Welcome to our dedicated page for Altus Power news (Ticker: AMPS), a resource for investors and traders seeking the latest updates and insights on Altus Power stock.
Altus Power, Inc. (NYSE: AMPS) is a leading developer, owner, and operator of large-scale photovoltaic (solar power) and energy storage systems across the United States. Based in Stamford, Connecticut, Altus Power serves commercial, industrial, public sector, and community solar customers, providing end-to-end clean energy solutions. The company focuses on building and operating solar generation, energy storage, and EV charging infrastructure, significantly contributing to the clean energy transition.
Altus Power offers a variety of financial products such as leases and power purchase agreements (PPAs), allowing customers to benefit from solar energy without significant upfront investments. Its portfolio includes projects on commercial properties, schools, and municipal buildings, delivering electricity at a discount compared to grid prices. This model not only reduces energy costs for customers but also decreases carbon emissions and reliance on fossil fuels.
The company's business strategy revolves around expansion and innovation. Recently, Altus Power announced the acquisition of Project Hyperion, comprising 121 megawatts of solar assets in North and South Carolina, thus enhancing its footprint in the Southeast. The company plans to grow its portfolio to nearly 900 MWs by the end of 2023, with a significant presence across 25 states.
Financially, Altus Power demonstrates robust growth. For the full year 2023, the company reported revenues of $155.2 million—a 53% increase over 2022—with an adjusted EBITDA of $93.1 million, highlighting a 59% increase. The company continues to secure substantial funding, as evidenced by its recent $163 million draw from Blackstone’s long-term funding facility, aimed at supporting further asset additions.
Altus Power's strategic partnerships and acquisitions, like the collaboration with Vitol for the addition of 84 MWs of solar arrays, underscore its capacity for sustained growth and expansion. The company aligns its growth strategy with its mission to drive the clean energy transition, fostering long-term sustainable returns for its investors.
CBRE Group, Inc. reported financial results for the first quarter of 2024, with revenue up 7.1%, net revenue up 6.3%, and GAAP EPS up 10%, while core EPS declined by 15%. The company's Global Workplace Solutions segment had double-digit net revenue growth, but margins fell short of expectations. CBRE expects to generate core earnings per share in the range of $4.25 to $4.65 for 2024.
Altus Power, Inc. (AMPS) announced the resignation of Lars Norell as co-CEO and the appointment of Gregg Felton as sole Chief Executive Officer. The Board of Directors expressed confidence in Felton to drive long-term shareholder value. Partnerships with CBRE and Blackstone were highlighted, with a reaffirmation of full-year guidance for 2024.
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