forward to future collaborations.”

Senake Gajamera, Chaberton Energy's Chief Financial Officer, said, "In Altus Power we have a partner who shares our goal of helping communities access local, affordable green energy. We're so proud to be working with Altus to put more clean power on the grid for Marylanders."

As part of the development of the project, more than three acres of land were placed under forest conservation and will be protected from non-agricultural development, and more than $2 million will be invested in grid and substation upgrades, resulting in better electrical reliability for Dorchester County and surrounding areas.

Upon completion, the clean electric power generated by this project is expected to benefit more than 380 households, significantly reducing carbon emissions and contributing to Altus Power’s commitment to nationwide carbon reduction. Altus Power’s distributed solar generation systems are at the core of its mission to support enterprises and individuals in achieving their sustainability goals.

As a pioneer in Community Solar, Altus Power serves more than 30,000 subscribers nationwide, providing homeowners and renters from diverse income brackets with the benefits of clean energy savings—without the need for individual solar installations. To learn more about how Altus Power is transforming community access to solar energy, visit https://www.altuspower.com/community-solar.

About Altus Power

Altus Power, based in Stamford, Conn., is the largest commercial-scale provider of clean electric power serving commercial, industrial, public sector and Community Solar customers with end-to-end solutions. Altus Power originates, develops, owns and operates locally-sited solar generation, energy storage and charging infrastructure across the nation. Visit www.altuspower.com to learn more.

About Chaberton Energy

Headquartered in Maryland, Chaberton Energy is a public benefit corporation focused on developing sustainable infrastructure and renewable energy projects for communities and businesses. Chaberton was named to the 2024 Inc. 5000 list of America’s fastest-growing private companies and ranks as the No. 1 fastest-growing community solar company, the No. 2 fastest-growing Maryland company, and the No. 34 fastest-growing company overall.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241121713058/en/

For More Information

Jenny Volanakis

mediarelations@altuspower.com

Source: Altus Power, Inc.

FAQ

What is the size of Altus Power's (AMPS) new solar project acquisition in Maryland?

Altus Power acquired a 3.4 MW solar project in East New Market, Maryland from Chaberton Energy.

How many households will benefit from Altus Power's (AMPS) new Maryland solar project?

The solar project is expected to benefit more than 380 households upon completion.

How much is Altus Power (AMPS) investing in grid upgrades for the Maryland project?

Altus Power is investing more than $2 million in grid and substation upgrades for improved electrical reliability in Dorchester County.

How many subscribers does Altus Power (AMPS) serve nationwide through its community solar program?

Altus Power serves more than 30,000 subscribers nationwide through its community solar program.