AMPS Altus Power Inc

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Company Overview

Altus Power, Inc., a Delaware corporation (the “Company” or "Altus Power"), headquartered in Stamford, Connecticut, develops, owns, constructs and operates large-scale roof, ground and carport-based photovoltaic solar energy generation and storage systems, for the purpose of producing and selling electricity to credit worthy counterparties, including commercial and industrial, public sector and community solar customers, under long-term contracts. The Solar energy facilities are owned by the Company in project specific limited liability companies (the “Solar Facility Subsidiaries”).

On December 9, 2021 (the "Closing Date"), CBRE Acquisition Holdings, Inc. ("CBAH"), a special purpose acquisition company, consummated the business combination pursuant to the terms of the business combination agreement entered into on July 12, 2021 (the "Business Combination Agreement"), whereby, among other things, CBAH Merger Sub I, Inc. ("First Merger Sub") merged with and into Altus Power, Inc. (f/k/a Altus Power America, Inc.) ("Legacy Altus") with Legacy Altus continuing as the surviving corporation, and immediately thereafter Legacy Altus merged with and into CBAH Merger Sub II, Inc. ("Second Merger Sub") with Second Merger Sub continuing as the surviving entity and as a wholly owned subsidiary of CBAH (together with the merger with the First Merger Sub, the “Merger”). In connection with the closing of the Merger, CBAH changed its name to "Altus Power, Inc." and CBAH Merger Sub II (after merger with Legacy Altus) changed its name to "Altus Power, LLC."

Basis of Presentation and Principles of Consolidation

The Company prepares its unaudited condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and regulations of the U.S. Securities and Exchange Commission ("SEC") for interim financial reporting. The Company’s condensed consolidated financial statements include the results of wholly-owned and partially-owned subsidiaries in which the Company has a controlling interest. All intercompany balances and transactions have been eliminated in consolidation.

Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2022, filed with the Company’s 2022 annual report on Form 10-K on March 30, 2023, and the related notes which provide a more complete discussion of the Company’s accounting policies and certain other information. The information as of December 31, 2022, included in the condensed consolidated balance sheets was derived from the Company’s audited consolidated financial statements. The condensed consolidated financial statements were prepared on the same basis as the audited consolidated financial statements and reflect all adjustments, including normal recurring adjustments, which are, in the opinion of management, necessary for a fair statement of the Company’s financial position as of June 30, 2023, and the results of operations and cash flows for the three and six months ended June 30, 2023, and 2022. The results of operations for the three and six months ended June 30, 2023, are not necessarily indicative of the results that may be expected for the full year or any other future interim or annual period.

Reclassifications

Certain prior year amounts have been reclassified for consistency with the current year financial statement presentation. Such reclassifications have no impact on previously reported net income, stockholders' equity, or cash flows. For the year ended December 31, 2022, $2.6 million was reclassified from other current liabilities to contract liability, current on the condensed consolidated balance sheet. This change had no impact on total current liabilities reported in the consolidated balance sheet. Further, for the six months ended June 30, 2022, $1.8 million was reclassified from unrealized gain on interest rate swaps in the adjustments to reconcile net income to net cash from operating activities section of the condensed consolidated statements of cash flows to derivative assets in the changes in assets, and liabilities, excluding the effect of acquisitions section of the condensed consolidated cash flows. This change had no impact on cash provided by operating activities in the consolidated statement of cash flows.

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Use of Estimates

The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates.

In recording transactions and balances resulting from business operations, the Company uses estimates based on the best information available. Estimates are used for such items as the fair value of net assets acquired in connection with accounting for business combinations, the useful lives of the solar energy facilities, and inputs and assumptions used in the valuation of asset retirement obligations (“AROs”), contingent consideration, derivative instruments, and Class B common stock, par value $0.0001 per share ("Alignment Shares").

Segment Information

Operating segments are defined as components of a company about which separate financial information is available that is evaluated regularly by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company’s chief operating decision makers are the co-chief executive officers. Based on the financial information presented to and reviewed by the chief operating decision makers in deciding how to allocate the resources and in assessing the performance of the Company, the Company has determined it operates as a single operating segment and has one reportable segment, which includes revenue under power purchase agreements, revenue from net metering credit agreements, solar renewable energy credit revenue, rental income, performance based incentives and other revenue. The Company’s principal operations, revenue and decision-making functions are located in the United States.

Cash, Cash Equivalents, and Restricted Cash

Cash and cash equivalents includes all cash balances on deposit with financial institutions and readily marketable securities with original maturity dates of three months or less at the time of acquisition and are denominated in U.S. dollars. Pursuant to the budgeting process, the Company maintains certain cash and cash equivalents on hand for possible equipment replacement related costs.

The Company records cash that is restricted as to withdrawal or use under the terms of certain contractual agreements as restricted cash. Restricted cash is included in current portion of restricted cash and restricted cash, noncurrent portion on the condensed consolidated balance sheets and includes cash held with financial institutions for cash collateralized letters of credit pursuant to various financing and construction agreements.

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets. Cash, cash equivalents, and restricted cash consist of the following:

			As of June 30, 2023						As of December 31, 2022
Cash and cash equivalents			$	69,114					$	193,016
Current portion of restricted cash			3,700						2,404
Restricted cash, noncurrent portion			11,321						3,978
Total			$	84,135					$	199,398

Concentration of Credit Risk

The Company maintains its cash in bank deposit accounts which, at times, may exceed Federal Deposit Insurance Corporation insurance limits. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk on cash balances.

The Company had one customer that individually accounted for over 10% (i.e., 22.6%) of total accounts receivable as of June 30, 2023, one customer that individually accounted over 10% (i.e. 14.4%,) of total revenue for the three months ended June 30, 2023, and one customer that individually accounted for over 10% (i.e., 14.7%) of total revenue six months ended June 30, 2023.

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The Company had one customer that individually accounted for over 10% (i.e., 28.0%) of total accounts receivable as of December 31, 2022, and no customers that individually accounted for 10% of total revenue for the three and six months ended June 30, 2022.

Accounting Pronouncements

As a public company, the Company is provided the option to adopt new or revised accounting guidance as an “emerging growth company” under the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”) either (1) within the same periods as those otherwise applicable to public business entities, or (2) within the same time periods as non-public business entities, including early adoption when permissible. The Company expects to elect to adopt new or revised accounting guidance within the same time period as non-public business entities, as indicated below.

Recent Accounting Pronouncements Adopted

In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments and has since released various amendments including ASU No. 2019-04. The new standard generally applies to financial assets and requires those assets to be reported at the amount expected to be realized. The ASU is effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. The Company has adopted this standard as of January 1, 2023 and the adoption did not have a material impact on the condensed consolidated financial statements.

In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which requires entities to recognize and measure contract assets and liabilities acquired in a business combination in accordance with Accounting Standards Codification ("ASC") 2014-09, Revenue from Contracts with Customers (Topic 606). The update will generally result in an entity recognizing contract assets and liabilities at amounts consistent with those recorded by the acquiree immediately before the acquisition date rather than at fair value. The new standard is effective on a prospective basis for fiscal years beginning after December 15, 2022, and was adopted by the Company on January 1, 2023. The Company applied the provisions of ASU 2021-08 to account for the True Green II Acquisition (defined in Note 5, "Acquisitions"), and recognized $3.5 million of contract liability assumed through the business combination.

Disaggregation of Revenue

The following table presents the detail of revenues as recorded in the unaudited condensed consolidated statements of operations:

			Three Months Ended June 30,												Six Months Ended June 30,
			2023						2022						2023						2022
Power sales under PPAs			$	16,641					$	6,730					$	25,627					$	10,912
Power sales under NMCAs			13,297						7,822						20,133						11,722
Power sales on wholesale markets			568						1,155						924						1,738
Total revenue from power sales			30,506						15,707						46,684						24,372
Solar renewable energy credit revenue			13,526						7,975						23,593						17,506
Rental income			986						785						1,612						1,429
Performance based incentives			464						295						2,562						654
Revenue recognized on contract liabilities			1,031						—						1,440						—
Total			$	46,513					$	24,762					$	75,891					$	43,961

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Accounts receivable

The following table presents the detail of receivables as recorded in accounts receivable in the unaudited condensed consolidated balance sheets:

			As of June 30, 2023						As of December 31, 2022
Power sales under PPAs			$	7,467					$	4,092
Power sales under NMCAs			9,371						3,183
Power sales on wholesale markets			134						223
Total power sales			16,972						7,498
Solar renewable energy credits			8,980						5,387
Rental income			750						429
Performance based incentives			339						129
Total			$	27,041					$	13,443

Payment is typically received within 30 days for invoiced revenue as part of power purchase agreements (“PPAs”) and net metering credit agreements (“NMCAs”). Receipt of payment relative to invoice date varies by customer for renewable energy credits ("SRECs"). As of both June 30, 2023, and December 31, 2022, the Company determined that the allowance for uncollectible accounts is $0.4 million.

