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.
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.
Altus Power (NYSE: AMPS), the largest commercial scale provider of clean electric power, has announced that its Board of Directors is conducting a formal review of strategic alternatives. The comprehensive review aims to unlock shareholder value and optimize access to capital for the company. CEO Gregg Felton emphasized the goal of ensuring Altus Power's long-term success in a growth industry with strong secular tailwinds and large market opportunities. Board Chair Christine Detrick noted a disconnect between the share price and the company's view of intrinsic value, prompting the exploration of alternative ownership structures.
Altus Power has reaffirmed its guidance for fiscal year 2024 and has retained Moelis & Company and Latham & Watkins to assist with the review. The process is expected to be completed by the first half of 2025. The company will not provide further comments until a specific transaction is approved or the process concludes.
Altus Power (NYSE: AMPS), the largest commercial scale provider of clean electric power, has announced that its nationwide portfolio of operating assets has surpassed one gigawatt. The company now operates over 500 projects across 25 states and has expanded its Community Solar program to nine states, serving more than 25,000 subscribers.
To support growth, Altus Power has promoted Abhi Parmar to Chief Investment Officer, while Dan Griffin and Matt Marlow have been promoted to co-heads of Investment and Structured Finance. The company has increased revenues fourfold over the past five years and partners with CBRE and Blackstone.
Altus Power's operating portfolio generates and delivers more than 1.1 billion kilowatt hours of clean electric power to its customers nationwide. The company's largest Community Solar project in Hawaii has saved local subscribers nearly $100,000 over the past year and helped avoid more than 4,500 metric tons of carbon dioxide equivalents.
Altus Power (NYSE: AMPS) has announced an agreement to construct a 1.6 megawatt solar project at the San Manuel Landing, a 1.1 million square foot logistics center in San Bernardino, California. The project, originated with partner Trammell Crow Company, will be built on the roof leased from the San Manuel Band of Mission Indians under a long-term agreement.
The solar array will provide low-cost clean electric power to the building's tenant, resulting in utility bill savings and a reduction of over 21,000 metric tons of carbon dioxide emissions. This is equivalent to not burning over 23 million pounds of coal. The project will add to Altus Power's California portfolio of 120 MWs, expanding its customer base in the state's commercial real estate market.
Altus Power (NYSE: AMPS), the largest commercial scale provider of clean electric power, has announced a groundbreaking tax equity transaction and partnership model. This innovative structure allocates a portion of investment tax credits (ITCs) from recently completed solar projects to an existing partner through a traditional tax equity partnership. In a first-of-its-kind move for Altus Power, the new structure leverages the flexibility created in the Inflation Reduction Act to directly transfer a majority of the ITCs from the tax equity partnership to other Altus Power partners with significant tax capacity.
This hybrid approach enhances Altus' flexibility and expands the market for placing ITCs with new tax partners. The transaction demonstrates Altus Power's commitment to market innovation and optimizing financial structures to benefit partners and stakeholders in the evolving renewable energy landscape.
Altus Power (NYSE: AMPS), the largest commercial-scale provider of clean electric power in the US, has released its 2023 Sustainability Report titled 'Renewable Energy, Responsible Practices'. The report highlights the company's progress in Environmental, Social, and Governance initiatives over the past year.
Key achievements include:
- 71% year-over-year increase in installed and operated Solar PV capacity, reaching 896 MW
- Generation of 780,000 MWh of renewable electricity, avoiding approximately 551,000 metric tons of CO2(e) emissions
- 43% female representation in leadership positions
- Appointment of a dedicated Health and Safety Manager
- Expanded access to clean electric power for low-and-moderate income customers in Community Solar markets
- Joined the United Nations Global Compact
Altus Power's Chief Sustainability Officer, Sophia Lee, emphasized the company's commitment to leading the transition to a low-carbon economy and expanding access to clean energy nationwide.
Altus Power (NYSE: AMPS), the largest commercial scale provider of clean electric power, has announced the addition of two operational solar projects in Colorado, totaling 2.5 megawatts. These ground-mounted systems will benefit local municipalities through the Altus Power Community Solar program, part of the Black Hills Energy Colorado community solar initiative.
The projects will serve several local government, educational, and corporate enterprises, including the City of Pueblo, Pueblo Community College, and Pueblo County School District. The clean electric power generated is expected to offset the equivalent of nearly 54,462 metric tons of carbon emissions over the project's lifetime. This expansion aligns with Altus Power's strategic mission to deliver clean energy solutions and economic benefits to the communities it serves.
As a pioneer in Community Solar, Altus Power currently serves more than 25,000 subscribers nationwide, providing enterprises, homeowners, and renters with clean energy savings without requiring personal solar panel installation or maintenance.
Altus Power (NYSE: AMPS) is offering Community Solar spots to New Yorkers, allowing both renters and homeowners to save on utility costs and support clean energy. A 2.8 megawatt solar array at the Morgan Stanley campus in Purchase, NY, will provide discounted, clean power to the community. Key points:
- No installations or upfront costs required
- Open to ConEd, NYSEG, and NAT GRID customers
- Expected to save carbon equivalent of burning 2.9 million pounds of coal
- Morgan Stanley will use 40% of the generated power
- Remaining benefits offered to local residents, including Morgan Stanley employees
Interested parties can sign up quickly at altuspower.com/states/new-york. spots available, with priority for those qualifying for certain state benefits.
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