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Altus Power, Inc. - AMPS STOCK NEWS

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.

News

Altus Power, Inc. Announces Date for Release of First Quarter 2024 Financial Results and Conference Call

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Altus Power, Inc. (AMPS) is set to release its first-quarter 2024 financial results on May 9, 2024, followed by a conference call for investors. The call will feature remarks from the Co-CEO and CFO, with a Q&A session. Investors can access the webcast on Altus Power's website.
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Altus Power, Inc. Announces Fourth Quarter and Full Year 2023 Financial Results

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Altus Power, Inc. (NYSE: AMPS) reported strong financial results for full year 2023, with revenues reaching $155.2 million, a 53% increase from 2022, and adjusted EBITDA of $93.1 million, a 59% increase from the previous year. The company added 150 enterprise customers, expanded its portfolio by 91% to 896 MW, and completed 74 MW of new-build assets. Altus Power also announced a strategic acquisition with Vitol, closing an 84 MW deal in January 2024. The company expects operating revenues of $200-222 million and adjusted EBITDA of $115-135 million for 2024, showing significant growth projections.
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Altus Power Announces Appointment of CBRE Chief Sustainability Officer, Robert Bernard, to Board of Directors

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Altus Power (NYSE: AMPS) appoints Robert Bernard, CBRE's Chief Sustainability Officer, to its Board of Directors, replacing Bill Concannon. Bernard's experience aligns with Altus Power's vision to engage large enterprise clients. The partnership with CBRE continues to focus on decarbonizing commercial real estate buildings.
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CBRE Group, Inc. Reports Financial Results for Q4 and Full Year 2023

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CBRE Group, Inc. (NYSE:CBRE) reported strong Q4 2023 results with GAAP EPS rising to $1.55 and Core EPS to $1.38. However, FY 2023 saw a decline in both GAAP and Core EPS. Revenue increased by 9.2% in Q4 and 3.6% for FY 2023. Net income surged by 487.9% in Q4 but declined for the full year. Cash flow from operations rose by 4.8% in Q4 but decreased significantly for the year. CBRE expects mid-teens percentage growth in core earnings-per-share for 2024.
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Altus Power, Inc. Announces Date for Release of Full Year 2023 Financial Results and Conference Call

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Altus Power, Inc. (NYSE: AMPS) will report financial results for the full year of 2023 after the closing of the New York Stock Exchange on Thursday, March 14, 2024. The earnings release will be followed by a conference call for investors at 4:30 PM Eastern Time. The call will feature prepared remarks from Lars Norell, Co-Chief Executive Officer, and Dustin Weber, Chief Financial Officer. The prepared remarks will be followed by a question-and-answer session, including Gregg Felton, Co-Chief Executive Officer of Altus Power. The conference call may be accessed via live webcast on a listen-only basis on the Events & Presentations page of the investor section of Altus Power’s website. A replay of the webcast will be available approximately three hours after the call on the Investor section of Altus Power’s website and by dialing (844) 512-2921 or for international callers by dialing (412) 317-6671. The passcode for the replay is 13744424. The telephone replay will remain available for approximately 30 days, and the webcast replay for a full year.
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Altus Power Announces Acquisition of 84MW Portfolio from Vitol, Adding Thousands of Customers in New York, New Jersey, and Maine

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Altus Power (NYSE: AMPS) has announced the acquisition of approximately 84 MWs of commercial-scale solar arrays from Vitol for $118 million. The deal adds thousands of new long-term Community Solar, school district, and other enterprise customers across the Northeast. The clean electric power generated by the new assets will benefit nearly 2,000 Community Solar subscribers, serve 20 municipal, education, and enterprise clients, and result in the carbon avoidance of more than 69,000 metric tons of CO2 annually.
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Altus Power to Participate at Upcoming Consumer Electronics Show, the CRREM – UN Environment Programme Finance Initiative Webinar Series and the Needham Growth Conference

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Altus Power (AMPS) co-CEOs and team members to present at industry conferences and investor meetings, highlighting company achievements and expansion plans
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Altus Power Announces Financing from Goldman Sachs and CPP Investments

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Altus Power, Inc. (NYSE: AMPS) announced the closing of a $100 million secured credit facility with Goldman Sachs and CPP Investments. The facility will support ongoing expansion plans with an 8.50% interest rate and a six-year term, prepayable without penalty after three years. Altus Power's CFO and Co-CEO expressed optimism about the company's expected growth and market positioning.
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Altus Power Announces Closing of 121 Megawatts in Solar Assets from Basalt and Soltage

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Altus Power, Inc. (NYSE: AMPS) expands its presence in the Southeast through the acquisition of Project Hyperion, LLC, adding 121 megawatts in solar assets primarily in North and South Carolina. The acquisition introduces new government and municipal entities into Altus' portfolio, aiming to reach sustainability goals through clean electric power. Altus Power plans to grow its portfolio to almost 900 MWs by the end of 2023.
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Altus Power Expands West Coast Presence with Acquisition of Unico Solar

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Altus Power (NYSE: AMPS) acquires Unico Solar's core business, development platform, and pipeline, expanding its presence on the West Coast. The acquisition aims to supercharge project development for real estate owners and users on a national scale, adding significant local coverage to be closer to nationwide real estate partners and enterprise customers.
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FAQ

What is the current stock price of Altus Power (AMPS)?

The current stock price of Altus Power (AMPS) is $3.69 as of January 23, 2025.

What is the market cap of Altus Power (AMPS)?

The market cap of Altus Power (AMPS) is approximately 546.4M.

What does Altus Power, Inc. do?

Altus Power, Inc. develops, owns, and operates large-scale photovoltaic (solar power) and energy storage systems across the United States, serving commercial, industrial, public sector, and community solar customers.

What are the key products offered by Altus Power?

Altus Power offers financial products such as leases and power purchase agreements (PPAs) for solar energy, along with EV charging and energy storage solutions.

How does Altus Power support the clean energy transition?

By developing and operating solar generation and energy storage facilities, Altus Power reduces reliance on fossil fuels and decreases carbon emissions while providing clean electric power to a diverse clientele.

What recent acquisition did Altus Power announce?

Altus Power announced the acquisition of Project Hyperion, comprising 121 megawatts of solar assets in North and South Carolina, expanding its presence in the Southeast.

What financial performance did Altus Power report for 2023?

For the full year 2023, Altus Power reported revenues of $155.2 million, a 53% increase from 2022, with an adjusted EBITDA of $93.1 million, a 59% increase.

What are Altus Power’s growth plans for 2023?

Altus Power plans to expand its portfolio to nearly 900 MWs by the end of 2023, continuing its efforts to build and operate commercial-scale solar assets across the United States.

What is Altus Power's relationship with Vitol?

Altus Power partnered with Vitol for the acquisition of approximately 84 MWs of solar arrays, adding thousands of new long-term Community Solar and other enterprise customers.

Where is Altus Power headquartered?

Altus Power is headquartered in Stamford, Connecticut.

How does Altus Power's business model benefit its customers?

Altus Power's business model allows customers to benefit from solar energy at a discount to grid prices without significant upfront investments, reducing their energy costs and carbon footprints.

What is the long-term funding facility that Altus Power recently utilized?

Altus Power recently utilized a $163 million draw from Blackstone’s long-term funding facility to support further asset additions and growth.
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Altus Power, Inc.

NYSE:AMPS

AMPS Rankings

#3046 Ranked by Market Cap
N/A Ranked by Dividends

AMPS Stock Data

546.40M
96.38M
39.76%
56.49%
4.94%
Utilities - Renewable
Electric Services
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United States of America
STAMFORD