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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.
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.
CBRE Group, Inc. reported Q1 2023 results with GAAP EPS declining 68% to $0.37 and core EPS down 34% to $0.92. Revenue reached $7.411 billion, a slight increase of 1.1% year-over-year. However, net revenue fell 4.5% to $4.181 billion. The company faced a significant drop in property sales, leading to a 70.2% decrease in net income at $117 million. The Global Workplace Solutions segment saw an 11.1% revenue increase, while the Advisory Services segment reported a 17.5% revenue decline. Despite these challenges, CBRE maintains its full-year guidance, expecting core EPS to decline by low-to-mid double digits in 2023 before surpassing previous peaks in 2024. The company highlights resilience in certain business areas and cost management efforts.
Altus Power, Inc. (NYSE: AMPS) will report its financial results for Q1 2023 on May 15, 2023, prior to the opening of the New York Stock Exchange. The earnings release will be followed by a conference call at 8:30 AM ET featuring remarks from Co-CEOs Gregg Felton and Lars Norell, along with CFO Dustin Weber. Investors can access the call via a live webcast on Altus Power’s investor relations webpage. A replay of the call will be available within three hours and will remain accessible for 30 days via phone and for a year through the webcast.
Altus Power caters to a variety of sectors, providing clean electrification through solar energy and storage solutions nationwide. For further information, visit www.altuspower.com.
Altus Power, a leader in commercial-scale solar facilities, announced its inclusion in the iShares Global Clean Energy ETF (NYSE: ICLN), effective immediately. This recognition underscores Altus Power's commitment to clean energy, enhancing its visibility among investors focused on sustainability. The company's leadership believes this inclusion will generate long-term profitable growth while aligning with environmentally-conscious investments.
However, the company cautions that future performance is subject to various risks, including potential acquisition delays and integration challenges. Stakeholders are encouraged to review the 'Risk Factors' in Altus Power's Form 10-K for a comprehensive understanding of the risks involved.
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