Welcome to our dedicated page for Altus Power news (Ticker: AMPS), a resource for investors and traders seeking the latest updates and insights on Altus Power stock.
Altus Power, Inc. (NYSE: AMPS) is a leading developer, owner, and operator of large-scale photovoltaic (solar power) and energy storage systems across the United States. Based in Stamford, Connecticut, Altus Power serves commercial, industrial, public sector, and community solar customers, providing end-to-end clean energy solutions. The company focuses on building and operating solar generation, energy storage, and EV charging infrastructure, significantly contributing to the clean energy transition.
Altus Power offers a variety of financial products such as leases and power purchase agreements (PPAs), allowing customers to benefit from solar energy without significant upfront investments. Its portfolio includes projects on commercial properties, schools, and municipal buildings, delivering electricity at a discount compared to grid prices. This model not only reduces energy costs for customers but also decreases carbon emissions and reliance on fossil fuels.
The company's business strategy revolves around expansion and innovation. Recently, Altus Power announced the acquisition of Project Hyperion, comprising 121 megawatts of solar assets in North and South Carolina, thus enhancing its footprint in the Southeast. The company plans to grow its portfolio to nearly 900 MWs by the end of 2023, with a significant presence across 25 states.
Financially, Altus Power demonstrates robust growth. For the full year 2023, the company reported revenues of $155.2 million—a 53% increase over 2022—with an adjusted EBITDA of $93.1 million, highlighting a 59% increase. The company continues to secure substantial funding, as evidenced by its recent $163 million draw from Blackstone’s long-term funding facility, aimed at supporting further asset additions.
Altus Power's strategic partnerships and acquisitions, like the collaboration with Vitol for the addition of 84 MWs of solar arrays, underscore its capacity for sustained growth and expansion. The company aligns its growth strategy with its mission to drive the clean energy transition, fostering long-term sustainable returns for its investors.
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.
Altus Power (NYSE: AMPS) has completed a new 760kW solar system in Cherry Valley, Illinois, in partnership with a real estate developer. The clean energy generated will be supplied through a long-term contract to a logistics company tenant and will support the Illinois Shines program. The project was integrated during the property's development phase, avoiding retrofit costs.
The company highlighted that this installation demonstrates their early engagement strategy's effectiveness and expands their enterprise customer base. Altus Power currently operates across 25 states, focusing on providing localized clean energy generation to reduce transmission requirements and help enterprises meet their carbon reduction objectives.
Altus Power (NYSE: AMPS) has announced an agreement to build a 10.5-megawatt solar project on three modern logistics buildings in New Jersey, developed by Trammell Crow Company and CBRE Investment Management. The project, spanning over 1.1 million sq. ft., will provide clean electric power through the New Jersey Community Solar Energy Program, benefiting both CBRE IM tenants and local residents.
The solar installation is expected to serve up to 1,800 households upon completion. As a pioneer in Community Solar, Altus Power currently serves more than 30,000 subscribers nationwide, offering clean energy savings through utility bill discounts without requiring customers to install or maintain their own solar panels.
Altus Power (NYSE: AMPS) has expanded its footprint in Maine by acquiring three new community solar projects, totaling 12.8 MW. These operational projects, purchased from various developers, align with the company's strategy to quickly scale and deliver economic and environmental benefits to local communities. According to Matt Marlow, co-Head of Investment and Structured Finance, the acquisition allows Altus Power to efficiently extend solar benefits to more businesses and households. The projects will serve over 3,300 households, reducing energy costs and carbon emissions through Altus Power's Community Solar program. Altus Power, a leader in Community Solar, already serves over 30,000 subscribers nationwide, offering clean energy savings without requiring individual solar installations.
Altus Power (NYSE: AMPS), the largest commercial scale clean electric power provider, announced CEO Gregg Felton's participation in two major industry conferences in December. Felton will join a fireside chat at the Jefferies Renewables & Clean Energy Conference (Dec. 4) and a panel discussion at the Bank of America Clean Energy Symposium (Dec. 5) in New York.
The company maintains a 1GW portfolio across 25 states, serving over 500 enterprises and 30,000 Community Solar subscribers nationwide. Felton emphasized how locally generated solar power can address growing energy demands while promoting sustainability.
Altus Power has acquired a 3.4 MW solar project from Chaberton Energy in East New Market, Maryland. The project, part of Maryland's Community Solar Energy Generating Systems pilot program, will provide clean electric power to over 380 households upon completion. The development includes forest conservation measures and $2 million in grid and substation upgrades to improve electrical reliability in Dorchester County. This acquisition expands Altus Power's Maryland portfolio and community solar subscriber base, which currently serves over 30,000 subscribers nationwide.
Altus Power (NYSE: AMPS) reported strong Q3 2024 financial results with revenues of $58.7 million, up 30% year-over-year. GAAP net income reached $8.6 million, increasing from $6.8 million in Q3 2023. Adjusted EBITDA grew 27% to $37.0 million.
The company achieved significant operational milestones, surpassing 1 GW in operating assets nationwide and expanding its Community Solar subscriber base to approximately 30,000 households across nine states. The company generated 333 million kilowatt hours of clean power in Q3. Management reaffirmed FY2024 guidance of $196-201 million in revenue and $111-115 million in adjusted EBITDA.
Altus Power (NYSE: AMPS) has completed three new solar projects in Maine, adding 19.1 MWs to its portfolio. The company has consolidated operations to become the sole owner of these projects, enhancing operational efficiency in Maine. These installations will serve over 4,200 households with clean energy at discounted rates through the company's Community Solar program. Altus Power currently serves more than 25,000 subscribers nationwide, providing clean energy benefits to homeowners and renters across various income levels without requiring individual solar installations.
Altus Power (NYSE: AMPS), the largest commercial-scale provider of clean electric power, has scheduled its third quarter 2024 financial results release for Tuesday, November 12, 2024, after NYSE closing. CEO Gregg Felton and CFO Dustin Weber will host a conference call at 4:30pm ET to discuss results and provide a business update. The call will be accessible via webcast on the company's Investor Relations website and by phone. A replay will be available until December 12, 2024.
Altus Power (NYSE: AMPS) has appointed Skylar Werde as Head of Community Solar. Werde will oversee the company's entire Community Solar business, including team management, strategy, revenue, customer acquisition, marketing, and customer support. He joins from Clean Energy Associates where he served as Senior Director of US Sales, and previously held positions as Chief Revenue Officer at Novel Energy Solutions. Altus Power, a pioneer in Community Solar, currently serves over 25,000 subscribers across nine states, providing clean energy savings to enterprises, homeowners, and renters through utility bill discounts without requiring personal solar panel installation.
FAQ
What is the current stock price of Altus Power (AMPS)?
What is the market cap of Altus Power (AMPS)?
What does Altus Power, Inc. do?
What are the key products offered by Altus Power?
How does Altus Power support the clean energy transition?
What recent acquisition did Altus Power announce?
What financial performance did Altus Power report for 2023?
What are Altus Power’s growth plans for 2023?
What is Altus Power's relationship with Vitol?
Where is Altus Power headquartered?
How does Altus Power's business model benefit its customers?
What is the long-term funding facility that Altus Power recently utilized?
