Altus Power (NYSE:AMPS) experienced a significant surge of 5.7% in after-hours trading on Wednesday following its announcement of the acquisition of 84 MWs of commercial-scale solar arrays from Vitol for approximately $118 million.

The company reported that this acquisition has added a substantial number of long-term community solar, school district, and enterprise customers served by a variety of solar arrays, including rooftop, ground, and carport installations, to its customer base across the U.S. Northeast, with particular focus on New York, New Jersey, and Maine.

Altus Power stated that the purchase was conducted using its available cash reserves and confirmed its plans for expanding its funding facility with Blackstone in the near future to secure long-term financing.

The acquisition also marks the initiation of a long-term strategic partnership with Vitol, a renowned leader in energy asset management, as stated by Altus Power co-CEO Gregg Felton.