Altus Power Inc Stock Price, News & Analysis

Altus Power (NYSE: AMPS) has announced an agreement to construct a 1.6 megawatt solar project at the San Manuel Landing, a 1.1 million square foot logistics center in San Bernardino, California. The project, originated with partner Trammell Crow Company, will be built on the roof leased from the San Manuel Band of Mission Indians under a long-term agreement.

The solar array will provide low-cost clean electric power to the building's tenant, resulting in utility bill savings and a reduction of over 21,000 metric tons of carbon dioxide emissions. This is equivalent to not burning over 23 million pounds of coal. The project will add to Altus Power's California portfolio of 120 MWs, expanding its customer base in the state's commercial real estate market.

Altus Power (NYSE: AMPS), the largest commercial scale provider of clean electric power, has announced a groundbreaking tax equity transaction and partnership model. This innovative structure allocates a portion of investment tax credits (ITCs) from recently completed solar projects to an existing partner through a traditional tax equity partnership. In a first-of-its-kind move for Altus Power, the new structure leverages the flexibility created in the Inflation Reduction Act to directly transfer a majority of the ITCs from the tax equity partnership to other Altus Power partners with significant tax capacity.

This hybrid approach enhances Altus' flexibility and expands the market for placing ITCs with new tax partners. The transaction demonstrates Altus Power's commitment to market innovation and optimizing financial structures to benefit partners and stakeholders in the evolving renewable energy landscape.

Altus Power (NYSE: AMPS), the largest commercial-scale provider of clean electric power in the US, has released its 2023 Sustainability Report titled 'Renewable Energy, Responsible Practices'. The report highlights the company's progress in Environmental, Social, and Governance initiatives over the past year.

Key achievements include:

• 71% year-over-year increase in installed and operated Solar PV capacity, reaching 896 MW
• Generation of 780,000 MWh of renewable electricity, avoiding approximately 551,000 metric tons of CO2(e) emissions
• 43% female representation in leadership positions
• Appointment of a dedicated Health and Safety Manager
• Expanded access to clean electric power for low-and-moderate income customers in Community Solar markets
• Joined the United Nations Global Compact

Altus Power's Chief Sustainability Officer, Sophia Lee, emphasized the company's commitment to leading the transition to a low-carbon economy and expanding access to clean energy nationwide.

Altus Power (NYSE: AMPS), the largest commercial scale provider of clean electric power, has announced the addition of two operational solar projects in Colorado, totaling 2.5 megawatts. These ground-mounted systems will benefit local municipalities through the Altus Power Community Solar program, part of the Black Hills Energy Colorado community solar initiative.

The projects will serve several local government, educational, and corporate enterprises, including the City of Pueblo, Pueblo Community College, and Pueblo County School District. The clean electric power generated is expected to offset the equivalent of nearly 54,462 metric tons of carbon emissions over the project's lifetime. This expansion aligns with Altus Power's strategic mission to deliver clean energy solutions and economic benefits to the communities it serves.

As a pioneer in Community Solar, Altus Power currently serves more than 25,000 subscribers nationwide, providing enterprises, homeowners, and renters with clean energy savings without requiring personal solar panel installation or maintenance.

Altus Power (NYSE: AMPS) is offering Community Solar spots to New Yorkers, allowing both renters and homeowners to save on utility costs and support clean energy. A 2.8 megawatt solar array at the Morgan Stanley campus in Purchase, NY, will provide discounted, clean power to the community. Key points:

• No installations or upfront costs required
• Open to ConEd, NYSEG, and NAT GRID customers
• Expected to save carbon equivalent of burning 2.9 million pounds of coal
• Morgan Stanley will use 40% of the generated power
• Remaining benefits offered to local residents, including Morgan Stanley employees

Interested parties can sign up quickly at altuspower.com/states/new-york. spots available, with priority for those qualifying for certain state benefits.

Altus Power (NYSE:AMPS), the largest commercial scale provider of clean electric power, has announced plans to develop a new 750kW solar system in Cherry Valley, Illinois. This project is in partnership with building developer Venture One and long-term owner Affinius Capital. The clean electric power generated will be delivered under a long-term contract to the tenant, DB Schenker, helping to decarbonize their operations at the site.

Altus Power's portfolio spans 25 states, serving corporations committed to carbon reduction goals. The company offers a full-service, end-to-end commercial solar solution, including an AI-powered dashboard for comprehensive power usage insights. As a pioneer in Community Solar, Altus Power currently serves over 25,000 subscribers nationwide, providing clean energy savings to homeowners and renters without requiring personal solar panel installation.

Altus Power (NYSE: AMPS) has completed two new community solar projects in Maine, totaling 12.6 MWs. These ground-mounted projects will generate clean electric power, benefiting the local community through the Altus Power Community Solar program. The new installations will serve more than 2,600 households and offset nearly 12,000 metric tons of carbon emissions.

Maine is recognized as an early adopter of Community Solar, and Altus Power aims to strengthen its presence in the state. The company's portfolio spans 25 states, serving enterprises committed to carbon reduction goals. Altus Power currently has over 25,000 subscribers nationwide for its Community Solar program, which provides clean energy savings to homeowners and renters without requiring personal solar panel installations.

Altus Power (NYSE: AMPS), the largest commercial-scale provider of clean electric power, reported Q2 2024 financial results. Highlights include:

- Revenue of $52.5 million, up 13% year-over-year
- GAAP net income of $33.1 million, compared to $3.4 million in Q2 2023
- Adjusted EBITDA of $31.2 million, a 2% increase year-over-year
- Portfolio size increased by 42% compared to Q2 2023
- Generated 364 million kilowatt hours of clean electric power

The company revised its FY2024 guidance to $196-201 million revenue and $111-115 million adjusted EBITDA. Altus Power reaffirmed its 3-year guidance of 20-30% CAGR on megawatts and 20-25% CAGR on revenue and adjusted EBITDA.

Altus Power (NYSE: AMPS), the largest commercial-scale clean electric power provider, has appointed Richard A. Shapiro to its Board of Directors. Shapiro, who will chair the Compensation Committee, brings nearly three decades of investment management experience. CEO Gregg Felton highlighted Shapiro's valuable experience in financial analysis, market positioning, and strategic transactions. Chairperson Christine Detrick noted his complementary skills in finance, mergers and acquisitions, and value unlocking.

Shapiro is currently the Founder and Chief Investment Officer of Ridge Run Partners, His previous roles include Portfolio Manager at Millennium Management and Partner at Wexford Capital. He holds an MBA from Georgetown University and has served on the boards of several public companies. This appointment aims to enhance Altus Power's strategy as it scales its solar asset portfolio and optimizes financing.