Altus Power, Inc. Announces Closing of 88 MW of Assets
November 14 2022 - 4:30PM
Business Wire
Altus Power, Inc. (“Altus Power” or the “Company”) (NYSE: AMPS),
the premier independent developer, owner and operator of
commercial-scale solar facilities, today announced that it has
closed on the acquisition of approximately 88 megawatts (MW) of
operating solar assets. These assets were purchased from D. E. Shaw
Renewable Investments (DESRI), under definitive agreements that
were previously announced on September 27, 2022.
Gregg Felton, Co-CEO of Altus Power, said “We were pleased to be
able to partner with DESRI’s talented team to execute this
transaction. With closing now complete, we’re excited to
incorporate these new long-term assets and customer relationships
into our portfolio.”
“We were impressed by the Altus Power team’s ability to transact
with efficiency, notwithstanding the complexity of a portfolio
spanning several states with multiple stakeholders,” commented
Bryan Martin, Executive Chairman of DESRI. “We expect that Altus
Power will continue to operate these projects with the same thought
and care that DESRI has.”
These commercial and industrial scale assets include rooftop,
ground and carport-mounted solar arrays which deliver clean
electricity under long-term contracts to predominantly
investment-grade customers. Altus Power owns, operates and services
customers across its portfolio of 469 MW of long-term contracted
solar assets with the potential to offer additional electrification
solutions, including battery storage, as well as electric vehicle
or fleet charging stations.
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
charging infrastructure across the nation. Visit www.altuspower.com
to learn more.
About D.E. Shaw Renewable Investments
D. E. Shaw Renewable Investments (DESRI) and its affiliates
develop, acquire, own, and operate long-term contracted renewable
energy assets in the U.S. DESRI's portfolio of contracted,
operating, and in-construction renewable energy projects currently
includes more than 65 solar and wind projects representing more
than 6 gigawatts of aggregate capacity. DESRI is a member of the D.
E. Shaw group, a global investment and technology development firm
with more than $60 billion in investment and committed capital as
of September 1, 2022, and offices in North America, Europe, and
Asia. For more information, visit www.desri.com.
Forward-Looking Statements
This press release contains forward-looking statements.
Forward-looking statements may be identified by the use of words
such as "aims," "believes," "expects," "intends," "aims", "may,"
“could,” "will," "should," "plans," “projects,” “forecasts,”
“seeks,” “anticipates,” “goal,” “objective,” “target,” “estimate,”
“future,” “outlook,” "strategy," “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
analyses and other information that are based on forecasts of
future results and estimates of amounts not yet determinable and
may also relate to Altus Power’s future prospects, developments and
business strategies. 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 pending acquisitions 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
on March 24th, 2022, as well as the other information we file with
the Securities and Exchange Commission. New risks and uncertainties
arise from time to time, and it is impossible for us to predict
these events or how they may affect us. 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 we know it and 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/20221114006013/en/
Altus Power Contacts:
Chris Shelton Head of IR InvestorRelations@altuspower.com
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