Altus Power, Macquarie launch $100m fund for solar, wind projects

Altus Power America Management and Macquarie Group have launched a $100m fund for solar and wind land energy projects in the US.

The fund, called the Clean Energy Land Program, will offer financial solutions for solar and wind developers looking to acquire lands under any projects in development.

It will also provide the opportunity to monetise any existing portfolios of similar assets immediately.

Both the companies anticipate the first transaction to occur during the second quarter of 2014.

Altus Power said through the programme, funds can be more quickly and efficiently deployed towards relevant energy projects.

Altus Power America Management managing partner and origination head Justin Marron said the agreement will allow the company to identify attractive solar and wind land opportunities throughout the country and efficiently deploy capital.

"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," Marron added.

Macquarie Corporate and Asset Finance senior managing director and North American lending head Matthew Lancaster said, "This arrangement combines the provision of efficient asset-based financing with a strong track record in project sourcing and execution."