The Company consolidates all variable interest entities (“VIEs”) in which it holds a variable interest and is deemed to be the primary beneficiary of the variable interest entity. Generally, a VIE is an entity with at least one of the following conditions: (a) the total equity investment at risk is insufficient to allow the entity to finance its activities without additional subordinated financial support, or (b) the holders of the equity investment at risk, as a group, lack the characteristics of having a controlling financial interest. The primary beneficiary of a VIE is required to consolidate the VIE and to disclose certain information about its significant variable interests in the VIE. The primary beneficiary of a VIE is the entity that has both 1) the power to direct the activities that most significantly impact the entity’s economic performance and 2) the obligations to absorb losses or receive benefits that could potentially be significant to the VIE.

The Company participates in certain partnership arrangements that qualify as VIEs. Consolidated VIEs consist primarily of tax equity financing arrangements and partnerships in which an investor holds a noncontrolling interest and does not have substantive kick-out or participating rights. The Company, through its subsidiaries, is the primary beneficiary of such VIEs, because as the manager, it has the power to direct the day-to-day operating activities of the entity. In addition, the Company is exposed to economics that could potentially be significant to the entity given its ownership interest, therefore, has consolidated the VIEs as of June 30, 2023, and December 31, 2022. No VIEs were deconsolidated during the six months ended June 30, 2023 and 2022.

The obligations of the consolidated VIEs discussed in the following paragraphs are nonrecourse to the Company. In certain instances where the Company establishes a new tax equity structure, the Company is required to provide liquidity in accordance with the contractual agreements. The Company has no requirement to provide liquidity to purchase assets or guarantee performance of the VIEs unless further noted in the following paragraphs. The Company made certain contributions during the six months ended June 30, 2023 and 2022, as determined in the respective operating agreement.

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The carrying amounts and classification of the consolidated VIE assets and liabilities included in condensed consolidated balance sheets are as follows:

			As of June 30, 2023						As of December 31, 2022
Current assets			$	25,748					$	16,434
Non-current assets			759,612						445,583
Total assets			$	785,360					$	462,017
Current liabilities			$	7,900					$	5,731
Non-current liabilities			117,811						73,438
Total liabilities			$	125,711					$	79,169

The amounts shown in the table above exclude intercompany balances which are eliminated upon consolidation. All of the assets in the table above are restricted for settlement of the VIE obligations, and all of the liabilities in the table above can only be settled using VIE resources.

The Company has not identified any VIEs during the six months ended June 30, 2023 and 2022, for which the Company determined that it is not the primary beneficiary and thus did not consolidate.

The Company considered qualitative and quantitative factors in determining which VIEs are deemed significant. During each of the six months ended June 30, 2023 and the year ended December 31, 2022, the Company consolidated thirty-three and twenty-six VIEs, respectively. No VIEs were deemed significant as of June 30, 2023 and December 31, 2022.

On January 11, 2023, the Company completed an acquisition through obtaining a controlling financial interest in a VIE which owns and operates a single 2.7 MW solar generating facility. The Company acquired a controlling financial interest by entering into an asset management agreement which provides the Company with the power to direct the operating activities of the VIE and the obligation to absorb losses or receive benefits that could potentially be significant to the VIE. Concurrent with the asset management agreement, the Company entered into a Membership Interest Purchase Agreement ("MIPA") to acquire all of the outstanding equity interests in the VIE on May 30, 2023 (the "Closing Date"). The entire purchase price of $3.8 million was paid on January 11, 2023. As a result of this acquisition, the Company recognized property, plant and equipment of $3.9 million, $0.7 million of operating lease asset, $0.7 million of operating lease liability, and asset retirement obligations of $0.1 million in the unaudited condensed consolidated balance sheet. Pursuant to the MIPA, the Company acquired all of the outstanding equity interests in the entity on May 30, 2023.

As discussed in Note 5, on February 15, 2023 the Company completed the True Green II Acquisition through its purchase of all outstanding membership interests in APAF III Operating, LLC from True Green Capital Fund III, L.P. Through the True Green II Acquisition, the Company acquired eleven VIEs that consist primarily of tax equity financing arrangements and partnerships in which an investor holds a noncontrolling interest and does not have substantive kick-out or participating rights. The Company, through its subsidiaries, is the primary beneficiary of these VIEs because as the manager, it has the power to direct the day-to-day operating activities of the entity, and is exposed to economics that could potentially be significant to the entities through its ownership interests. As of June 30, 2023 the VIEs acquired through the True Green II Acquisition comprised of $9.4 million of current assets, $328.8 million of non-current assets, $4.0 million of current liabilities, and $45.3 million of non-current liabilities.

2023 Acquisitions

Asset Acquisitions

During 2023, the Company acquired solar energy facilities located in Rhode Island and California with a total nameplate capacity of 8.5 MW from third parties for a total purchase price of $11.4 million. As of June 30, 2023, $0.3 million of total consideration remained payable to sellers and was included as purchase price payable on the condensed consolidated balance sheet. The acquisitions were accounted for as acquisitions of assets, whereby the Company acquired $12.2 million of property,

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plant and equipment and $1.4 million of operating lease assets, and assumed $1.4 million of operating lease liabilities, $0.4 million of intangible liabilities, and $0.2 million of asset retirement obligations.

Acquisitions of VIEs

During 2023, the Company acquired solar energy facilities located in Massachusetts and Maine with a total nameplate capacity of 4.1 MW from third parties for a total purchase price of $8.7 million. As of June 30, 2023, $0.2 million of total consideration remained payable to sellers and was included as purchase price payable on the condensed consolidated balance sheet. The acquisitions were accounted for as acquisitions of variable interest entities that do not constitute a business (refer to Note 4, "Variable Interest Entities"). The Company acquired $8.8 million of property, plant and equipment and $1.0 million of operating lease assets, and assumed $1.0 million of operating lease liabilities and $0.1 million of asset retirement obligations.

True Green II Acquisition

On February 15, 2023, APA Finance III, LLC ("APAF III"), a wholly-owned subsidiary of the Company, acquired a 220 MW portfolio of 55 operating and 3 in development solar energy facilities located across eight US states (the “True Green II Acquisition”). The portfolio was acquired from True Green Capital Fund III, L.P. (“True Green”) for total consideration of approximately $299.9 million. The purchase price and associated transaction costs were funded by the proceeds from the APAF III Term Loan (as defined in Note 6, "Debt") and cash on hand. The True Green II Acquisition was made pursuant to the purchase and sale agreement (the "PSA") dated December 23, 2022, and entered into by the Company to grow its portfolio of solar energy facilities. Pursuant to the PSA, the Company acquired 100% ownership interest in APAF III Operating, LLC, a holding entity that owns the acquired solar energy facilities.

The Company accounted for the True Green II Acquisition under the acquisition method of accounting for business combinations. Under the acquisition method, the purchase price was allocated to the assets acquired and liabilities assumed on February 15, 2023, based on their estimated fair value. All fair value measurements of assets acquired and liabilities assumed, including the noncontrolling interests, were based on significant estimates and assumptions, including Level 3 (unobservable) inputs, which require judgment. Estimates and assumptions include the estimates of future power generation, commodity prices, operating costs, and appropriate discount rates.

The assets acquired and liabilities assumed are recognized provisionally on the condensed consolidated balance sheet at their estimated fair values as of the acquisition date. The initial accounting for the business combination is not complete as the Company is in the process of obtaining additional information for the valuation of acquired tangible and intangible assets. The provisional amounts are subject to change to the extent that additional information is obtained about the facts and circumstances that existed as of the acquisition date. Under U.S. GAAP, the measurement period shall not exceed one year from the acquisition date and the Company will finalize these amounts no later than February 15, 2024.

