Altus Power, Inc. Announces Definitive Agreements to Acquire Approximately 97 Megawatts of Operating Solar Assets
September 27 2022 - 7:37AM
Business Wire
Altus Power’s portfolio of solar and storage
assets expected to grow to approximately 466 megawatts across 22
states
Altus Power, Inc. (“Altus Power” or the “Company”) (NYSE: AMPS),
the premier independent developer, owner and operator of
commercial-scale solar facilities, today announced definitive
agreements to acquire approximately 97 megawatts (MW) of operating
solar assets for approximately $220 million funded by a combination
of cash on hand and assumed liabilities. The largest of these
portfolios includes 88 MW of generating assets and the acquisition
is subject to certain closing conditions, which we expect to be met
in the coming weeks. The acquisition of the remaining approximately
9 MW has recently closed and such assets are currently operating as
part of Altus Power’s portfolio. Combined, these recently and soon
to be acquired portfolios represent approximately 97 MW of solar
assets operating across nine U.S. states.
These commercial and industrial (C&I)-scale assets include
rooftop, ground and carport-mounted solar arrays and deliver clean
electricity under long-term contracts to predominantly
investment-grade customers. Following the closing of these
acquisitions, Altus Power expects to own, operate and service these
new assets and new customer relationships over the long-term with
the potential to offer additional electrification solutions,
including battery storage, as well as electric vehicle or fleet
charging stations.
“We are excited to bring these new long-term customer
relationships and operating assets to our portfolio of C&I
solar and storage assets,” said Gregg Felton, Co-CEO of Altus
Power. “We welcome the opportunity to serve customers in new
markets including Pennsylvania, Indiana, Arizona and Nevada, as
well as to grow our footprint in existing markets. Altus Power will
continue to focus on expanding our customer base as well as
profitably increasing the size of our portfolio of commercial-scale
assets by leveraging our specific expertise of executing both
development and operating opportunities.”
About Altus Power, Inc.
Altus Power, based in Stamford, Connecticut, is the premier
commercial-scale clean electrification company, serving commercial,
industrial, public sector and community solar customers with an
end-to-end solution. Altus Power originates, develops, owns and
operates locally sited solar generation, energy storage, and EV
charging infrastructure across 18 states from Vermont to Hawaii,
expanding into four additional states upon the expected closing of
the acquisitions referenced above. Visit www.altuspower.com to
learn more.
Forward-Looking Statements
This press release contains forward-looking statements.
Forward-looking statements may be identified by the use of words
such as “believes,” “expects,” “intends,” “aims,” “may,” “could,”
“will,” “should,” “plans,” “projects,” “forecasts,” “seeks,”
“anticipates,” “goal,” “objective,” “target,” “estimate,” “future,”
“outlook,” “vision,” or variations of such words or similar
terminology that predict or indicate future events or trends or
that are not statements of historical matters. These statements,
which involve risks and uncertainties, relate to expectations
regarding the ability of Altus Power and the other parties to close
the transaction in a timely manner or at all, statements regarding
the benefits of the proposed acquisition of the approximately 88 MW
of operating solar assets, expectations regarding our operations
and performance of these solar assets, expectations regarding our
relationships with new customers as a result of these acquisitions,
and the expected timing of the closing of the proposed acquisition
and other transactions contemplated by the definitive agreements.
These statements are based on Altus Power’s management’s current
expectations and beliefs, as well as a number of assumptions
concerning future events.
Such forward-looking statements are subject to known and unknown
risks, uncertainties, assumptions and other important factors, many
of which are outside Altus Power’s control, that could cause actual
results to differ materially from the results discussed in the
forward-looking statements. These risks, uncertainties, assumptions
and other important factors include, but are not limited to: (1)
the risk that the acquisition may not close in the anticipated
timeframe or at all due to a closing condition not being met; (2)
failure to obtain required consents or regulatory approvals in a
timely manner or otherwise; (3) the ability of Altus Power to
successfully integrate the acquisition of solar assets into its
business and generate profit from their operations; (4) the ability
of Altus Power to retain customers and maintain and expand
relationships with business partners, suppliers and customers; (5)
the risk of litigation and/or regulatory actions related to the
proposed acquisition of solar assets; (6) the possibility that
Altus Power may be adversely affected by other economic, business,
regulatory and/or competitive factors; and (7) the impact of
COVID-19, inflationary pressures, and supply chain issues on Altus
Power’s business.
Additional factors that could cause actual results to differ
materially from those expressed or implied in forward-looking
statements can be found under the heading “Risk Factors” in Altus
Power’s Form 10-K filed with the Securities and Exchange Commission
(the “SEC”) on March 24, 2022, as well as the other information the
Company files with the SEC. New risks and uncertainties arise from
time to time, and it is impossible for Altus Power to predict these
events or how they may affect the Company. You are cautioned not to
place undue reliance upon any forward-looking statements, which
speak only as of the date made and the information and assumptions
underlying such statement as known by Altus Power on the date such
statement was made, and Altus Power undertakes no obligation to
update or revise the forward-looking statements, whether as a
result of new information, changes in expectations, future events
or otherwise.
This press release is not intended to be all-inclusive or to
contain all the information that a person may desire in considering
an investment in Altus Power and is not intended to form the basis
of an investment decision in Altus Power. All subsequent written
and oral forward-looking statements concerning Altus Power or other
matters and attributable to Altus Power or any person acting on its
behalf are expressly qualified in their entirety by the cautionary
statements above.
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version on businesswire.com: https://www.businesswire.com/news/home/20220927005694/en/
Altus Power:
For Media: Cory Ziskind ICR, Inc. AltusPowerPR@icrinc.com
For Investors: Chris Shelton, Head of IR Caldwell Bailey, ICR,
Inc. InvestorRelations@altuspower.com
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