Foss & Company Closes Tax Equity Investment in Altus Power Distributed Solar-Plus-Storage Portfolio

Rhea-AI Summary

Altus Power (NYSE: AMPS) and Foss & Company closed Project London II, a Section 48 ITC tax equity investment backing a distributed solar-plus-storage portfolio across California, Maryland and New York.

The portfolio includes five assets and represents their second partnership, reinforcing multi-state clean energy infrastructure growth.

Positive

• Second tax equity partnership between Foss & Company and Altus Power
• Section 48 ITC tax equity investment supports solar-plus-storage portfolio
• Portfolio spans California, Maryland and New York key markets
• Five distributed generation clean energy assets included in the portfolio

Negative

• None.

Market Context

This announcement underscores Altus Power’s strategy of scaling distributed solar-plus-storage throu...

Analysis

This announcement underscores Altus Power’s strategy of scaling distributed solar-plus-storage through repeat tax equity partnerships. The Section 48 ITC-backed Project London II and its 5-asset portfolio build directly on a 2025 transaction with the same syndicator, signaling validation of prior execution. Investors may focus on how consistently such partnerships translate into contracted cash flows, project diversification across states, and disciplined capital deployment relative to the company’s broader growth plans.

Key Figures

Number of assets: 5 assets Section reference: Section 48 ITC Prior project year: 2025

3 metrics

Number of assets 5 assets Distributed generation solar-plus-storage portfolio

Section reference Section 48 ITC Tax equity investment structure for Project London II

Prior project year 2025 Closing of Project London I with Altus Power

Key Terms

tax equity, section 48 itc, distributed generation, solar-plus-storage, +1 more

5 terms

tax equity financial

"Foss & Company, an established tax equity syndicator, today announced..."

Tax equity is a financial arrangement where an investor provides money to a project—often renewable energy or other tax-advantaged ventures—in exchange for the project’s tax benefits and some share of cash flow. Think of it like joining a friend to buy a house so you can use their mortgage tax break; investors care because these deals reduce tax bills and can improve overall returns while changing the project’s risk and cash timing profile.

section 48 itc regulatory

"the closing of Project London II, a Section 48 ITC tax equity investment..."

Section 48 ITC is a U.S. tax rule that gives a direct tax credit to owners of qualifying energy equipment—most commonly renewable energy projects—based on the cost of the installed property. For investors it matters because the credit effectively lowers the upfront cost of a project and increases after-tax returns and cash flow, similar to receiving a sizable, one-time rebate when you buy a big appliance for your home. This improves project economics and can influence financing, valuation, and investment decisions.

distributed generation technical

"supporting a distributed generation solar-plus-storage portfolio developed by Altus Power..."

Electricity produced close to where it is used rather than at a large, central power plant—examples include rooftop solar, small wind turbines, and local gas generators. For investors, distributed generation matters because it can change how power is bought and sold, reduce demand for traditional utility services, create new revenue streams for installers and technology providers, and expose assets to different regulatory and reliability risks, like a neighborhood adding many home solar systems.

solar-plus-storage technical

"supporting a distributed generation solar-plus-storage portfolio developed by Altus Power..."

A solar-plus-storage system pairs solar panels with batteries so electricity generated during the day can be saved and used later, like putting sunshine in a rechargeable container for when it’s needed. For investors, this matters because it turns intermittent solar output into a more reliable, flexible product that can earn revenue at higher-value times, reduce risks from grid outages or curtailment, and qualify for different contracts or incentives that affect project economics and returns.

tax equity syndicator financial

"Foss & Company, an established tax equity syndicator, today announced..."

A tax equity syndicator is a firm that organizes and manages a group of investors who supply capital to projects in exchange for tax benefits, such as credits or deductions. Think of it as a travel agent who bundles several travelers into one tour so each can use a discount; for investors and companies this arrangement helps projects get financed, spreads tax-related risk, and shapes expected returns and timelines.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Second partnership builds on prior collaboration and supports multi-state clean energy deployment

DENVER, June 2, 2026 /PRNewswire/ -- Foss & Company, an established tax equity syndicator, today announced the closing of Project London II, a Section 48 ITC tax equity investment supporting a distributed generation solar-plus-storage portfolio developed by Altus Power across California, Maryland and New York.

