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 develops, owns and operates commercial-scale clean electric power assets, including locally sited solar generation, energy storage and charging infrastructure. Company news centers on solar portfolio acquisitions, community solar projects, rooftop and ground-mounted systems, and power delivery for commercial, industrial, public sector and Community Solar customers.
Altus Power updates also cover market expansion across U.S. states, operational projects that generate electricity near the point of consumption, development partnerships and capital-structure or shareholder matters. The company completed its acquisition by TPG and became a privately held company, making corporate-status developments part of its recent news history.
Altus Power (NYSE: AMPS) has completed a 1.7 MW rooftop solar project at a distribution center in Vacaville, CA. The installation, part of California's Net Energy Metering 2.0 program, is designed to meet approximately 80% of the 839,000 square foot facility's annual energy needs at discounted rates.
The project is expected to reduce emissions by 1,000 metric tons of CO2 annually and 35,000 metric tons over its 35-year useful life. The installation will provide benefits to the building owner through new rental streams and discounted energy rates.
This addition expands Altus Power's California presence to 120 MW of solar assets. The company's portfolio now spans 25 states, serving enterprises focused on carbon reduction goals through local clean energy generation.
Emeren Group (NYSE: SOL) has announced the sale of its 2.8 MWdc solar project in Maine to Altus Power (NYSE: AMPS). The project, which has reached full commercial operation, is the final asset from Emeren's Maine pipeline. Altus Power, the largest commercial scale provider of clean electric power, will take over ownership and long-term management of the facility to deliver sustainable energy to local communities and support Maine's renewable energy objectives.
The transaction demonstrates Emeren's ability to efficiently deliver COD projects and strengthens its presence in the U.S. market while supporting Maine's growing demand for renewable energy. The project will contribute to Altus Power's expanding portfolio and support Community Solar subscribers.
Altus Power (NYSE: AMPS) has completed a new 760kW solar system in Cherry Valley, Illinois, in partnership with a real estate developer. The clean energy generated will be supplied through a long-term contract to a logistics company tenant and will support the Illinois Shines program. The project was integrated during the property's development phase, avoiding retrofit costs.
The company highlighted that this installation demonstrates their early engagement strategy's effectiveness and expands their enterprise customer base. Altus Power currently operates across 25 states, focusing on providing localized clean energy generation to reduce transmission requirements and help enterprises meet their carbon reduction objectives.
Altus Power (NYSE: AMPS) has announced an agreement to build a 10.5-megawatt solar project on three modern logistics buildings in New Jersey, developed by Trammell Crow Company and CBRE Investment Management. The project, spanning over 1.1 million sq. ft., will provide clean electric power through the New Jersey Community Solar Energy Program, benefiting both CBRE IM tenants and local residents.
The solar installation is expected to serve up to 1,800 households upon completion. As a pioneer in Community Solar, Altus Power currently serves more than 30,000 subscribers nationwide, offering clean energy savings through utility bill discounts without requiring customers to install or maintain their own solar panels.
Altus Power (NYSE: AMPS) has expanded its footprint in Maine by acquiring three new community solar projects, totaling 12.8 MW. These operational projects, purchased from various developers, align with the company's strategy to quickly scale and deliver economic and environmental benefits to local communities. According to Matt Marlow, co-Head of Investment and Structured Finance, the acquisition allows Altus Power to efficiently extend solar benefits to more businesses and households. The projects will serve over 3,300 households, reducing energy costs and carbon emissions through Altus Power's Community Solar program. Altus Power, a leader in Community Solar, already serves over 30,000 subscribers nationwide, offering clean energy savings without requiring individual solar installations.
Altus Power (NYSE: AMPS), the largest commercial scale clean electric power provider, announced CEO Gregg Felton's participation in two major industry conferences in December. Felton will join a fireside chat at the Jefferies Renewables & Clean Energy Conference (Dec. 4) and a panel discussion at the Bank of America Clean Energy Symposium (Dec. 5) in New York.
The company maintains a 1GW portfolio across 25 states, serving over 500 enterprises and 30,000 Community Solar subscribers nationwide. Felton emphasized how locally generated solar power can address growing energy demands while promoting sustainability.
Altus Power has acquired a 3.4 MW solar project from Chaberton Energy in East New Market, Maryland. The project, part of Maryland's Community Solar Energy Generating Systems pilot program, will provide clean electric power to over 380 households upon completion. The development includes forest conservation measures and $2 million in grid and substation upgrades to improve electrical reliability in Dorchester County. This acquisition expands Altus Power's Maryland portfolio and community solar subscriber base, which currently serves over 30,000 subscribers nationwide.
Altus Power (NYSE: AMPS) reported strong Q3 2024 financial results with revenues of $58.7 million, up 30% year-over-year. GAAP net income reached $8.6 million, increasing from $6.8 million in Q3 2023. Adjusted EBITDA grew 27% to $37.0 million.
The company achieved significant operational milestones, surpassing 1 GW in operating assets nationwide and expanding its Community Solar subscriber base to approximately 30,000 households across nine states. The company generated 333 million kilowatt hours of clean power in Q3. Management reaffirmed FY2024 guidance of $196-201 million in revenue and $111-115 million in adjusted EBITDA.
Altus Power (NYSE: AMPS) has completed three new solar projects in Maine, adding 19.1 MWs to its portfolio. The company has consolidated operations to become the sole owner of these projects, enhancing operational efficiency in Maine. These installations will serve over 4,200 households with clean energy at discounted rates through the company's Community Solar program. Altus Power currently serves more than 25,000 subscribers nationwide, providing clean energy benefits to homeowners and renters across various income levels without requiring individual solar installations.
Altus Power (NYSE: AMPS), the largest commercial-scale provider of clean electric power, has scheduled its third quarter 2024 financial results release for Tuesday, November 12, 2024, after NYSE closing. CEO Gregg Felton and CFO Dustin Weber will host a conference call at 4:30pm ET to discuss results and provide a business update. The call will be accessible via webcast on the company's Investor Relations website and by phone. A replay will be available until December 12, 2024.