Subsequent to the acquisition date, the Company made certain measurement period adjustments to provisional accounting recognized. These adjustments consist of an increase in Property, plant, and equipment of $0.8 million, a decrease in Operating lease asset of $0.7 million, an increase in Other assets of $0.8 million, a decrease in Long-term debt of $0.2 million, a decrease in Operating lease liability of $1.9 million, an increase in Other liabilities of $1.9 million, and an increase in Non-controlling interests of $0.2 million due to the clarification of information utilized to determine fair value during the measurement period. Additionally, the Company recorded a measurement period adjustment of $0.7 million to increase the fair value of consideration transferred, $0.4 million to decrease Accounts receivable, and $0.1 million to increase Property, plant, and equipment as a result of reconciling working capital adjustments with the seller. The following table presents the updated preliminary allocation of the purchase price to the assets acquired and liabilities assumed, based on their estimated fair values on February 15, 2023 and inclusive of the measurement period adjustments discussed above:

			Provisional accounting as of February 15, 2023						Measurement period adjustments						Adjusted provisional accounting as of February 15, 2023
Assets
Accounts receivable			$	4,358					$	(357)					$	4,001
Property, plant and equipment			334,958						914						335,872
Intangible assets			850						—						850

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Operating lease asset			32,053						(742)						31,311
Other assets			1,739						835						2,574
Total assets acquired			373,958						650						374,608
Liabilities
Long-term debt(1)			8,100						(217)						7,883
Intangible liabilities			4,100						—						4,100
Asset retirement obligation			3,795						—						3,795
Operating lease liability			37,723						(1,932)						35,791
Contract liability(2)			3,534						—						3,534
Other liabilities			—						1,932						1,932
Total liabilities assumed			57,252						(217)						57,035
Redeemable non-controlling interests			8,100						—						8,100
Non-controlling interests			13,296						204						13,500
Total fair value of consideration transferred, net of cash acquired			$	295,310					$	663					$	295,973

The fair value of consideration transferred, net of cash acquired, as of February 15, 2023, is determined as follows:

			Provisional accounting as of February 15, 2023						Measurement period adjustments						Adjusted provisional accounting as of February 15, 2023
Cash consideration paid to True Green on closing			$	212,850					$	—					$	212,850
Cash consideration paid to settle debt and interest rate swaps on behalf of True Green			76,046						—						76,046
Cash consideration in escrow accounts(3)			3,898						—						3,898
Purchase price payable(4)			7,069						663						7,732
Total fair value of consideration transferred			299,863						663						300,526
Restricted cash acquired			4,553						—						4,553
Total fair value of consideration transferred, net of cash acquired			$	295,310					$	663					295,973

(1) Acquired long-term debt relates to financing obligations recognized in failed sale leaseback transactions. Refer to Note 6, "Debt" for further information.

(2) Acquired contract liabilities relate to long-term agreements to sell renewable energy credits that were fully prepaid by the customer prior to the acquisition date. The Company will recognize revenue associated with the contract liabilities as renewable energy credits are delivered to the customer through 2036.

(3) Represents the portion of the consideration transferred that is held in escrow accounts as security for general indemnification claims.

(4) Purchase price payable represents the portion of the total hold back amount that was earned by True Green as of February 15, 2023, based on the completion of construction milestones related to assets in development.

The Company incurred approximately $2.3 million of acquisition related costs related to the True Green III Acquisition, which are recorded as part of Acquisition and entity formation costs in the condensed consolidated statement of operations for the six months ended June 30, 2023. Acquisition related costs include legal, consulting, and other transaction-related costs, as well as

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$0.8 million of costs to acquire SRECs available for sale that were sold by the Company to its customers during the three months ended June 30, 2023, which was recorded in Other current assets in the preliminary purchase price allocation.

The impact of the True Green III Acquisition on the Company's revenue and net income in the condensed consolidated statement of operations was an increase of $13.8 million and $7.9 million, respectively, for the six months ended June 30, 2023.

Intangibles at Acquisition Date

The Company attributed the intangible asset and liability values to favorable and unfavorable rate revenue contracts to sell power and RECs. The following table summarizes the estimated fair values and the weighted average amortization periods of the acquired intangible assets and assumed intangible liabilities as of the acquisition date:

			Fair Value (thousands)						Weighted Average Amortization Period
Favorable rate revenue contracts – PPA			800						19 years
Favorable rate revenue contracts – REC			50						16 years
Unfavorable rate revenue contracts – PPA			(800)						17 years
Unfavorable rate revenue contracts – REC			(3,300)						3 years

Unaudited Pro Forma Combined Results of Operations

The following unaudited pro forma combined results of operations give effect to the True Green II Acquisition as if it had occurred on January 1, 2022. The unaudited pro forma combined results of operations are provided for informational purposes only and do not purport to represent the Company’s actual consolidated results of operations had the True Green II Acquisition occurred on the date assumed, nor are these financial statements necessarily indicative of the Company’s future consolidated results of operations. The unaudited pro forma combined results of operations do not reflect the costs of any integration activities or any benefits that may result from operating efficiencies or revenue synergies.

			For the three months ended June 30, 2023 (unaudited)						For the three months ended June 30, 2022 (unaudited)						For the six months ended June 30, 2023 (unaudited)						For the six months ended June 30, 2022 (unaudited)
Operating revenues			$	46,513					$	35,035					$	79,361					$	64,508
Net income			3,370						25,463						8,911						88,030

2022 Acquisitions

Acquisition of DESRI II & DESRI V

On November 11, 2022, APA Finance II, LLC, a wholly-owned subsidiary of the Company, acquired a 88 MW portfolio of nineteen solar energy facilities operating across eight US states. The portfolio was acquired from D.E. Shaw Renewables Investments L.L.C. ("DESRI") for total consideration of $100.8 million ("DESRI Acquisition"). The DESRI Acquisition was made pursuant to membership interest purchase agreements (the "MIPAs") dated September 26, 2022, and entered into by the Company to grow its portfolio of solar energy facilities. Pursuant to the MIPAs, the Company acquired 100% ownership interest in holding entities that own the acquired solar energy facilities. The Company accounted for the DESRI Acquisition under the acquisition method of accounting for business combinations. Under the acquisition method, the purchase price was allocated to the assets acquired and liabilities assumed on November 11, 2022, based on their estimated fair value. All fair value measurements of assets acquired and liabilities assumed, including the noncontrolling interests, were based on significant estimates and assumptions, including Level 3 (unobservable) inputs, which require judgment. Estimates and assumptions include the estimates of future power generation, commodity prices, operating costs, and appropriate discount rates.

The assets acquired and liabilities assumed are recognized provisionally on the consolidated balance sheet at their estimated fair values as of the acquisition date. The initial accounting for the business combination is not complete as the Company is in process of obtaining additional information for the valuation of acquired tangible and intangible assets. The provisional amounts are subject to change to the extent that additional information is obtained about the facts and circumstances that existed

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as of the acquisition date. Under U.S. GAAP, the measurement period shall not exceed one year from the acquisition date and the Company will finalize these amounts no later than November 11, 2023.

The following table presents the preliminary allocation of the purchase price to the assets acquired and liabilities assumed, based on their estimated fair values on November 11, 2022 (in thousands):

Assets
Accounts receivable			$	2,001
Derivative assets			2,462
Other assets			432
Property, plant and equipment			179,500
Operating lease asset			17,831
Intangible assets			29,479
Total assets acquired			231,705
Liabilities
Accounts payable			275
Accrued liabilities			746
Long-term debt			105,346
Intangible liabilities			771
Operating lease liability			20,961
Contract Liability(1)			7,200
Asset retirement obligation			1,508
Total liabilities assumed			136,807
Non-controlling interests			184
Total fair value of consideration transferred, net of cash acquired			$	94,714

The fair value of consideration transferred, net of cash acquired, as of November 11, 2022, is determined as follows:

Cash consideration to the seller on closing			$	82,235
Fair value of purchase price payable(2)			19,017
Post-closing purchase price true-up			(469)
Total fair value of consideration transferred			100,783
Cash acquired			1,220
Restricted cash acquired			4,849
Total fair value of consideration transferred, net of cash acquired			$	94,714

(1) Acquired contract liabilities related to long-term agreements to sell renewable energy credits that were fully prepaid by the customer prior to the acquisition date. The Company will recognize revenue associated with the contract liabilities as renewable energy credits are delivered to the customer through December 31, 2028.

(2) Purchase price outstanding as of December 31, 2022 is payable in three installments in two, twelve and eighteen months following the acquisition date, subject to the accuracy of general representations and warranty provisions included in MIPAs. During the three months ended June 30, 2023, the Company paid DESRI $5.0 million of the outstanding purchase price payable net of $0.5 million working capital adjustment.

Intangibles at Acquisition Date

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The Company attributed the intangible asset and liability values to favorable and unfavorable rate revenue contracts to sell power. The following table summarizes the estimated fair values and the weighted average amortization periods of the acquired intangible assets and assumed intangible liabilities as of the acquisition date:

			Fair Value (thousands)						Weighted Average Amortization Period
Favorable rate revenue contracts – PPA			$	29,479					8 years
Unfavorable rate revenue contracts – PPA			(771)						12 years

			As of June 30, 2023						As of December 31, 2022						Interest Type						Weighted average interest rate
Long-term debt
APAF Term Loan			$	480,894					$	487,179					Fixed						3.51		%
APAF II Term Loan			118,752						125,668						Floating*						SOFR + 1.475%
APAF III Term Loan			238,794						—						Fixed						5.62		%
APAG Revolver			40,000						—						Floating						SOFR + 2.60%
Other term loans			12,595						28,483						Fixed						3.04		%
Financing obligations recognized in failed sale leaseback transactions			43,811						36,724						Imputed						3.98		%
Total principal due for long-term debt			934,846						678,054
Unamortized discounts and premiums			(9,507)						(2,088)
Unamortized deferred financing costs			(14,803)						(11,404)
Less: Current portion of long-term debt			32,071						29,959
Long-term debt, less current portion			$	878,465					$	634,603

* Interest rate is effectively fixed by interest rate swap, see discussion below.