The transaction marks Foss & Company's second partnership with Altus Power, Inc. (NYSE: AMPS), following the successful closing of Project London I in 2025. The portfolio includes five assets and contributes to the continued expansion of distributed clean energy infrastructure in key U.S. markets.

"Project London II reflects the strength of our ongoing partnership with Altus Power and our shared commitment to scaling distributed solar and storage solutions," said Bryen Alperin, partner and managing director, Foss & Company. "By leveraging established frameworks from our prior transaction, we were able to execute efficiently while maintaining a high standard of diligence and structuring."

"We value partners like Foss & Company who bring consistency, discipline and a long-term perspective to the market," said Abhi Parmar, Chief Investment Officer, Altus Power. "As the tax equity landscape becomes more selective, repeat partnerships like this reflect a shared bar for quality and execution that not all sponsors meet. We're proud to continue building together and scaling high-quality distributed generation assets across key markets."

This investment underscores Foss & Company's continued focus on supporting high-quality energy and infrastructure projects through strategic tax equity financing structures.

ABOUT FOSS & COMPANY

Founded in 1983, Foss & Company is a national tax equity investor and fund sponsor that, since its inception, has deployed over $11 billion in tax equity on behalf of insurance, banking, and other large corporate clients into historic rehabilitation projects, renewable energy, and advanced energy production facilities. Foss & Company is a full-service advisor with proven expertise in helping its partners navigate the world of tax equity investments. For more information about Foss & Company, please visit www.FossandCo.com.

About Altus Power
Altus Power is a leading commercial-scale power company, delivering reliable, cost-effective solar electricity across 30 states and the District of Columbia. With more than 1.3 GW of solar generation assets, Altus Power owns and operates a robust network that serves Fortune 1000 companies, municipalities, schools and households. As a portfolio company of TPG Rise Climate Transition Infrastructure, Altus Power leverages this strategic partnership to scale operations and expand access to affordable, locally-sourced renewable power nationwide. By combining deep market expertise with innovative financing, Altus Power sets the standard for commercial-scale power generation while stabilizing electricity costs and driving the transition to a cleaner, brighter future.

View original content to download multimedia:https://www.prnewswire.com/news-releases/foss--company-closes-tax-equity-investment-in-altus-power-distributed-solar-plus-storage-portfolio-302785447.html

SOURCE Foss & Company

FAQ

What is Project London II in the Foss & Company and Altus Power (NYSE: AMPS) partnership?

Project London II is a Section 48 ITC tax equity investment backing Altus Power’s distributed solar-plus-storage portfolio. According to Foss & Company, it supports five assets across California, Maryland and New York, expanding multi-state clean energy infrastructure.

How does Project London II affect Altus Power (AMPS) distributed solar-plus-storage portfolio?

Project London II provides tax equity financing for Altus Power’s distributed solar-plus-storage portfolio. According to Altus Power, the investment supports five assets in California, Maryland and New York, helping scale high-quality distributed generation assets across key U.S. markets.

What states are included in the Altus Power (AMPS) Project London II solar-plus-storage portfolio?

The Project London II portfolio covers assets in California, Maryland and New York. According to Foss & Company, this multi-state footprint supports the continued expansion of distributed clean energy infrastructure in several key U.S. power markets.

How does Project London II build on Foss & Company’s first Altus Power (AMPS) transaction?

Project London II follows the earlier Project London I tax equity deal completed in 2025. According to Foss & Company, it leverages established frameworks from the prior transaction to execute efficiently while maintaining diligence and robust structuring standards.

Why is the Foss & Company tax equity investment important for Altus Power (NYSE: AMPS) investors?

The investment supports financing for Altus Power’s multi-state distributed solar-plus-storage assets. According to Altus Power, repeat tax equity partnerships like this reflect shared standards for quality and execution as the tax equity landscape becomes more selective.