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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 announced it will report Q3 2022 financial results before the NYSE opens on November 14, 2022. Following the earnings release, a conference call will occur at 8:30 AM ET, featuring remarks from Co-CEOs Gregg Felton and Dustin Weber, along with Lars Norell. Investors can access the call via live webcast on the Investor section of Altus Power's website. A replay will be available for 30 days after the call.
Altus Power, Inc. (NYSE: AMPS) announced the completion of the redemption of all outstanding public and private warrants for its Class A common stock. Following the September 15, 2022 press release, holders exercised a total of 5,332,105 warrants, yielding $93,082 in cash proceeds. The public warrants ceased trading on the NYSE on October 14, 2022. As of the redemption date, 100,209 warrants remained unexercised, resulting in a total redemption cost of $10,021. The redemption does not affect the trading of Altus Power’s Class A common stock, which continues to be listed under the symbol AMPS.
Altus Power (NYSE: AMPS) announced a secondary underwritten public offering of 7,000,000 shares of Class A common stock by Blackstone at $11.50 per share, totaling approximately $80.5 million before underwriting fees. A 30-day option for underwriters to purchase an additional 1,050,000 shares is also available. The offering is set to close around October 3, 2022. Altus Power will not receive any proceeds from this sale, as all shares are being sold by Blackstone. The offering is conducted under an effective SEC registration statement.
Altus Power (NYSE: AMPS) announced a secondary underwritten public offering of 7 million shares of its Class A common stock, sold by a stockholder affiliated with Blackstone. The offering includes a 30-day option for underwriters to purchase up to 1.05 million additional shares. Altus Power will not receive proceeds from this sale. The shares are being offered under an effective registration statement with the SEC filed on January 10, 2022. J.P. Morgan, Citigroup, and Evercore ISI are joint book-running managers for this offering.
Altus Power (NYSE: AMPS) announced definitive agreements to acquire operating solar assets totaling approximately 97 megawatts (MW) for around $220 million. The acquisition will be funded through cash and assumed liabilities, with the largest portfolio consisting of 88 MW across nine U.S. states. This expansion is expected to enhance Altus Power's presence in new markets, including Pennsylvania, Indiana, Arizona, and Nevada, while also providing opportunities for additional electrification solutions.
Altus Power, Inc. (NYSE: AMPS) announced the redemption of all remaining public and private placement warrants to purchase Class A common stock. The redemption price is set at
Altus Power, Inc. (NYSE: AMPS) has appointed Greg Roer as Managing Director of its Origination Team. Roer brings 15 years of experience from Goldman Sachs, where he co-founded the Renewable Power Group, contributing to over 2 GW of solar and storage projects. His role aims to enhance client relationships and assess operating portfolios to support the company's growth in solar, storage, and EV charging sectors. Roer's extensive background in alternative energy is expected to bolster Altus Power's leadership in the commercial solar market.
Altus Power supports the recently passed Inflation Reduction Act, anticipating that its provisions will enhance its business prospects in solar and battery storage. The law's key benefits include a 10-year extension of the Investment Tax Credit for solar, increased from 26% to 30%, and a similar incentive for battery storage. Altus expects these changes to stimulate growth in U.S. manufacturing and significantly expand its market opportunities.
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