APAF Term Loan

On August 25, 2021, APA Finance, LLC (“APAF”), a wholly owned subsidiary of the Company, entered into a $503.0 million term loan facility with Blackstone Insurance Solutions ("BIS") through a consortium of lenders, which consists of investment grade-rated Class A and Class B notes (the “APAF Term Loan”). The APAF Term Loan has a weighted average 3.51% annual fixed rate and matures on February 29, 2056 (“Final Maturity Date”).

The APAF Term Loan amortizes at an initial rate of 2.5% of outstanding principal per annum for a period of 8 years at which point the amortization steps up to 4% per annum until September 30, 2031 (“Anticipated Repayment Date”). After the Anticipated Repayment Date, the loan becomes fully-amortizing, and all available cash is used to pay down principal until the Final Maturity Date. The APAF Term Loan is secured by membership interests in the Company's subsidiaries.

As of June 30, 2023, the outstanding principal balance of the APAF Term Loan was $480.9 million less unamortized debt discount and loan issuance costs totaling $7.1 million. As of December 31, 2022, the outstanding principal balance of the APAF Term Loan was $487.2 million less unamortized debt discount and loan issuance costs totaling $7.6 million.

As of June 30, 2023, and December 31, 2022, the Company was in compliance with all covenants under the APAF Term Loan.

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APAF II Term Loan

On December 23, 2022, APA Finance II, LLC (“APAF II”), a wholly owned subsidiary of the Company, entered into a $125.7 million term loan facility (the “APAF II Term Loan”) with KeyBank National Association ("KeyBank") and The Huntington Bank ("Huntington") as lenders. The proceeds of the APAF II Term Loan were used to repay the outstanding amounts under certain project-level loans. The APAF II Term Loan matures on December 23, 2027, and has a variable interest rate based on SOFR plus a spread of 1.475%. Simultaneously with entering into the APAF II Term Loan, the Company entered into interest rate swaps for 100% of the amount of debt outstanding, which effectively fixed the interest rate at 4.885% (see Note 7, "Fair Value Measurements," for further details).

As of June 30, 2023, the outstanding principal balance of the APAF II Term Loan was $118.8 million, less unamortized debt issuance costs of $2.4 million. As of December 31, 2022, the outstanding principal balance of the APAF II Term Loan was $125.7 million, less unamortized debt issuance costs of $2.7 million. As of June 30, 2023, and December 31, 2022, the Company was in compliance with all covenants under the APAF II Term Loan.

APAF III Term Loan

On February 15, 2023, the Company, through its subsidiaries, APA Finance III Borrower, LLC (the “Borrower”), and APA Finance III Borrower Holdings, LLC (“Holdings”) entered into a new long-term funding facility under the terms of a Credit Agreement, among the Borrower, Holdings, Blackstone Asset Based Finance Advisors LP, which is an affiliate of the Company, U.S. Bank Trust Company, N.A., as administrative agent, U.S. Bank N.A., as document custodian, and the lenders party thereto (the “APAF III Term Loan”).

This funding facility provides for a term loan of $204.0 million at a fixed rate of 5.62%. The term loan has an anticipated repayment date of June 30, 2033. The maturity date of the term loan is October 31, 2047. Upon lender approval, the Borrower has the right to increase the funding facility to make additional draws for certain solar generating facilities, as set forth in the Credit Agreement. On February 15, 2023, the Company borrowed $193.0 million from this facility to fund the True Green II Acquisition and the associated costs and expenses, and expects to borrow the remaining $11.0 million upon the completion of certain development assets of the True Green II Acquisition when they are placed in service. The principal balance borrowed under the APAF III Term Loan was offset by $4.0 million of debt issuance costs and $6.3 million of issuance discount, which have been deferred and are recognized as interest expense through June 30, 2033.

On June 15, 2023, the Company amended the APAF III Term Loan to add an additional $47.0 million of borrowings, the proceeds of which were used to repay outstanding term loans under the Construction to Term Loan Facility, and to provide long-term financing for new solar projects. The principal balance borrowed under the amendment was offset by $0.3 million of issuance costs and $1.5 million of issuance discount, which have been deferred and are recognized as interest expense through June 30, 2033. Additionally, in conjunction with the amendment of the facility, the Company expensed $0.6 million of financing costs, which are included in Other expense, net in the condensed consolidated statements of operations.

As of June 30, 2023, the outstanding principal balance of the APAF III Term Loan was $238.8 million, less unamortized debt issuance costs and discount of $11.9 million. As of June 30, 2023, the Company was in compliance with all covenants under the APAF III Term Loan.

APAG Revolver

On December 19, 2022, APA Generation, LLC (“APAG”), a wholly owned subsidiary of the Company, entered into revolving credit facility with Citibank, N.A. with a total committed capacity of $200.0 million (the "APAG Revolver"). Outstanding amounts under the APAG Revolver have a variable interest rate based on a base rate and an applicable margin. The APAG Revolver matures on December 19, 2027. As of June 30, 2023, and December 31, 2022, outstanding under the APAG Revolver were $40.0 million and zero, respectively. As of June 30, 2023, and December 31, 2022, the Company was in compliance with all covenants under the APAG Revolver.

Other Term Loans - Construction to Term Loan Facility

On January 10, 2020, APA Construction Finance, LLC (“APACF”) a wholly-owned subsidiary of the Company, entered into a credit agreement with Fifth Third Bank, National Association and Deutsche Bank AG New York Branch to fund the

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development and construction of future solar facilities (“Construction Loan to Term Loan Facility”). The Construction Loan to Term Loan Facility included a construction loan commitment of $187.5 million, which expired on January 10, 2023.

The construction loan commitment can convert to a term loan upon commercial operation of a particular solar energy facility. In addition, the Construction Loan to Term Loan Facility accrued a commitment fee at a rate equal to 0.50% per year of the daily unused amount of the commitment. On June 15, 2023, the Company repaid all outstanding term loans of $15.8 million and terminated the facility. In conjunction with the repayment, the Company incurred a loss on extinguishment of debt of $0.1 million.

As of December 31, 2022, the outstanding principal balances of the construction loan and term loan were zero and $15.9 million, respectively, and the Company had an unused borrowing capacity of $171.6 million. Outstanding amounts under the Construction to Term Loan Facility were secured by a first priority security interest in all of the property owned by APACF and each of its project companies. The Construction Loan to Term Loan Facility included various financial and other covenants for APACF and the Company, as guarantor. As of December 31, 2022, the Company was in compliance with all covenants under the Construction to Term Loan Facility.

Other Term Loans - Project-Level Term Loan

In conjunction with an acquisition of assets on August 29, 2022, the Company assumed a project-level term loan with an outstanding principal balance of $14.1 million and a fair value discount of $2.2 million. The term loan is subject to scheduled semi-annual amortization and interest payments, and matures on September 1, 2029.

As of June 30, 2023, the outstanding principal balance of the term loan is $12.6 million, less unamortized debt discount of $1.9 million. As of December 31, 2022, the outstanding principal balance of the term loan is $12.6 million, less unamortized debt discount of $2.2 million.

The term loan is secured by an interest in the underlying solar project assets and the revenues generated by those assets. As of June 30, 2023, and December 31, 2022, the Company was in compliance with all covenants under the Project-Level Term Loan.

Letter of Credit Facilities and Surety Bond Arrangements

The Company enters into letters of credit and surety bond arrangements with lenders, local municipalities, government agencies, and land lessors. These arrangements relate to certain performance-related obligations and serve as security under the applicable agreements. The table below shows the total letters of credit outstanding and unused capacities under our letter of credit facilities as of June 30, 2023, and December 31, 2022 (in millions):

			As of June 30, 2023												As of December 31, 2022
			Letters of Credit Outstanding						Unused Capacity						Letters of Credit Outstanding						Unused Capacity
Deutsche Bank			$	—					$	—					$	0.7					$	11.8
Fifth Third Bank			12.1						—						12.1						—
CIT Bank, N.A.			0.3						—						0.6						—
KeyBank and Huntington			15.6						—						—						15.6
Citibank, N.A.			6.8						68.2						—						75.0
Total			$	34.8					$	68.2					$	13.4					$	102.4

Additionally, as of June 30, 2023, and December 31, 2022, the Company had outstanding surety bonds of $4.4 million and $2.0 million, respectively.

To the extent liabilities are incurred as a result of the activities covered by the letters of credit or surety bonds, such liabilities are included on the accompanying condensed consolidated balance sheets. From time to time, the Company is required to post financial assurances to satisfy contractual and other requirements generated in the normal course of business. Some of these assurances are posted to comply with federal, state or other government agencies’ statutes and regulations. The Company sometimes uses letters of credit to satisfy these requirements and these letters of credit reduce the Company’s borrowing facility capacity.

