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.
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.
Altus Power, Inc. (NYSE: AMPS) will participate in the J.P. Morgan Alternative Energy Spotlight Series on April 17, 2023, at 2:00 PM ET. The event, for J.P. Morgan Equity Research clients, will feature Co-CEOs Gregg Felton and Lars Norell, discussing key areas of investor interest including:
- Commercial-scale solar, storage, and clean charging services across 24 states.
- The market potential for clean energy amid rising power prices.
- Commitment to positive adjusted EBITDA and cash generation.
- Access to long-term financing with conservative leverage metrics.
- Accelerated development in decarbonization and energy savings.
A slide deck outlining these points will be available on Altus Power's website.
Altus Power (NYSE: AMPS) reported strong financial results for 2022, with revenues soaring to $101.2 million, a 41% increase from 2021. GAAP net income reached $52.2 million, up from $13.0 million in the prior year. The company's adjusted EBITDA rose 43% to $58.6 million, with a margin of 58%. Noteworthy highlights include a portfolio growth to 690 MW post-acquisition from True Green Capital, and a new $200 million revolving credit facility boosting liquidity. For 2023, Altus expects adjusted EBITDA to be between $97-103 million, indicating robust growth potential.
Altus Power (NYSE: AMPS) announced it has no exposure to recent bank failures, including Silicon Valley Bank, Signature Bank, and First Republic Bank. The company maintains its cash and marketable securities at other financial institutions and has not entered into any financing agreements with these banks. Altus's undrawn financing commitments come from a diverse group of major banks, ensuring continued access to capital for operations and capital expenditures. The company is closely monitoring the financial landscape but currently expects uninterrupted funding for its ongoing business activities.
CBRE Group reported financial results for FY 2022, with GAAP EPS falling 21% to $4.29, while Core EPS rose 7% to $5.69. Q4 revenue decreased 4.2% to $8,194 million, and net revenue fell 10.6% to $4,975 million. Net income plummeted 88.3% in Q4, indicating significant challenges, particularly in the Advisory Services and Capital Markets segments. Despite these setbacks, CBRE anticipates a low to mid-double-digit decline in Core EPS for 2023 but expects growth afterward. Free cash flow for Q4 was $715 million, alongside successful stock repurchases totaling 22.9 million shares for $1.9 billion throughout 2022.
Altus Power, Inc. (NYSE: AMPS) plans to release its financial results for the full year of 2022 on March 30, 2023, before the NYSE opens. The earnings report will be accompanied by a conference call at 8:30 AM Eastern Time, featuring remarks from Co-CEOs Lars Norell and Gregg Felton, along with CFO Dustin Weber. Investors can access the live webcast through Altus Power’s website. A playback option for the conference call will be available for 30 days via phone and for a year via webcast. Altus Power focuses on commercial-scale clean electrification and operates solar generation, energy storage, and charging infrastructure across the U.S.
Altus Power (NYSE: AMPS) announced the acquisition of approximately 220 MW of solar assets, which includes 207 MW of operating assets and 13 MW under construction, for roughly
Altus Power, Inc. (NYSE: AMPS) has partnered with Blackstone (NYSE: BX) and CBRE (NYSE: CBRE) to enhance its Community Solar Partnership Program, allowing employees of these companies to benefit from clean electricity at a discount. The program, already operational in New York City and Westchester County, NY, provides credits on electricity bills from Altus Power’s solar generation. Future expansions are planned in Hawaii, Maryland, and New Jersey, with potential growth in Minnesota, Massachusetts, and Illinois. Altus Power aims to attract more employers to this program as a valuable employee benefit.
Altus Power, Inc. (NYSE: AMPS) has appointed Diane Brink to its Board of Directors, effective immediately. Brink will chair the Compensation Committee and serve on the Audit Committee. With over 35 years of experience at IBM, including her role as Chief Marketing Officer, Brink's expertise in digital transformation and customer experience is expected to enhance Altus' mission of creating a clean electrification ecosystem. She replaces Sharon Daley, who resigned on January 18, 2023, to pursue other opportunities. Brink will serve until the 2025 annual meeting, continuing Altus Power's commitment to solar facility development.
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