Altus Power, Inc. Evidences its Growing Footprint in Maryland with the Completion of a 2.5 Megawatt Solar Array

Rhea-AI Summary

Altus Power, Inc. (NYSE: AMPS) has completed a 2.5 MW ground-mounted solar array in Garrett County, Maryland, enhancing its clean energy capacity. This project is expected to generate about 3,500,000 kWhs annually, equating to a reduction of approximately 2,480 metric tons of carbon dioxide emissions. With over 50 MWs of additional solar projects in various stages of development, Altus Power aims to expand its footprint in Maryland, having been active in providing discounted clean electricity since 2011. The Co-CEO, Lars Norell, emphasized the company's commitment to clean energy and overcoming industry challenges.

Positive

• Completion of a 2.5 MW solar array in Garrett County increases clean energy capacity.
• Expected annual generation of approximately 3,500,000 kWh supports enterprise and residential customers.
• Positioned to expand with over 50 MWs of solar projects in development.

Negative

• None.

Newly Constructed Asset Will Serve Altus Power Community Solar Customers

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 it has increased its presence in the State of Maryland with the completion of development and construction of a 2.5 megawatt (MW) ground-mounted solar array located in Garrett County. Altus Power has served enterprises, high schools and colleges in the State of Maryland with clean electricity at a discount since 2011, when its first system was completed. The Company is well positioned to expand in the state with over 50 MWs of solar arrays in contracting, pre-construction, or construction, the majority of which were sourced through the Company’s strategic partnership with CBRE.

The clean energy generated by the 2.5 MW array just completed will serve enterprise and residential customers with discounted electricity bills. The asset is expected to produce approximately 3,500,000 kWhs per year which is the equivalent of 2,480 metric tons of carbon dioxide avoided annually.

“We’re excited to continue expanding our presence in the State of Maryland and the completion of this system demonstrates our commitment to bring clean energy to our customers in the state,” commented Lars Norell, Co-Chief Executive of Officer of Altus Power. “Our development and construction teams are working tirelessly to deliver additional commercial-scale assets as we continue to overcome the obstacles faced by our industry.”

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 30th, 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/20230427005218/en/

Altus Power:

Chris Shelton

Head of IR

InvestorRelations@altuspower.com

Source: Altus Power, Inc.

FAQ

What recent development has Altus Power announced?

Altus Power announced the completion of a 2.5 MW solar array in Garrett County, Maryland.

How much electricity will the new solar array generate?

The new solar array is expected to generate approximately 3,500,000 kWhs of electricity annually.

What is the environmental impact of the new solar array?

The solar array will avoid approximately 2,480 metric tons of carbon dioxide emissions each year.

How many solar projects does Altus Power currently have in development?

Altus Power has over 50 MWs of solar projects in various stages of development.

When did Altus Power start serving Maryland customers?

Altus Power began serving Maryland customers with clean electricity in 2011.