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Financing Obligations Recognized in Failed Sale Leaseback Transactions

From time to time, the Company sells equipment to third parties and enters into master lease agreements to lease the equipment back for an agreed-upon term. The Company has assessed these arrangements and determined that the transfer of assets should not be accounted for as a sale in accordance with ASC 842. Therefore, the Company accounts for these transactions using the financing method by recognizing the consideration received as a financing obligation, with the assets subject to the transaction remaining on the balance sheet of the Company and depreciated based on the Company's normal depreciation policy. The aggregate proceeds have been recorded as long-term debt within the condensed consolidated balance sheets.

As of June 30, 2023, the Company's recorded financing obligations were $42.8 million, net of $1.0 million of deferred transaction costs. As of December 31, 2022, the Company's recorded financing obligations were $35.6 million, net of $1.1 million of deferred transaction costs. Payments $0.8 million and $0.6 million were made under financing obligations for the three months ended June 30, 2023, and 2022, respectively. Payments of $1.0 million and $0.8 million were made under financing obligations for the six months ended June 30, 2023 and 2022, respectively. Interest expense, inclusive of the amortization of deferred transaction costs for the three months ended June 30, 2023 and 2022, was $0.4 million and $0.4 million, respectively. Interest expense, inclusive of the amortization of deferred transaction costs for the six months ended June 30, 2023 and 2022, was $0.8 million and $0.7 million, respectively.

During the six months ended June 30, 2023, the Company paid $0.5 million to extinguish financing obligations of $0.6 million, resulting in a gain on extinguishment of debt of $0.1 million. During the three months ended June 30, 2023, the Company extinguished no financing obligations.

The table below shows the payments required under the failed sale-leaseback financing obligations for the years ended:

2023			$	2,037
2024			3,021
2025			3,023
2026			2,995
2027			2,986
Thereafter			17,111
Total			$	31,173

The difference between the outstanding sale-leaseback financing obligation of $43.8 million and $31.2 million of contractual payments due, including residual value guarantees, is due to $13.2 million of investment tax credits claimed by the respective counterparties, less $2.6 million of the implied interest on financing obligation included in minimum lease payments. The remaining difference is due to $2.5 million of interest accrued and a $0.5 million difference between the required contractual payments and the fair value of financing obligations acquired.

The Company measures certain assets and liabilities at fair value, which is defined as the price that would be received from the sale of an asset or paid to transfer a liability (i.e., an exit price) on the measurement date in an orderly transaction between market participants in the principal or most advantageous market for the asset or liability. Our fair value measurements use the following hierarchy, which prioritizes valuation inputs based on the extent to which the inputs are observable in the market.

•Level 1 - Valuation techniques in which all significant inputs are unadjusted quoted prices from active markets for assets or liabilities that are identical to the assets or liabilities being measured.

•Level 2 - Valuation techniques in which significant inputs include quoted prices from active markets for assets or liabilities that are similar to the assets or liabilities being measured and/or quoted prices for assets or liabilities that are identical or similar to the assets or liabilities being measured from markets that are not active. Also, model-derived valuations in which all significant inputs are observable in active markets are Level 2 valuation techniques.

•Level 3 - Valuation techniques in which one or more significant inputs are unobservable. Such inputs reflect our estimate of assumptions that market participants would use to price an asset or liability.

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The Company holds various financial instruments that are not required to be recorded at fair value. For cash, restricted cash, accounts receivable, accounts payable, and short-term debt, the carrying amounts approximate fair value due to the short maturity of these instruments.

The following table provides the financial instruments measured at fair value on a recurring basis:

			June 30, 2023
			Level 1						Level 2						Level 3						Total
Assets
Derivative assets:
Interest rate swaps			$	—					$	1,840					$	—					$	1,840
Forward starting interest rate swap			—						3,294						—						3,294
Total assets at fair value			—						5,134						—						5,134
Liabilities
Alignment Shares liability			—						—						46,311						46,311
Other long-term liabilities:
Contingent consideration liability			—						—						2,975						2,975
Total liabilities at fair value			—						—						49,286						49,286

			December 31, 2022
			Level 1						Level 2						Level 3						Total
Assets
Cash equivalents:
Money market fund			$	101,842					$	—					$	—					$	101,842
Derivative assets:
Interest rate swaps			—						3,953						—						3,953
Total assets at fair value			101,842						3,953						—						105,795
Liabilities
Alignment Shares liability			—						—						66,145						66,145
Other long-term liabilities:
Contingent consideration liability			—						—						2,875						2,875
Total liabilities at fair value			—						—						69,020						69,020

Alignment Shares Liability

As of June 30, 2023, the Company had 1,006,250 Alignment Shares outstanding, all of which are held by CBRE Acquisition Sponsor, LLC (the "Sponsor"), certain former officers of CBAH (such officers, together with the Sponsor, the “Sponsor Parties”) and former CBAH directors. The Alignment Shares will automatically convert into shares of Class A common stock based upon the Total Return (as defined in Exhibit 4.4 to our 2022 Annual Report on Form 10-K) on the Class A common stock as of the relevant measurement date over each of the seven fiscal years following the Merger.

Upon the consummation of the Merger, Alignment Shares have no continuing service requirement and do not create an unconditional obligation requiring the Company to redeem the instruments by transferring assets. In addition, the shares convert to a variable number of Class A common stock depending on the trading price of the Class A common stock and dividends paid/payable to the holders of Class A common stock. Therefore, the shares do not represent an obligation or a conditional obligation to issue a variable number of shares with a monetary value based on any of the criteria in ASC 480, Distinguishing

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Liabilities From Equity. The Company determined that the Alignment Shares meet the definition of a derivative because they contain (i) an underlying (Class A common stock price), (ii) a notional amount (a fixed number of Class B common stock), (iii) no or minimal initial net investment (the Sponsor paid a de minimis amount which is less than the estimated fair value of the shares), and (iv) net settleable through a conversion of the Alignment Shares into Class A shares. As such, the Company concluded that the Alignment Shares meet the definition of a derivative, which will be presented at fair value each reporting period, with changes in fair value recorded through earnings.

The Company estimates the fair value of outstanding Alignment Shares using a Monte Carlo simulation valuation model utilizing a distribution of potential outcomes based on a set of underlying assumptions such as stock price, volatility, and risk-free interest rate. As volatility of 68% and risk-free interest rate of 4.18% are not observable inputs, the overall fair value measurement of Alignment Shares is classified as Level 3. Unobservable inputs can be volatile and a change in those inputs might result in a significantly higher or lower fair value measurement of Alignment Shares.

			For the six months ended June 30, 2023												For the six months ended June 30, 2022
			Shares						$						Shares						$
Beginning balance			1,207,500						$	66,145					1,408,750						$	127,474
Alignment Shares converted			(201,250)						(11)						(201,250)						(15)
Fair value remeasurement			—						(19,823)						—						(63,051)
Ending balance			1,006,250						$	46,311					1,207,500						$	64,408

Interest Rate Swaps

The Company holds interest rate swaps that are considered derivative instruments, and are not designated as cash flow hedges or fair value hedges under accounting guidance. The Company uses interest rate swaps to manage its net exposure to interest rate changes. These instruments are custom, over-the-counter contracts with various bank counterparties that are not traded on an active market but valued using readily observable market inputs and the overall fair value measurement is classified as Level 2. As of June 30, 2023 and December 31, 2022, the notional amounts were $118.8 million and $141.6 million, respectively. For the three and six months ended June 30, 2023, the change in fair value of interest rate swaps resulted in a gain of $2.8 million and a gain of $0.1 million, respectively, which was recorded as interest expense in the condensed consolidated statements of operations. The change in fair value of interest rate swaps for six months ended June 30, 2022 was not material.

Forward Starting Interest Rate Swap

The Company entered into a forward starting interest rate swap on January 31, 2023, with an effective date of January 31, 2025 and a termination date of January 31, 2035. This transaction had a notional amount of $250.0 million, was designated as a cash flow hedge of the Company's forecasted fixed-rate or floating-rate debt issuances. On June 15, 2023, the Company partially terminated the forward starting interest rate swap reducing the notional amount by $47.0 million associated with the incremental debt issuance under the APAF III Term Loan. Partial termination resulted in proceeds of $0.5 million which were recorded as a component of other comprehensive income and will be recognized as an adjustment to interest expense over the term of the debt. The cash flow hedge was determined to be fully effective during the three and six months ended June 30, 2023. As such, no amount of ineffectiveness has been included in net income. The amount included in other comprehensive income would be reclassified to current earnings should all or a portion of the hedge no longer be considered effective. We expect the hedge to remain fully effective during the remaining term of the swap. The change in fair value of the forward starting interest rate swap resulted in a gain of $3.8 million and $3.0 million, net of tax, which was recorded in the condensed consolidated statements of comprehensive income for the three and six months ended June 30, 2023, respectively.

