11:45 AM EDT, 06/24/2024 (MT Newswires) -- Altus Power ( AMPS ) early Monday said it acquired an 8.5-megawatt solar array in New Jersey.

The project produces electrical energy that will be sold to PJM, a local independent system operator, in addition to earning solar renewable energy credits.

Financial terms of the transactions were not immediately disclosed.

The deal increases Altus' overall portfolio in New Jersey to 185.5 megawatts, the company said. It also included the renewable energy credits associated with the project as well as 63 acres of adjacent property that can be redeveloped in the future and help maximize its long-term value, Altus said.

Altus shares were 2% lower in recent trading.

Price: 4.18, Change: -0.09, Percent Change: -2.00