Altus Power Announces New Construction Facility

Rhea-AI Summary

Altus Power, Inc. (NYSE: AMPS) announced the closing of its Blackstone Construction Facility, a $200 million capacity facility provided by insurance companies to fund the construction of commercial solar assets. This facility will cover costs for equipment, labor, interconnection, and development fees, providing Altus Power with additional capital for construction activity. The facility is designed to optimize working capital and support the company's expansion in 2024 and beyond.

Positive

• Altus Power secures additional capital from Blackstone, providing a significant advantage for the company's construction activity and targeted expansion.
• The construction facility demonstrates the company's financing ingenuity and resilience in various market environments.
• The partnership with Blackstone leverages insurance capital to provide long-term financing for Altus Power's construction period.

Negative

• None.

Construction Facility Provided by Insurance Companies to fund Altus Power Assets During Construction

STAMFORD, Conn.--(BUSINESS WIRE)-- Altus Power, Inc. (NYSE: AMPS), the leading commercial-scale provider of clean electric power, today announced the closing of its Blackstone Construction Facility. The facility is designed for the construction of commercial solar assets and includes capacity of $200 million to fund costs including equipment, labor, interconnection as well as development fees.

“In an environment where bank lending and conventional construction facilities are extremely limited, Altus Power has secured an additional line of capital from Blackstone which can be used to fund our construction activity,” said Dustin Weber, CFO of Altus Power. “This new facility provides a significant advantage as we look to optimize our working capital to support our targeted expansion in 2024 and beyond.”

“We built our business to be resilient and capable of prospering in various market environments, including the current one. This first-of-its-kind facility demonstrates our team’s financing ingenuity and our long-standing Blackstone relationship,” added Gregg Felton, Co-founder, and Co-CEO of Altus Power. “Together with Blackstone, we designed this construction facility to leverage the strong appetite of insurance capital which provides long-term financing and will now also finance Altus during the construction period.”

“We are pleased to be partnering with Altus Power to launch this construction facility on behalf of our insurance clients,” remarked Robert Camacho, Global Head of Asset Based Finance for Blackstone’s Structured Finance Group. “Our insurance clients have significant capacity for the high quality long-duration investments that Altus is originating.”

About Altus Power

Altus Power, based in Stamford, Connecticut, is the leading commercial-scale provider of clean electric power serving commercial, industrial, public sector and Community Solar customers with end-to-end solutions. Altus Power originates, develops, owns and operates locally-sited solar generation, energy storage and charging infrastructure across the nation. Visit www.altuspower.com to learn more.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231113067067/en/

Altus Power:

Chris Shelton

Head of IR

InvestorRelations@altuspower.com

Source: Altus Power, Inc.

FAQ

What is Altus Power, Inc. NYSE ticker symbol?

The NYSE ticker symbol for Altus Power, Inc. is AMPS.

What is the purpose of the Blackstone Construction Facility?

The facility is designed to fund the construction of commercial solar assets, covering costs for equipment, labor, interconnection, and development fees.

Who is providing the $200 million capacity facility?

Insurance companies are providing the facility to fund Altus Power's construction activity.

What are the advantages of the construction facility for Altus Power?

The facility provides additional capital for construction activity, optimizes working capital, and supports the company's expansion in 2024 and beyond.

How does the partnership with Blackstone benefit Altus Power?

The partnership leverages insurance capital to provide long-term financing for Altus Power's construction period, demonstrating the company's financing ingenuity and resilience in various market environments.