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 operates in the commercial solar sector, where news typically centers on project acquisitions, portfolio expansion, and corporate development milestones. The company's news flow reflects the project-based nature of renewable energy infrastructure, with announcements related to new solar installations, capacity additions, and strategic transactions that shape the company's asset portfolio.
Investors tracking Altus Power news can expect coverage of solar project acquisitions measured in megawatts of generating capacity, partnerships with commercial property owners, and community solar initiatives. The company's business model—financing and operating distributed solar systems on third-party properties—generates updates about power purchase agreements, regional expansion into new markets, and operational milestones as projects transition from development to electricity generation.
Corporate developments represent another significant news category for Altus Power, including financial results that detail revenue from power sales and renewable energy certificates, strategic decisions about portfolio composition, and capital allocation across the company's solar asset base. Given the capital-intensive nature of solar infrastructure development, news about financing activities, investor relations, and corporate structure provides insight into how the company funds its growth and manages its renewable energy portfolio.
This news page aggregates announcements relevant to understanding Altus Power's position in commercial solar markets, its operational performance across distributed generation assets, and the strategic direction of its renewable energy investment activities. Regular monitoring helps investors track how the company deploys capital into solar projects and manages its portfolio of long-term power purchase agreements.
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.
CBRE Group (NYSE: CBRE) reported its Q2 2024 financial results, highlighting a 9% revenue increase and an 11% net revenue rise. The company witnessed a 14% increase in Resilient Business net revenue, driven by Turner's 18% growth. Advisory transaction revenue, including leasing and capital markets, grew 5%, with US leasing revenue up 13% and mortgage origination fees up 20%. However, GAAP EPS declined 34% to $0.42, and Core EPS fell 2% to $0.81. Free cash flow improved by nearly $300 million, with an annual forecast of over $1 billion. Segment-wise, Global Workplace Solutions net revenue rose 15.5%, while Real Estate Investments revenue saw a 9.2% decline. The company made capital investments worth $1.3 billion YTD and repurchased 0.6 million shares. Despite challenges, CBRE increased its full-year Core EPS outlook to $4.70-$4.90.
Altus Power, Inc. (NYSE: AMPS), the largest commercial-scale clean electric power provider, has announced its schedule for releasing second quarter 2024 financial results. The company will report its earnings after the New York Stock Exchange closes on Thursday, August 8th. Following the release, CEO Gregg Felton and CFO Dustin Weber will host a conference call at 4:30pm ET to review results and provide a business update.
Investors can access the live conference call webcast through the Investor Relations section of Altus Power's website. For those preferring to listen by phone, domestic callers can dial 1-800-717-1738, while international callers should use 1-646-307-1865. A telephonic replay will be available for approximately three hours after the call, accessible until September 8, 2024.
Altus Power, a leading provider of clean electric power, has acquired an 8.5 MW solar array in New Jersey. This project strengthens its portfolio to 185.5 MW within the state. The ground-mounted solar array will sell power to PJM and generate Solar Renewable Energy Credits (SRECs). This acquisition includes 63 acres of land, offering flexibility for future redevelopment and long-term value maximization. The project is anticipated to produce around 8,776,000 kWh annually, preventing over 6,100 metric tons of carbon dioxide emissions. Altus Power serves over 450 enterprises and 24,000 Community Solar customers across 25 states.
Edly has appointed Lars Norell, a seasoned startup veteran and co-founder of Altus Power (NYSE: AMPS), as its new Executive Chairman. Norell brings over 30 years of experience in capital markets and structured finance. He aims to scale Edly's innovative funding solutions for students, athletes, and schools. Norell's previous roles at Credit Suisse, Merrill Lynch, and Cohen & Company saw him pioneer industry-standard structured credit products. He co-founded Altus Power, growing it to a public company with a market cap exceeding $500 million. Norell has been a non-executive director at Edly since its inception in 2019 and was an early investor through Start Capital. Edly is known for its 'outcomes-based' lending and NIL funding solutions for student-athletes.
Altus Power (NYSE: AMPS), leading in commercial clean electric power, announced its CEO, Gregg Felton, and CFO, Dustin Weber, will attend multiple industry conferences. They will participate in fireside chats at the 3rd Annual Evercore ISI Global Clean Energy & Transition Technologies Summit on June 12 and the JP Morgan 2024 Energy, Power & Renewables Conference on June 18 in New York. Additionally, they will attend the Roth 10th Annual London Conference on June 26-27. These events aim to provide investors with deeper insights into the commercial solar sector and Altus Power's industry position. The company boasts a widespread portfolio across 25 states, serving over 450 enterprises and 24,000 Community Solar customers.
Altus Power, Inc. announced its first quarter 2024 financial results, with revenues of $40.7 million, a 38% increase compared to 2023. GAAP net income was $4.1 million, and adjusted EBITDA was $19.7 million, up 23% from the previous year. The company added 4,000 Community Solar customers, increased its portfolio size by 45%, and has a cash balance of $204 million. Altus Power reaffirms its 2024 guidance with operating revenues of $200-222 million and adjusted EBITDA of $115-135 million, showing significant growth over 2023. Alison Sternberg joins as Head of Investor Relations, bringing valuable experience to the team.
CBRE Group, Inc. reported financial results for the first quarter of 2024, with revenue up 7.1%, net revenue up 6.3%, and GAAP EPS up 10%, while core EPS declined by 15%. The company's Global Workplace Solutions segment had double-digit net revenue growth, but margins fell short of expectations. CBRE expects to generate core earnings per share in the range of $4.25 to $4.65 for 2024.
Altus Power, Inc. (AMPS) announced the resignation of Lars Norell as co-CEO and the appointment of Gregg Felton as sole Chief Executive Officer. The Board of Directors expressed confidence in Felton to drive long-term shareholder value. Partnerships with CBRE and Blackstone were highlighted, with a reaffirmation of full-year guidance for 2024.
FAQ
What is the current stock price of Altus Power (AMPS)?
What is the market cap of Altus Power (AMPS)?
