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) announced on December 23, 2022, a refinancing and upsizing of its term loan facility with D.E. Shaw Renewable Investments (DESRI) to
Altus Power has entered into a definitive agreement to acquire approximately 220 megawatts of solar assets for roughly $293 million from True Green Capital Management. This acquisition will boost Altus Power's portfolio to about 690 megawatts across 24 states, increasing its presence particularly in New York and California. The deal is anticipated to close in Q1 2023, pending certain conditions. The company plans to finance this acquisition via its long-term funding facility and cash reserves.
Altus Power (NYSE: AMPS) announced the closure of a $200 million revolving credit facility aimed at bolstering its growth and operational capacity. This five-year facility, maturing on December 19, 2027, enhances liquidity and financial flexibility, allowing Altus to invest in solar energy, storage, and vehicle charging initiatives. Currently, the company operates across 22 states, benefiting from solid cash flow to fund further expansion. CFO Dustin Weber highlighted this milestone as indicative of the company's maturation in the public market.
Altus Power (NYSE: AMPS) has launched its new digital platform for Community Solar, which is available on the Apple App Store and online. This platform connects individuals with local solar projects, offering discounts on energy bills while promoting clean energy. Altus Power's solar arrays currently reach 22 states, with further expansions planned in Maryland, Hawaii, New Jersey, and New York. The company aims to make solar energy accessible to all, including low-to-moderate income households, enhancing affordability in the face of rising utility costs.
Altus Power, Inc. (NYSE: AMPS) has successfully completed the acquisition of approximately 88 megawatts (MW) of operating solar assets from D.E. Shaw Renewable Investments (DESRI). This acquisition, initially announced on September 27, 2022, enhances Altus Power's portfolio of long-term contracted solar assets, now totaling 469 MW. The assets include various types of solar arrays delivering clean electricity to investment-grade customers. The partnership emphasizes Altus Power's operational efficiency and commitment to integrating these new assets into their business.
Altus Power (AMPS) reported third quarter 2022 revenues of $30.4 million, marking a 51% increase from 2021. The net loss was $96.6 million, significantly up from $1.3 million the previous year, primarily due to a $102 million non-cash loss from remeasurement of warrants. Adjusted EBITDA rose 66% to $19.4 million with a margin of 64%. The company ended the quarter with $290.9 million in cash. A new $200 million revolving credit facility was secured. However, adjusted EBITDA guidance for the year has been revised to near the low end of previous expectations.
CBRE Group reported Q3 2022 financial results, revealing a 7% increase in GAAP EPS to $1.38, while Core EPS declined by 19% to $1.13. Revenue rose 10.8% to $7.53 billion and net revenue increased 10.8% to $4.62 billion. However, cash flow from operations fell 22.5% to $754 million, leading to a 25.7% decrease in free cash flow. Leasing performed well, with a 14% revenue increase, but capital markets faced challenges, resulting in an 11% drop in global sales revenue. The company maintains strong liquidity with $4.5 billion available as of September 30, 2022.
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.
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