Altus Power Inc Stock Price, News & Analysis

Altus Power (NYSE: AMPS) reported strong financial results for 2022, with revenues soaring to $101.2 million, a 41% increase from 2021. GAAP net income reached $52.2 million, up from $13.0 million in the prior year. The company's adjusted EBITDA rose 43% to $58.6 million, with a margin of 58%. Noteworthy highlights include a portfolio growth to 690 MW post-acquisition from True Green Capital, and a new $200 million revolving credit facility boosting liquidity. For 2023, Altus expects adjusted EBITDA to be between $97-103 million, indicating robust growth potential.

Altus Power (NYSE: AMPS) announced it has no exposure to recent bank failures, including Silicon Valley Bank, Signature Bank, and First Republic Bank. The company maintains its cash and marketable securities at other financial institutions and has not entered into any financing agreements with these banks. Altus's undrawn financing commitments come from a diverse group of major banks, ensuring continued access to capital for operations and capital expenditures. The company is closely monitoring the financial landscape but currently expects uninterrupted funding for its ongoing business activities.

CBRE Group reported financial results for FY 2022, with GAAP EPS falling 21% to $4.29, while Core EPS rose 7% to $5.69. Q4 revenue decreased 4.2% to $8,194 million, and net revenue fell 10.6% to $4,975 million. Net income plummeted 88.3% in Q4, indicating significant challenges, particularly in the Advisory Services and Capital Markets segments. Despite these setbacks, CBRE anticipates a low to mid-double-digit decline in Core EPS for 2023 but expects growth afterward. Free cash flow for Q4 was $715 million, alongside successful stock repurchases totaling 22.9 million shares for $1.9 billion throughout 2022.

Altus Power, Inc. (NYSE: AMPS) plans to release its financial results for the full year of 2022 on March 30, 2023, before the NYSE opens. The earnings report will be accompanied by a conference call at 8:30 AM Eastern Time, featuring remarks from Co-CEOs Lars Norell and Gregg Felton, along with CFO Dustin Weber. Investors can access the live webcast through Altus Power’s website. A playback option for the conference call will be available for 30 days via phone and for a year via webcast. Altus Power focuses on commercial-scale clean electrification and operates solar generation, energy storage, and charging infrastructure across the U.S.

Altus Power (NYSE: AMPS) announced the acquisition of approximately 220 MW of solar assets, which includes 207 MW of operating assets and 13 MW under construction, for roughly $293 million. The purchase is financed through a $204 million loan from Blackstone at a fixed interest rate of 5.62%, with an option to refinance after three years. With this acquisition, Altus Power's community solar portfolio now exceeds 20% of its installed megawatts, with additional projects underway in New Jersey, Maryland, New York, and Hawaii. New York is now one of Altus Power's largest markets, alongside Massachusetts and New Jersey, each having over 100 MW of operating solar.

Altus Power, Inc. (NYSE: AMPS) has partnered with Blackstone (NYSE: BX) and CBRE (NYSE: CBRE) to enhance its Community Solar Partnership Program, allowing employees of these companies to benefit from clean electricity at a discount. The program, already operational in New York City and Westchester County, NY, provides credits on electricity bills from Altus Power’s solar generation. Future expansions are planned in Hawaii, Maryland, and New Jersey, with potential growth in Minnesota, Massachusetts, and Illinois. Altus Power aims to attract more employers to this program as a valuable employee benefit.

Altus Power, Inc. (NYSE: AMPS) has appointed Diane Brink to its Board of Directors, effective immediately. Brink will chair the Compensation Committee and serve on the Audit Committee. With over 35 years of experience at IBM, including her role as Chief Marketing Officer, Brink's expertise in digital transformation and customer experience is expected to enhance Altus' mission of creating a clean electrification ecosystem. She replaces Sharon Daley, who resigned on January 18, 2023, to pursue other opportunities. Brink will serve until the 2025 annual meeting, continuing Altus Power's commitment to solar facility development.

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 $141.3 million. The new financing includes approximately $125.7 million in a term loan and $15.6 million in letters of credit, secured at an effective fixed interest rate of 4.885% for five years. This agreement aims to ensure long-term financing for Altus Power's new assets while demonstrating its access to diverse capital sources.