Altus Power, Inc. Completes Development and Construction of a Four-Megawatt Solar Project in Rhode Island

Rhea-AI Summary

Altus Power (NYSE: AMPS) has completed the development and construction of a four-megawatt solar system in Providence County, Rhode Island. This solar facility will supply clean energy to a local public school system, providing reduced electricity costs compared to traditional sources. The achievement underlines Altus Power's commitment to supporting public entities through energy savings and sustainability. Company leadership expressed confidence in their in-house development capabilities and anticipate further project completions in the year. However, this announcement comes with forward-looking statements about potential risks, including acquisition uncertainties and regulatory challenges that could affect future performance.

Positive

• Completed development of a four-megawatt solar system in Providence County, Rhode Island.
• The project will supply clean energy to a public school system at reduced electricity rates, highlighting community benefits.
• Demonstrates Altus Power's commitment to sustainability and cost savings for public entities.

Negative

• Forward-looking statements indicate potential risks, including acquisition delays and regulatory challenges.

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 that, together with one of its construction partners, it has completed development and construction of a four-megawatt ground-mounted solar system located on Hartford Avenue in Providence County, Rhode Island.

The clean energy generated by this array will serve a local public school system which will benefit from the clean electricity at a reduced rate compared to their local electric bill. This asset provides another example of Altus Power’s commitment to contribute both savings and decarbonization benefits to public entities around the country.

“We’re pleased to have worked with our Rhode Island contractors to complete the development and construction of this asset and look forward to serving the community with clean electricity savings,” commented Tony Savino, Chief Construction Officer of Altus Power.

“We believe our in-house development expertise is a pivotal advantage for Altus and this project is one of several we plan to complete this year,” commented Lars Norell, Co-Chief Executive Officer of Altus Power.

Forward-Looking Statements

This press release contains forward-looking statements. Forward-looking statements may be identified by the use of words such as "aims," "believes," "expects," "intends," "aims", "may," “could,” "will," "should," "plans," “projects,” “forecasts,” “seeks,” “anticipates,” “goal,” “objective,” “target,” “estimate,” “future,” “outlook,” "strategy," “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. These statements, which involve risks and uncertainties, relate to analyses and other information that are based on forecasts of future results and estimates of amounts not yet determinable and may also relate to Altus Power’s future prospects, developments and business strategies. These statements are based on Altus Power’s management’s current expectations and beliefs, as well as a number of assumptions concerning future events.

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. These risks, uncertainties, assumptions and other important factors include, but are not limited to: (1) the risk that pending acquisitions may not close in the anticipated timeframe or at all due to a closing condition not being met; (2) failure to obtain required consents or regulatory approvals in a timely manner or otherwise; (3) the ability of Altus Power to successfully integrate the acquisition of solar assets into its business and generate profit from their operations; (4) the ability of Altus Power to retain customers and maintain and expand relationships with business partners, suppliers and customers; (5) the risk of litigation and/or regulatory actions related to the proposed acquisition of solar assets; and (6) the possibility that Altus Power may be adversely affected by other economic, business, regulatory, credit risk and/or competitive factors.

Additional 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 on March 30^th, 2023, as well as the other information we file with the Securities and Exchange Commission. New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect us. 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 we know it and 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.

About Altus Power, Inc.

Altus Power, based in Stamford, Connecticut, is the premier commercial-scale clean electrification company serving commercial, industrial, public sector and community solar customers with an end-to-end solution. Altus Power originates, develops, owns and operates a network of 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/20230421005105/en/

Altus Power:

Chris Shelton

Head of IR

InvestorRelations@altuspower.com

Source: Altus Power, Inc.

FAQ

What recent project did Altus Power complete?

Altus Power recently completed a four-megawatt solar system in Providence County, Rhode Island.

How will the solar system benefit the local public school system?

The solar system will provide clean electricity to the school at a reduced rate compared to their local electric bill.

What are the potential risks mentioned in Altus Power's press release?

The press release highlights risks including acquisition delays and regulatory challenges.

What is Altus Power's commitment regarding energy projects?

Altus Power is committed to supporting public entities through energy savings and sustainability initiatives.

What is the stock symbol for Altus Power?

The stock symbol for Altus Power is AMPS.