Altus Power America Inc., a developer of small-scale solar facilities across the U.S., secured $850 million of funded and committed capital as part of a recapitalization package to refinance its existing capital structure and fund future development.

The recapitalization includes preferred and minority equity as well as debt financing provided by The Blackstone Group Inc. through its GSO Capital Partners LP and Blackstone Insurance Solutions group.

It also includes a construction-to-term loan facility from a syndicate of commercial banks that will allow Altus to expand its portfolio to more than $1 billion of solar assets.