Altus Power Announces New Solar Project in San Bernardino, California

Rhea-AI Summary

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.

Positive

• Agreement to construct a 1.6 megawatt solar project in San Bernardino, California
• Long-term roof lease agreement with San Manuel Band of Mission Indians
• Project will reduce over 21,000 metric tons of carbon dioxide emissions
• Addition to Altus Power's existing 120 MW portfolio in California
• Expansion of customer base in California's commercial real estate market

Negative

• None.

Insights

Financial Analyst

The announcement of a new 1.6 MW solar project in San Bernardino, California, represents a modest expansion for Altus Power (NYSE: AMPS). While the project's size is relatively small compared to the company's existing 120 MW portfolio in California, it demonstrates continued growth and market penetration. The long-term agreement structure aligns with Altus Power's business model, providing stable, recurring revenue. This project showcases the company's ability to collaborate with commercial real estate developers and Native American tribes, potentially opening doors for similar partnerships. The focus on enterprise clients and commitment to carbon reduction goals positions Altus Power well in the growing clean energy market. However, the immediate financial impact is likely to be minimal given the project's size relative to the company's overall operations. Investors should view this as a positive indicator of ongoing business development rather than a significant revenue driver in the short term.

Environmental Impact Specialist

Altus Power's new solar project at San Manuel Landing demonstrates significant environmental benefits. The projected reduction of over 21,000 metric tons of carbon dioxide emissions is substantial, equivalent to not burning over 23 million pounds of coal. This impact aligns with growing corporate and regulatory focus on sustainability. The project's location in California, a state with aggressive clean energy goals, positions Altus Power favorably in a key market. By providing low-cost clean energy to commercial tenants, the company is addressing both economic and environmental concerns, which could drive further adoption. The partnership with the San Manuel Band of Mission Indians also highlights the potential for clean energy projects to benefit diverse stakeholders. While the 1.6 MW capacity is modest, it contributes to Altus Power's expanding portfolio and reinforces their role in the commercial-scale clean energy transition. This project exemplifies the company's strategy of integrating renewable energy into commercial real estate, a sector with significant untapped potential for solar adoption.

Clean electric power to benefit the San Manuel Landing.

STAMFORD, Conn.--(BUSINESS WIRE)-- Altus Power (NYSE: AMPS), the largest commercial scale provider of clean electric power, today announced an agreement to construct a 1.6 megawatt solar project at the San Manuel Landing, a 1.1 million square foot Class-A logistics center located in San Bernardino, Calif. Altus originated the project in conjunction with its partner, Trammell Crow Company, which developed the San Manuel Landing with the San Manuel Band of Mission Indians (SMBMI).

Under a long-term agreement, Altus Power will lease the roof of the building from the San Manuel Band of Mission Indians. Upon completion, the solar array will deliver low-cost clean electric power to the tenant of the building, saving the company money on its utility bills, and reducing emissions by over 21,000 metric tons of carbon dioxide, the equivalent of not burning over 23 million pounds of coal.

“Our track record of developing strong customer relationships and a trusted brand that allows Altus Power to overcome adoption barriers in commercial real estate was instrumental in completing this early-stage development project with the SMBMI and Trammell Crow Company,” said Brett Phillips, Director, Investment and Structured Finance, Altus Power. “Altus Power is committed to expanding our customer base in California by adding value throughout the commercial real estate market, and we are proud of our roster of enterprise clients that benefit from low-cost clean energy.”

Upon completion, the solar project will add to the company’s California portfolio of 120 MWs. Altus Power’s portfolio across 25 states serves enterprises committed to achieving carbon reduction goals, anchored by the company’s distributed solar arrays.

About Altus Power

Altus Power, based in Stamford, Conn., is the largest 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/20241008766417/en/

For More Information

Jenny Volanakis

mediarelations@altuspower.com

Source: Altus Power, Inc.

FAQ

What is the size of the new solar project announced by Altus Power (AMPS) in San Bernardino?

Altus Power (AMPS) announced a 1.6 megawatt solar project to be constructed at the San Manuel Landing in San Bernardino, California.

How much carbon dioxide emissions will the Altus Power (AMPS) solar project in San Bernardino reduce?

The solar project is expected to reduce emissions by over 21,000 metric tons of carbon dioxide, equivalent to not burning over 23 million pounds of coal.

What is the total size of Altus Power's (AMPS) portfolio in California after this new project?

Upon completion of the new project, Altus Power's portfolio in California will exceed 120 MWs.

Who are the partners involved in Altus Power's (AMPS) new solar project in San Bernardino?

Altus Power (AMPS) originated the project with Trammell Crow Company and will lease the roof from the San Manuel Band of Mission Indians.