Contingent Consideration

Solar Acquisition

In connection with the acquisition of a portfolio of sixteen solar energy facilities with a combined nameplate capacity of 61.5 MW on December 22, 2020 (the "Solar Acquisition"), contingent consideration of $3.1 million may be payable upon achieving certain market power rates and $7.4 million upon achieving certain power volumes generated by the acquired solar energy facilities. The Company estimated the fair value of the contingent consideration for future earnout payments using a Monte

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Carlo simulation model. Significant assumptions used in the measurement include the estimated volumes of power generation of acquired solar energy facilities during the 18-36-month period since the acquisition date, market power rates during the 36-month period, and the risk-adjusted discount rate associated with the business. As the inputs are not observable, the overall fair value measurement of the contingent consideration is classified as Level 3.

The liability for the contingent consideration associated with production volumes expired on June 30, 2022. The liability for the contingent consideration associated with power rates is included in other long-term liabilities in the condensed consolidated balance sheets at the estimated fair value of $3.0 million and $2.9 million as of June 30, 2023 and December 31, 2022, respectively. For the three and six months ended June 30, 2022, the Company recorded a loss on fair value remeasurement of contingent consideration associated with power rates of $0.1 million within operating income in the condensed consolidated statements of operations. For the three and six months ended June 30, 2022, the Company recorded $1.1 million and $0.5 million loss on fair value remeasurement of contingent consideration associated with power rates and production volumes, respectively, in the condensed consolidated statements of operations. The loss was recorded due to changes in significant assumptions used in the measurement, including the actual versus estimated volumes of power generation of acquired solar energy facilities and market power rates.

Other

There were no other contingent consideration liabilities recorded during the six months ended June 30, 2023. Gain on fair value remeasurement of other contingent consideration of $0.5 million was recorded within operating income in the condensed consolidated statements of operations for the six months ended June 30, 2022.

Redeemable Warrant Liability

As of June 30, 2023, the Company had authorized and issued 988,591,250 and 158,989,953 of Class A common stock, respectively. As of December 31, 2022, the Company had authorized and issued 988,591,250 and 158,904,401 Class A common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders. Common stockholders are entitled to receive dividends, as may be declared by the Company’s board of directors. As of June 30, 2023, and December 31, 2022, no common stock dividends have been declared.

As of June 30, 2023, and December 31, 2022, the Company had 1,006,250 and 1,207,500 authorized and issued shares of Class B common stock, respectively, also referred to as the Alignment Shares. Refer to Note 7, "Fair Value Measurements," for further details.

On April 6, 2023, the Company entered into a Controlled Equity Offering Sales Agreement (the “Sales Agreement”) with Cantor Fitzgerald & Co. (“Cantor”), Nomura Securities International, Inc. (“Nomura”) and Truist Securities, Inc. (“Truist” and, together with Cantor and Nomura, the “Agents,” and each, an “Agent”). The Sales Agreement provides for the offer and sale of our Class A common stock from time to time through an “at the market offering” (“ATM”) program under which the Agents act as sales agent or principal, subject to certain limitations, including the maximum aggregate dollar amount registered pursuant to the applicable prospectus supplement. Pursuant to the prospectus supplement filed by the Company on dated April 6, 2023, the Company may offer and sell up to $200 million of shares of Class A common stock pursuant to the Sales Agreement. For the six months ended June 30, 2023, no shares of common stock were sold through the ATM equity program.

Unless otherwise indicated in any applicable prospectus supplement, the Company currently intends to use the net proceeds from the sale of securities under this prospectus for general corporate purposes. The Company's general corporate purposes include, but are not limited to, repayment or refinancing of debt, capital expenditures, funding possible acquisitions, working capital and satisfaction of other obligations. The Company has not determined the amount of net proceeds to be used

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The changes in the components of redeemable noncontrolling interests are presented in the table below:

			For the six months ended June 30,
			2023						2022
Redeemable noncontrolling interest, beginning balance			$	18,133					$	15,527
Cash distributions			(1,176)						(482)
Cash contributions			—						1,087
Redemption of redeemable noncontrolling interests			(4,301)						—
Assumed noncontrolling interest through business combination			8,100						—
Net loss attributable to redeemable noncontrolling interest			(89)						(29)
Redeemable noncontrolling interest, ending balance			$	20,667					$	16,103

The Company has lease agreements for land and building rooftops on which our solar energy facilities operate, as well as a lease agreement for a corporate office. The leases expire on various terms through 2058.

At the inception of a contractual arrangement, the Company determines whether it contains a lease by assessing whether there is an identified asset and whether the contract conveys the right to control the use of the identified asset in exchange for consideration over a period of time. If both criteria are met, the Company calculates the associated lease liability and corresponding right-of-use asset upon lease commencement. The Company's leases include various renewal options which are included in the lease term when the Company has determined it is reasonably certain of exercising the options based on consideration of all relevant factors that create an economic incentive for the Company as lessee. Operating lease assets and liabilities are recognized based on the present value of lease payments over the lease term using an appropriate discount rate. Right-of-use assets include any lease payments made at or before lease commencement and any initial direct costs incurred and exclude any lease incentives received. Right-of-use assets also include an adjustment to reflect favorable or unfavorable terms of the lease when compared to market terms, when applicable. Certain leases include variable lease payments associated with production of the solar facility or other variable payments such as real estate taxes and common area maintenance. As the Company has elected not to separate lease and non-lease components for all classes of underlying assets, all variable costs associated with leases are expensed in the period incurred and presented and disclosed as variable lease expense.

The Company’s lease agreements do not contain any residual value guarantees or restrictive financial covenants. The Company does not have any leases that have not yet commenced that create significant rights and obligations for the lessee.

The discount rate used is the rate that the Company would have to pay to borrow on a collateralized basis over a similar term for an amount equal to the lease payments in a similar economic environment. At the lease commencement date, the Company’s incremental borrowing rate is used as the discount rate. Discount rates are reassessed when there is a new lease or a modification to an existing lease.

The Company records operating lease liabilities within current liabilities or long-term liabilities based upon the length of time associated with the lease payments. The Company records its operating lease right-of-use assets as long-term assets.

The following table presents the components of operating lease cost for the three and six months ended June 30, 2023, and 2022:

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			For the three months ended June 30,												For the six months ended June 30,
			2023						2022						2023						2022
Operating lease expense			$	2,783					$	1,636					$	5,175					$	3,272
Variable lease expense			415						322						772						429
Total lease expense			$	3,198					$	1,958					$	5,947					$	3,701

The following table presents supplemental information related to our operating leases:

			For the six months ended June 30,
			2023						2022
Operating cash flows from operating leases			$	4,495					$	2,142
Operating lease assets obtained in exchange for new operating lease liabilities			$	62,984					$	2,514
Weighted-average remaining lease term, years			23.4 years						18.6 years
Weighted average discount rate			5.31%						4.07%

Maturities of operating lease liabilities as of June 30, 2023, are as follows:

2023			$	6,145
2024			12,816
2025			12,818
2026			12,911
2027			12,972
Thereafter			235,819
Total			$	293,481
Less: Present value discount			(130,105)
Lease liability			$	163,376

Legal

The Company is a party to a number of claims and governmental proceedings which are ordinary, routine matters incidental to its business. In addition, in the ordinary course of business the Company periodically has disputes with vendors and customers. The outcomes of these matters are not expected to have, either individually or in the aggregate, a material adverse effect on the Company’s financial position or results of operations.

Performance Guarantee Obligations

The Company guarantees certain specified minimum solar energy production output under the Company’s PPA agreements, generally over a term of 10, 15 or 25 years. The solar energy systems are monitored to ensure these outputs are achieved. The Company evaluates if any amounts are due to customers based upon not meeting the guaranteed solar energy production outputs at each reporting period end. As of June 30, 2023, and December 31, 2022, the guaranteed minimum solar energy production has been met and the Company has recorded no performance guarantee obligations.

Purchase Commitments

In the ordinary course of business, the Company makes various commitments to purchase goods and services from specific suppliers. As of June 30, 2023, and December 31, 2022, the Company had zero and $29.5 million, respectively, of outstanding non-cancellable commitments to purchase solar modules.

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There was $0.2 million and $0.1 million due to related parties, as discussed below, and no amounts due from related parties as of June 30, 2023, and December 31, 2022, respectively. Additionally, in the normal course of business, the Company conducts transactions with affiliates, such as:

Blackstone Subsidiaries as Lender

The Company incurs interest expense on the APAF Term Loan and the APAF III Term Loan. During the three months ended June 30, 2023 and 2022 the total related party interest expense associated with the APAF Term Loan and APAF III Term Loan was $7.1 million and $4.4 million, respectively, and is recorded as interest expense in the accompanying condensed consolidated statements of operations. During the six months ended June 30, 2023 and 2022 the total related party interest expense associated with the APAF Term Loan and APAF III Term Loan was $12.7 million and $8.8 million, respectively, and is recorded as interest expense in the accompanying condensed consolidated statements of operations. As of June 30, 2023, and December 31, 2022, interest payable of $7.1 million and $4.4 million, respectively, due under the APAF Term Loan and APAF III Term Loan was recorded as interest payable on the accompanying condensed consolidated balance sheets.

