Altus Power unit borrows $101 million under new term loan

By Wendy Van Sickle

Columbus, Ohio, March 26 – Altus Power Inc. entered into a credit agreement on March 26 with U.S. Bank Trust Co., NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

APA Finance IV, LLC is the borrower. The company borrowed $101 million from the term loan facility on the closing date in connection with the acquisition of solar assets from Vitol Solar I LLC, which closed on Jan. 31.

The credit agreement matures on March 26, 2049.

Outstanding principal amounts bear interest at a fixed rate of 6.45%.

There is an anticipated repayment date of June 30, 2034.

The borrower has the right to increase the term loan facility to make additional draws for certain acquisitions of solar assets.

Quarterly interest and principal payments will be made by the borrower. The term loan amortizes at a rate of 2% of initial outstanding principal per annum until June 30, 2025, after which the term loan will amortize at 2.6% per annum until the anticipated repayment date.

Altus Power is a Stamford, Conn.-based developer, owner and operator of commercial-scale solar facilities.

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