Altus Power’s portfolio of solar and storage
assets expected to grow to approximately 690 megawatts across 24
states
Altus Power, Inc. (“Altus Power” or the “Company”) (NYSE: AMPS),
a premier independent developer, owner and operator of
commercial-scale solar facilities, today announced that it entered
a definitive agreement to acquire approximately 220 megawatts (MW)
of newly developed and in construction solar assets for
approximately $293 million from funds managed by True Green Capital
Management LLC (“TGC”). Altus Power and TGC currently expect the
transaction will close during first quarter of 2023 upon
satisfaction of certain closing conditions. The Company intends to
fund the transaction with its long-term funding facility led by
Blackstone Structured Finance and cash on hand.
“We are excited to welcome this new set of customers to the
Altus Power brand, deepening our reach, particularly in New York
and California, where a majority of the assets in this portfolio
were developed and constructed by our partner, TGC,” said Gregg
Felton, Co-CEO of Altus Power. “TGC has a long history of
successfully investing in commercial-scale solar with underwriting
standards consistent with our own. Altus Power’s strengths in asset
on-boarding and long-term customer servicing combined with our
scalable funding architecture create a natural partnership.”
Panos Ninios, Managing Partner and Co-Founder of TGC agreed,
“Altus Power's capacity to execute with efficiency and focus on
building long-term relationships has made them an extremely
valuable partner in both of our transactions. They share our
founding belief that commercial-scale distributed solar generation
is the most attractive segment of our industry. Our collaboration
has facilitated TGC’s successful forays into new solar
markets.”
Robert Camacho, Co-Head of Asset Based Finance within
Blackstone’s Structured Finance Group, added, “We are pleased to
expand our long-standing strategic partnership with Altus Power as
it continues to meet the growing demand for low cost, renewable
energy across the country. Our investment-grade rated long-term
funding facility provides Altus Power with competitive financing in
this rapidly growing market.”
The acquired portfolio, once closed, will promptly add
approximately 207 MW of commercial-scale solar assets to Altus
Power’s operations, with the remaining 13 MW in the final stages of
construction and expected to be completed in the coming months.
This portfolio offers additional scale in Altus Power’s existing
markets including California, Colorado, Illinois, Massachusetts,
New Jersey, and New York and provides entry into two new markets of
Delaware and South Carolina.
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.
About Altus Power, Inc.
Altus Power, based in Stamford, Connecticut, is the premier
independent commercial-scale clean electrification company serving
commercial, industrial, public sector and community solar customers
with end-to-end solutions. 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 True Green Capital Management LLC
TGC is a specialized renewable energy infrastructure private
equity firm based in Westport, Connecticut and manages over $1
billion in equity capital, including $660 million in its most
recently closed fund, TGC Fund IV, LLC. Having developed the
capabilities of a direct operating business, TGC has raised four
private equity funds and invested into distributed solar power
generation portfolios across 14 U.S. states delivering clean,
reliable renewable energy with an increasing focus in the UK and
the European Union. The firm was founded in July 2011 and is led by
a team of investment professionals with a proven track record and
the demonstrated capacity to originate, finance, construct, and
operate distributed renewable power generation projects at
institutional scale. To learn more, visit
https://truegreencapital.com/
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 220
MW of both operating or development 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)
the ability of Altus Power to recognize the benefits of any
completed acquisitions or acquisitions that Altus Power may
transact in the future, including the acquisition of these solar
assets; (3) failure to obtain required consents or regulatory
approvals in a timely manner or otherwise; (4) the ability of Altus
Power to successfully integrate the acquisition of solar assets
into its business and generate profit from their operations; (5)
the ability of Altus Power to retain customers and maintain and
expand relationships with business partners, suppliers and
customers; (6) the risk of litigation and/or regulatory actions
related to the proposed acquisition of solar assets; (7) the
possibility that Altus Power may be adversely affected by other
economic, business, regulatory and/or competitive factors; and (8)
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, Altus Power’s Form 10-Q filed with
the SEC on November 14, 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/20221227005051/en/
Altus Power Contacts: Chris Shelton, Head of IR
InvestorRelations@altuspower.com
True Green Contacts: Christina Anzel Director of Investor
Relations & ESG Mobile: + 1 917 608 3550
media@truegreencapital.com
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