Commercial Collaboration Agreement with CBRE

In connection with the Merger, the Company and CBRE entered into a commercial collaboration agreement (the “Commercial Collaboration Agreement”) effective upon the Merger, pursuant to which, among other things, CBRE will invite the Company to join CBRE’s strategic supplier program and CBRE will promote the Company as its preferred clean energy renewable provider/partner, CBRE and the Company will create a business opportunity referral program with CBRE’s brokers, CBRE will reasonably collaborate with the Company to develop and bring to market new products and/or bundles for Company’s customers, the Company will consider in good faith inviting CBRE to become a solar tax equity partner for the Company, on a non-exclusive basis, on market terms to be mutually agreed and CBRE will provide, at no cost to the Company, reasonable access to data-driven research and insights prepared by CBRE (subject to certain exceptions). The Commercial Collaboration Agreement continues for a period of seven years, with automatic one-year renewal period, unless earlier terminated by either party in accordance with the terms set forth therein.

On December 9, 2022, the Company amended the Commercial Collaboration Agreement to update the business arrangement and associated fee approach, which provides that CBRE employees, including brokers, non-brokers and other employees who partnered with the Company to bring clean electrification solutions to CBRE’s client base, who met certain minimum criteria (“Qualified Referral”) and who documented such Qualified Referral via an executed Development Agreement, would receive a development fee of between $0.015/watt to $0.030/watt depending on the business segment and teams of such CBRE employees. For the six months ended June 30, 2023, the Company did not incur any costs associated with the Commercial Collaboration Agreement. As of December 31, 2022, there were no amounts due to CBRE associated with the Commercial Collaboration Agreement.

Master Services Agreement with CBRE

On June 13, 2022, the Company, through its wholly-owned subsidiary, entered into a Master Services Agreement ("MSA") with CBRE under which CBRE assists the Company in developing solar energy facilities. For the three months ended June 30, 2023 and 2022, the Company incurred $0.1 million and zero, respectively, for development services provided under the PSA. For the six months ended June 30, 2023 and 2022, the Company incurred $0.2 million and zero, respectively, for development services provided under the MSA. As of June 30, 2023 and December 31, 2022, there was $0.2 million and $0.1 million due to CBRE for development services provided under the MSA.

---

The calculation of basic and diluted earnings per share for the three and six months ended June 30, 2023 and 2022 was as follows (in thousands, except share and per share amounts):

			For the three months ended June 30,												For the six months ended June 30,
			2023						2022						2023						2022
Net income attributable to Altus Power, Inc.			6,825						24,115						12,442						84,534
Income attributable to participating securities(1)			(43)						(190)						(79)						(667)
Net income attributable to common stockholders - basic and diluted			6,782						23,925						12,363						83,867
Class A Common Stock
Weighted average shares of common stock outstanding - basic(2)			158,719,684						153,310,068						158,670,950						152,988,078
Dilutive restricted stock			258,591						644,775						258,708						645,019
Dilutive RSUs			—						—						1,817,387						138,895
Weighted average shares of common stock outstanding - diluted			158,978,275						153,954,843						160,747,045						153,771,992
Net income attributable to common stockholders per share - basic			$	0.04					$	0.16					$	0.08					$	0.55
Net income attributable to common stockholders per share - diluted			$	0.04					$	0.16					$	0.08					$	0.55

(1) Represents the income attributable to 1,006,250 and 1,207,500 Alignment Shares outstanding as of June 30, 2023 and 2022, respectively.

(2) For the three months ended June 30, 2023 and 2022, the calculation of basic weighted average shares of common stock outstanding excludes 271,259 and 669,101 shares, respectively, of the Company's Class A common stock provided to holders of Legacy Altus common stock, including shares that were subject to vesting conditions.

---

The Company recognized $4.3 million and $2.7 million of stock-based compensation expense for the three months ended June 30, 2023, and 2022, respectively. The Company recognized $7.1 million and $4.0 million of stock-based compensation expense for the six months ended June 30, 2023, and 2022, respectively. As of June 30, 2023, and December 31, 2022, the Company had $42.4 million and $33.2 million of unrecognized share-based compensation expense related to unvested restricted units, respectively, which the Company expects to recognize over a weighted-average period of approximately three years.

Legacy Incentive Plans

Prior to the Merger, Legacy Altus maintained the APAM Holdings LLC Restricted Units Plan, adopted in 2015 (the “APAM Plan”) and APAM Holdings LLC adopted the 2021 Profits Interest Incentive Plan (the “Holdings Plan”, and together with the APAM Plan, the “Legacy Incentive Plans”), which provided for the grant of restricted units that were intended to qualify as profits interests to employees, officers, directors and consultants. In connection with the Merger, vested restricted units previously granted under the Legacy Incentive Plans were exchanged for shares of Class A Common Stock, and unvested Altus Restricted Shares under each of the Legacy Incentive Plans were exchanged for restricted Class A Common Stock with the same vesting conditions. As of June 30, 2023, and December 31, 2022, 271,259 and 542,511 shares of Class A Common Stock were restricted under the Holdings Plan, respectively. No further awards will be made under the Legacy Incentive Plans.

The fair value of the granted units was determined using the Black-Scholes Option Pricing model and relied on assumptions and inputs provided by the Company. All option models utilize the same assumptions with regard to (i) current valuation, (ii) volatility, (iii) risk-free interest rate, and (iv) time to maturity. The models, however, use different assumptions with regard to the strike price which vary by award.

Omnibus Incentive Plan

On July 12, 2021, the Company entered into the Management Equity Incentive Letter with each of Mr. Felton and Mr. Norell pursuant to which, on February 5, 2022, the Compensation Committee granted to Mr. Felton and Mr. Norell, together with other senior executives, including Anthony Savino, Chief Construction Officer, and Dustin Weber, Chief Financial Officer, restricted stock units (“RSUs”) under the Omnibus Incentive Plan (the "Incentive Plan") that are subject to time-based and, for the named executive officers and certain other executives, eighty percent (80%) of such RSUs also further subject to performance-based vesting, with respect to an aggregate five percent (5%) of the Company’s Class A common stock on a fully diluted basis, excluding the then-outstanding shares of the Company’s Class B common stock or any shares of the Company’s Class A common stock into which such shares of the Company’s Class B common stock are or may be convertible. Subject to continued employment on each applicable vesting date, the time-based RSUs generally vest 33 1/3% on each of the third, fourth and fifth anniversaries of the Closing, and the performance-based RSUs vest with respect to 33 1/3% of the award upon the achievement of the above time-based requirement and the achievement of a hurdle representing a 25% annual compound annual growth rate measured based on an initial value of $10.00 per share (i.e., on each of the third anniversary, the fourth anniversary, and the fifth anniversary of the date of grant, the stock price performance hurdle shall be $19.53, $24.41, $30.51, respectively).

During the three and six months ended June 30, 2023, the Company granted under the Incentive Plan an additional 10,000 and 2,761,486 RSUs, respectively, that are subject to time-based vesting as described above, with a weighted average grant date fair value per share of $4.98 and $5.42, respectively, and 259,662 RSUs that are subject to performance-based vesting ("PSUs"), each of which represents the right to receive one share of the Company's Class A Common Stock and which vest in one installment on the third anniversary of the grant date based upon the Company's total stockholder return when compared to the Invesco Solar ETF (“TAN”), subject to certain adjustments, and the Russell 2000 index, assigning a weight of 50% to each. The PSUs have a grant date fair value per share of $6.66.

As of June 30, 2023, and December 31, 2022, there were 30,992,545 and 23,047,325 shares of the Company's Class A common stock authorized for issuance under the Incentive Plan, respectively. The number of shares authorized for issuance under the Incentive Plan will increase on January 1 of each year from 2024 to 2031 by the lesser of (i) 5% of the number of shares outstanding as of the close of business on the immediately preceding December 31 and (ii) the number of shares determined by the Company's board of directors. The number of shares authorized for issuance under the Incentive Plan increased by 5% of outstanding shares as described in the foregoing on January 1, 2022 and January 1, 2023.

For the three months ended June 30, 2023, and 2022, the Company granted 10,000 and 15,000 RSUs, respectively, and recognized $4.3 million and $2.7 million, respectively, of stock-based compensation expenses in relation to the Incentive Plan.

---

For the six months ended June 30, 2023 and 2022, the Company granted 3,021,148 and 7,918,789 RSUs, respectively, and recognized $7.1 million and $4.0 million, respectively, of stock-based compensation expense in relation to the Incentive Plan. For the three months ended June 30, 2023, and 2022, 5,354 and zero RSUs were forfeited, respectively. For the six months ended June 30, 2023 and 2022, 11,054 and zero RSUs were forfeited, respectively.

