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Franklin Square Funds Invest in Solar

Non-traded business development company (BDC) sponsor, Franklin Square Capital Partners (FSCP), made the news this week when a new portfolio company announced FSCP’s backing via a $200 million investment from four of its funds.

Greenwich, CT-based Altus Power America Management, LLC (Altus Power), invests, owns, and operates solar and clean energy projects. Its latest fund, Altus Power America, Inc., will focus on solar generation projects with the $200 million commitment from FSCP’s funds.

“Over the past five years Altus built a successful solar investing platform and we are now excited to partner with GSO/Blackstone and the Franklin Square funds. This infusion of capital will help us propel growth and should position Altus Power as one of the largest investors in the rapidly expanding distributed generation commercial and industrial solar marketplace,” said Tom Athan, Altus Power co-founder and Managing Partner in a statement.

Lars Norell, co-founder and Managing Partner added, “Solar energy is a growing asset class that is now attracting the attention of some very significant investors, like the Franklin Square funds and GSO/Blackstone.”

Dan Smith, Senior Managing Director at GSO Capital Partners the sub-advisor for FSCP’s funds added, “We believe Altus Power represents a great opportunity to invest in a rapidly developing sector with a best in class management team. It is consistent with our strategy of deploying capital in growing specialty finance companies that represent compelling and differentiated risk adjusted returns for the Franklin Square funds we sub-advise.”

It was unclear exactly which of FSCP’s funds invested and at what amounts. Non-traded BDC’s do not typically file each time an investment is made, but rather make that information available quarterly via a 10-Q filing with the SEC.