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 (historically NYSE: AMPS) appears frequently in news coverage as a commercial-scale provider of clean electric power focused on solar electric power generation. Company announcements highlight new rooftop and ground-mounted solar projects, acquisitions of operating and development-stage solar portfolios, and corporate transactions affecting its capital structure and listing status.
News items describe Altus Power originating, developing, owning and operating locally sited solar generation, energy storage and charging infrastructure across the United States. Examples include rooftop solar projects at a large sports facility in Colorado and a distribution center in California, as well as acquisitions of portfolios serving public sector clients and Community Solar subscribers in states such as Kansas, New York and Maryland. These stories often emphasize discounted power relative to utility rates and reductions in carbon emissions over the life of the projects.
Altus Power’s news flow also covers its Community Solar activities, including acquisitions of development-stage community solar projects expected to participate in state programs and serve thousands of subscribers, with specific allocations for low-to-moderate income households. The company’s communications describe Community Solar as providing clean energy savings to homeowners, renters, multifamily residents and small businesses without requiring them to install their own solar panels.
Another major theme in Altus Power’s news is corporate and capital markets activity. The company announced a definitive agreement to be acquired by TPG through its TPG Rise Climate Transition Infrastructure strategy and later reported the completion of this all-cash transaction, after which Altus Power became a privately held company and its Class A common stock ceased trading on the New York Stock Exchange. Financial results releases have included discussions of operating revenues, adjusted EBITDA and portfolio growth in megawatts of operating assets.
Investors and observers using the AMPS news page can review this historical record of project announcements, portfolio acquisitions, Community Solar expansions, financial results and the TPG acquisition to understand how Altus Power developed its commercial-scale solar platform and transitioned from a public to a private company.
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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Altus Power (AMPS) reported second quarter 2022 revenues of $24.8 million, a 41% increase from Q2 2021. The company achieved a net income of $21.6 million compared to a net loss of $0.4 million last year, driven by a $21.4 million non-cash gain from fair value remeasurement. Adjusted EBITDA rose to $13.9 million, marking a 37% increase. With $295.1 million in cash and a reaffirmed full-year adjusted EBITDA guidance of $57-63 million, Altus Power shows strong financial health and growth potential.
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Altus Power, Inc. (NYSE: AMPS) will announce its financial results for Q2 2022 on August 15, 2022, before market open. This will be followed by a conference call at 8:30 AM ET, featuring CEO Lars Norell, Chief Platform Officer Dan Alcombright, and CFO Dustin Weber. Investors can access the live webcast on the company's Investor section. A replay will be available shortly after the call for 30 days. Altus Power develops and operates solar generation and energy storage solutions across 18 states, serving various markets from Vermont to Hawaii.
Altus Power, Inc. (NYSE: AMPS) has been added to the MAC Global Solar Energy Stock Index as of June 17, 2022. This index represents a range of companies involved in the solar energy value chain, including energy producers and equipment providers. Changes to the index occur quarterly. The MAC Global Solar Energy Stock Index also serves as the tracking index for the Invesco Solar ETF (TAN). Altus Power specializes in clean electrification, operating across 18 states and providing solar generation, energy storage, and EV charging infrastructure.
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