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Altus Power Inc (AMPS) drives the clean energy transition through innovative solar and storage solutions for commercial and public sector partners. This news hub provides investors and stakeholders with essential updates on the company's strategic initiatives and market position.
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Key updates cover solar farm deployments, energy storage innovations, and sustainability achievements. Track Altus Power's progress in expanding clean energy access through power purchase agreements and community solar programs.
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Altus Power (NYSE: AMPS), a commercial-scale clean electric power provider, has completed its acquisition by TPG through its TPG Rise Climate Transition Infrastructure strategy. The all-cash transaction valued Altus at approximately $2.2 billion, including outstanding debt.
Under the transaction terms, Altus Power stockholders will receive $5.00 in cash per share of Class A common stock. The deal, initially announced on February 6, 2025, received stockholder approval on April 9, 2025. Following the completion, Altus Power has become a privately-held company, with its Class A common stock ceasing trading on April 16, 2025, and being delisted from the NYSE.
Altus Power (NYSE: AMPS) stockholders have approved the company's acquisition by TPG through its TPG Rise Climate Transition Infrastructure strategy. Under the merger agreement, stockholders will receive $5.00 in cash per share of Altus Power Class A common stock, subject to applicable withholding taxes.
The transaction, which received strong stockholder support, is expected to close on April 16, 2025, pending customary closing conditions. CEO Gregg Felton expressed that the deal unlocks significant value for stockholders and will enable Altus Power to continue executing growth priorities and expanding sustainable power access to businesses and communities.
Altus Power (NYSE: AMPS) has acquired ten development-stage community solar projects in Maryland from Prospect14, totaling 58.4 MW capacity. The projects, once operational, will serve approximately 8,000 customers through the Maryland Community Solar program, including dedicated allocation for low-to-moderate income households.
Under a development services agreement, Prospect14 will complete the projects' development. The initiative addresses Maryland's growing energy demands driven by data centers and electric vehicles, providing clean power generation where needed. This acquisition expands Altus Power's community solar presence, which currently serves over 35,000 subscribers nationwide.
The program enables renters, multifamily residents, homeowners, and small businesses to benefit from clean energy savings through utility bill discounts without requiring personal solar panel installation.
Altus Power (NYSE: AMPS) reported its Q4 and full-year 2024 financial results, showing mixed performance. Full-year revenue reached $196.3 million, up 26% from 2023, while narrowing its GAAP net loss to $10.7 million from $26.0 million in 2023.
The company achieved significant operational milestones, surpassing 1 GW in operating assets and completing ~56 MW of new-build assets while adding ~96 MW of assets in operation. Adjusted EBITDA grew 20% to $111.6 million, though margins decreased to 57% from 60% in 2023.
Notably, TPG announced plans to acquire Altus Power through its TPG Rise Climate Transition Infrastructure strategy for $5.00 per share, valuing the company at approximately $2.2 billion including debt. The transaction is expected to close in Q2 2025, subject to stockholder and regulatory approvals.
Altus Power (NYSE: AMPS) has announced a special meeting of stockholders scheduled for April 9, 2025, at 8:00 a.m. EDT. The virtual meeting will allow stockholders to vote on the company's proposed acquisition by TPG through its TPG Rise Climate Transition Infrastructure strategy.
Stockholders of record as of March 11, 2025, will be eligible to participate and vote at the special meeting. The company has filed a definitive proxy statement with the SEC, which contains detailed information about the meeting and voting procedures. The proxy statement will be distributed to stockholders and includes comprehensive information about the proposed transaction.
Altus Power (NYSE: AMPS) has announced the operationalization of a 1.4 MW rooftop solar project at the Blue Sport Stable sports facility in Superior, Colorado. The project will provide the majority of the facility's annual energy needs for its ice rinks, pickleball, basketball courts, and wellness facilities.
The solar array, installed on the 186,000 square foot multi-surface sports facility, will reduce carbon emissions by 1,400 metric tons of CO2 annually and over 49,000 metric tons throughout its lifespan. Part of the Xcel Energy Solar Rewards Program, the installation will enable Blue Sport Stable to reduce its annual energy costs by 50% to 70% over the next thirty years.
The project, completed in partnership with Spear Commercial, adds to Altus Power's portfolio across 25 states serving enterprises committed to achieving carbon reduction goals.
Altus Power (NYSE: AMPS), the largest owner of commercial-scale solar in the US, will release its Q4 and full year 2024 financial results after the NYSE closing on March 17, 2025. Due to the previously announced pending acquisition by TPG through its TPG Rise Climate Transition Infrastructure strategy (announced February 6, 2025), the company will not hold a conference call or webcast to discuss the results. Additionally, no financial outlook will be provided.
Altus Power (NYSE: AMPS), the largest owner of commercial-scale solar in the US, has announced a definitive agreement to be acquired by TPG through its TPG Rise Climate Transition Infrastructure strategy for $5.00 per share in an all-cash transaction, valuing the company at approximately $2.2 billion, including outstanding debt.
The purchase price represents a 66% premium to Altus Power's unaffected closing price on October 15, 2024. Upon completion, Altus Power will become privately held and delist from NYSE. The transaction, expected to close in Q2 2025, has received unanimous board approval and requires stockholder approval. Stockholders representing approximately 40% of Altus Power's Class A common stock have already agreed to support the transaction.
The partnership aims to strengthen Altus Power's ability to deliver value to commercial and Community Solar customers while scaling operations to meet growing clean power demand.
Altus Power (NYSE: AMPS) has completed a 1.7 MW rooftop solar project at a distribution center in Vacaville, CA. The installation, part of California's Net Energy Metering 2.0 program, is designed to meet approximately 80% of the 839,000 square foot facility's annual energy needs at discounted rates.
The project is expected to reduce emissions by 1,000 metric tons of CO2 annually and 35,000 metric tons over its 35-year useful life. The installation will provide benefits to the building owner through new rental streams and discounted energy rates.
This addition expands Altus Power's California presence to 120 MW of solar assets. The company's portfolio now spans 25 states, serving enterprises focused on carbon reduction goals through local clean energy generation.
Emeren Group (NYSE: SOL) has announced the sale of its 2.8 MWdc solar project in Maine to Altus Power (NYSE: AMPS). The project, which has reached full commercial operation, is the final asset from Emeren's Maine pipeline. Altus Power, the largest commercial scale provider of clean electric power, will take over ownership and long-term management of the facility to deliver sustainable energy to local communities and support Maine's renewable energy objectives.
The transaction demonstrates Emeren's ability to efficiently deliver COD projects and strengthens its presence in the U.S. market while supporting Maine's growing demand for renewable energy. The project will contribute to Altus Power's expanding portfolio and support Community Solar subscribers.
