Altus Power, Inc. Announces Execution of Revolving Credit Facility of up to $200 Million

Rhea-AI Summary

Altus Power (NYSE: AMPS) announced the closure of a $200 million revolving credit facility aimed at bolstering its growth and operational capacity. This five-year facility, maturing on December 19, 2027, enhances liquidity and financial flexibility, allowing Altus to invest in solar energy, storage, and vehicle charging initiatives. Currently, the company operates across 22 states, benefiting from solid cash flow to fund further expansion. CFO Dustin Weber highlighted this milestone as indicative of the company's maturation in the public market.

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• Secured a $200 million revolving credit facility to enhance growth and operational capacity.
• The facility improves liquidity and financial flexibility for additional investments.
• Current operations span 22 states, ensuring strong recurring cash flow.

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• None.

STAMFORD, Conn.--(BUSINESS WIRE)-- Altus Power, Inc. (“Altus Power” or the “Company”) (NYSE: AMPS), the premier independent developer, owner and operator of commercial-scale solar facilities, today announced it has closed on a revolving credit facility (the “Credit Facility”) which provides the Company with up to $200 million in financing to support its growth of assets and ability to serve additional customers with solar energy generation, storage and vehicle charging. The Credit Facility carries a term of 5 years with a maturity of December 19, 2027.

Altus Power’s installed base of operating assets--currently serving customers with clean energy across 22 states--provides attractive recurring cash flow generation which can be redeployed to support the Company’s growth. The Credit Facility enhances the Company’s liquidity and financial flexibility as it pursues various growth initiatives and development activities.

“Securing a corporate revolver is one of the milestones that marks our maturity as a publicly traded company. The additional flexibility provided by our new Credit Facility allows us to confidently invest our cash position to grow our business and is one of the many competitive advantages we enjoy alongside our strategic partnerships with CBRE and Blackstone,” commented Dustin Weber, Chief Financial Officer of Altus Power.

The Joint Lead Arrangers and Joint Bookrunners for the Credit Facility were Citibank, N.A., Bank of America, N.A., JPMorgan Chase Bank, N.A., KeyBank National Association and Truist Securities, Inc.

About Altus Power, Inc.

Altus Power, based in Stamford, Connecticut, is the premier independent commercial-scale clean electrification company 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.

Forward-Looking Statements

This press release contains forward-looking statements. Forward-looking statements may be identified by the use of words such as “believes,” “expects,” “intends,” “aims,” “may,” “could,” “will,” “should,” “plans,” “projects,” “forecasts,” “seeks,” “anticipates,” “goal,” “objective,” “target,” “estimate,” “future,” “outlook,” “vision,” or variations of such words or similar terminology that predict or indicate future events or trends or that are not statements of historical matters.

Such forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Altus Power’s control, that could cause actual results to differ materially from the results discussed in the forward-looking statements.

Factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements can be found under the heading “Risk Factors” in Altus Power’s Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 24, 2022, Altus Power’s Form 10-Q filed with the SEC on November 14, 2022, as well as the other information the Company files with the SEC. New risks and uncertainties arise from time to time, and it is impossible for Altus Power to predict these events or how they may affect the Company. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made and the information and assumptions underlying such statement as known by Altus Power on the date such statement was made, and Altus Power undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, changes in expectations, future events or otherwise.

This press release is not intended to be all-inclusive or to contain all the information that a person may desire in considering an investment in Altus Power and is not intended to form the basis of an investment decision in Altus Power. All subsequent written and oral forward-looking statements concerning Altus Power or other matters and attributable to Altus Power or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221219005729/en/

Altus Power:

Chris Shelton, Head of IR

InvestorRelations@altuspower.com

Source: Altus Power, Inc.

FAQ

What is the significance of Altus Power's $200 million credit facility?

The $200 million credit facility enhances Altus Power's liquidity and allows for further investments in solar energy and infrastructure.

How long is the term of Altus Power's new credit facility?

The new credit facility has a term of five years, maturing on December 19, 2027.

In how many states does Altus Power currently operate?

Altus Power currently operates its solar facilities across 22 states.

What advantages does the credit facility provide to Altus Power?

The credit facility provides Altus Power with enhanced liquidity and financial flexibility to support growth initiatives.