Altus Power Acquires 32MW of Community Solar Projects in Virginia

Altus Power has acquired five community solar projects totalling 32 megawatts from New Leaf Energy, currently under development in Virginia, expected to deliver clean power benefits to approximately 5,000 homes. The ground-mounted projects will participate in Appalachian Power Company's shared solar program, marking Altus Power's first expansion of its community solar footprint into the state and its first collaboration with New Leaf Energy.

 

Community solar allows homeowners and renters, including those who cannot install their own rooftop panels due to renting, shading or upfront cost, to receive discounts on their utility bills tied to a share of a nearby solar project's output, without needing to own or maintain any equipment themselves. Subscribers to the Virginia projects will receive savings through solar bill credits under APCo's shared solar program, at a time when electricity prices have continued to rise across many parts of the country.

 

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The transaction gives Altus Power entry into a new state regulatory framework, requiring the company to navigate Virginia's specific shared solar program rules rather than applying an identical model used elsewhere. Chief Investment Officer Abhi Parmar said Virginia had made a clear commitment to protecting ratepayers from rising electricity costs through the expansion of clean, incremental power, framing the shared solar program as central to that effort and the partnership with New Leaf Energy as combining strengths to navigate the new market successfully.

 

New Leaf Energy's Kate Vann said the partnership demonstrated how quickly community solar can scale when strong development and execution come together, while Altus Power's head of community solar, Skylar Werde, described the project as helping establish and shape a new shared solar program that prioritises affordability for customers. Altus Power currently serves more than 40,000 community solar subscribers nationwide, operating more than 1.4 gigawatts of solar generation assets across 30 states and the District of Columbia.