Employee Stock Purchase Plan

On December 9, 2021, we adopted the 2021 Employee Stock Purchase Plan ("ESPP"), which provides a means by which eligible employees may be given an opportunity to purchase shares of the Company’s Class A common stock. As of June 30, 2023, and December 31, 2022, there were 4,662,020 and 3,072,976 shares of the Company's Class A common stock authorized for issuance under the ESPP, respectively. The number of shares authorized for issuance under the ESPP will increase on January 1 of each year from 2024 to 2031 by the lesser of (i) 1% of the number of shares outstanding as of the close of business on the immediately preceding December 31 and (ii) the number of shares determined by the Company's board of directors. No shares of the Company’s Class A common stock were issued and no stock-based compensation expense was recognized in relation to the ESPP for the six months ended June 30, 2023, and 2022. The number of shares authorized for issuance under the ESPP increased by 1% of outstanding shares as described in the foregoing on January 1, 2022 and January 1, 2023.

The income tax provision for interim periods is determined using an estimate of the Company’s annual effective tax rate as adjusted for discrete items arising in that quarter.

For the three months ended June 30, 2023, and 2022, the Company had income tax expense of $1.1 million and $0.7 million, respectively. For the six months ended June 30, 2023, and 2022, the Company had income tax expense of $2.0 million and $0.6 million, respectively. For the six months ended June 30, 2023, the effective tax rate differs from the U.S. statutory rate primarily due to effects of non-deductible compensation, noncontrolling interests, redeemable noncontrolling interests, fair value adjustments for Alignment Shares, as well as state and local income taxes. For the three months ended June 30, 2022, the effective tax rate differs from the U.S. statutory rate primarily due to effects of non-deductible compensation, noncontrolling interests, redeemable noncontrolling interests, fair value adjustments for warrant liabilities and Alignment Shares, as well as state and local income taxes.

The Company has evaluated subsequent events from June 30, 2023, through August 14, 2023, which is the date the unaudited condensed consolidated financial statements were available to be issued. Other than the subsequent event disclosed below, there are no subsequent events requiring recording or disclosure in the condensed consolidated financial statements.

On July 21, 2023, the Company amended the APAF III Term Loan to add an additional $28.0 million of borrowings, the proceeds of which will be used to provide long-term financing for new solar projects.

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v3.23.2

Cover Page - shares	6 Months Ended
	Jun. 30, 2023	Aug. 11, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-04321
Entity Registrant Name	ALTUS POWER, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	85-3448396
Entity Address, Address Line One	2200 Atlantic Street, Sixth Floor
Entity Address, City or Town	Stamford
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06902
City Area Code	203
Local Phone Number	698-0090
Title of 12(b) Security	Class A common stock, par value $0.0001 per share
Trading Symbol	AMPS
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Central Index Key	0001828723
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		158,989,953
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,006,250

v3.23.2

Condensed Consolidated Statements of Operations (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Operating revenues, net	$ 46,513	$ 24,762	$ 75,891	$ 43,961
Operating expenses
Cost of operations (exclusive of depreciation and amortization shown separately below)	7,581	4,290	13,557	8,354
General and administrative	8,291	6,558	15,653	12,942
Depreciation, amortization and accretion expense	12,959	6,863	24,335	13,685
Acquisition and entity formation costs	1,369	52	2,860	346
Loss (gain) on fair value remeasurement of contingent consideration	50	(1,140)	100	(971)
Stock-based compensation	4,256	2,657	7,128	3,962
Total operating expenses	34,506	19,280	63,633	38,318
Operating income	12,007	5,482	12,258	5,643
Other (income) expense
Change in fair value of redeemable warrant liability	0	(4,659)	0	(23,117)
Change in fair value of Alignment Shares liability	(2,805)	(16,705)	(19,823)	(63,051)
Other expense (income), net	1,789	(608)	1,879	(593)
Interest expense, net	8,524	5,173	20,970	10,111
Total other expense (income)	7,508	(16,799)	3,026	(76,650)
Income before income tax expense	4,499	22,281	9,232	82,293
Income tax expense	(1,129)	(707)	(2,017)	(584)
Net income	3,370	21,574	7,215	81,709
Net loss attributable to noncontrolling interests and redeemable noncontrolling interests	(3,455)	(2,541)	(5,227)	(2,825)
Net income attributable to Altus Power, Inc.	$ 6,825	$ 24,115	$ 12,442	$ 84,534
Net income per share attributable to common stockholders
Basic (in usd per share)	$ 0.04	$ 0.16	$ 0.08	$ 0.55
Diluted (in usd per share)	$ 0.04	$ 0.16	$ 0.08	$ 0.55
Weighted average shares used to compute net income per share attributable to common stockholders
Basic (in shares)	158,719,684	153,310,068	158,670,950	152,988,078
Diluted (in shares)	158,978,275	153,954,843	160,747,045	153,771,992

v3.23.2

Condensed Consolidated Statements of Comprehensive Income (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 3,370	$ 21,574	$ 7,215	$ 81,709
Other comprehensive income
Foreign currency translation adjustment	0	0	9	0
Unrealized gain on a cash flow hedge, net of tax	3,770	0	2,999	0
Other comprehensive income, net of tax	3,770	0	3,008	0
Total comprehensive income	7,140	21,574	10,223	81,709
Comprehensive loss attributable to the noncontrolling and redeemable noncontrolling interests	(3,455)	(2,541)	(5,227)	(2,825)
Comprehensive income attributable to Altus Power, Inc.	$ 10,595	$ 24,115	$ 15,450	$ 84,534

v3.23.2

Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 69,114	$ 193,016
Current portion of restricted cash	3,700	2,404
Accounts receivable, net	27,041	13,443
Other current assets	6,451	6,206
Total current assets	106,306	215,069
Restricted cash, noncurrent portion	11,321	3,978
Property, plant and equipment, net	1,405,497	1,005,147
Intangible assets, net	47,429	47,627
Operating lease asset	151,653	94,463
Derivative assets	5,134	3,953
Other assets	8,047	6,651
Total assets	1,735,387	1,376,888
Current liabilities:
Accounts payable	5,664	2,740
Construction payable	14,972	9,038
Interest payable	7,473	4,436
Purchase price payable, current	22,400	12,077
Current portion of long-term debt, net	32,071	29,959
Operating lease liability, current	3,568	3,339
Contract liability, current	3,807	2,590
Total current liabilities	97,430	68,228
Alignment Shares liability	46,311	66,145
Long-term debt, net of unamortized debt issuance costs and current portion	878,465	634,603
Intangible liabilities, net	14,631	12,411
Purchase price payable, noncurrent	0	6,940
Asset retirement obligations	13,931	9,575
Operating lease liability, noncurrent	157,876	94,819
Contract liability, noncurrent	6,518	5,397
Deferred tax liabilities, net	13,581	11,011
Other long-term liabilities	3,526	4,700
Total liabilities	1,232,269	913,829
Commitments and contingent liabilities (Note 11)
Redeemable noncontrolling interests	20,667	18,133
Stockholders' equity
Common stock $0.0001 par value; 988,591,250 shares authorized as of June 30, 2023, and December 31, 2022; 158,989,953 and 158,904,401 shares issued and outstanding as of June 30, 2023, and December 31, 2022	16	16
Additional paid-in capital	478,458	470,004
Accumulated deficit	(33,477)	(45,919)
Accumulated other comprehensive income	3,008	0
Total stockholders' equity	448,005	424,101
Noncontrolling interests	34,446	20,825
Total equity	482,451	444,926
Total liabilities, redeemable noncontrolling interests, and stockholders' equity	1,735,387	1,376,888
Related Party
Current liabilities:
Other current liabilities	153	112
Nonrelated Party
Current liabilities:
Other current liabilities	$ 7,322	$ 3,937

v3.23.2

Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Common stock, par value (in usd per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	988,591,250	988,591,250
Common stock, issued (in shares)	158,989,953	158,904,401
Common stock, outstanding (in shares)	158,989,953	158,904,401
Assets of consolidated VIEs, included in total assets above:
Current portion of restricted cash	$ 3,700	$ 2,404
Accounts receivable, net	27,041	13,443
Other current assets	6,451	6,206
Restricted cash, noncurrent portion	11,321	3,978
Property, plant and equipment, net	1,405,497	1,005,147
Intangible assets, net	47,429	47,627
Operating lease asset	151,653	94,463
Other assets	8,047	6,651
Total assets of consolidated VIEs	1,735,387	1,376,888
Liabilities of consolidated VIEs, included in total liabilities above:
Accounts payable	5,664	2,740
Construction payable	14,972	9,038
Purchase price payable, current	22,400	12,077
Operating lease liability, current	3,568	3,339
Current portion of long-term debt, net	32,071	29,959
Contract liability, current	3,807	2,590
Long-term debt, less current portion	878,465	634,603
Intangible liabilities, net	14,631	12,411
Asset retirement obligations	13,931	9,575
Operating lease liability, noncurrent	157,876	94,819
Other long-term liabilities	3,526	4,700
Total liabilities of consolidated VIEs	1,232,269	913,829
Variable Interest Entity, Primary Beneficiary
Assets of consolidated VIEs, included in total assets above:
Cash	12,842	11,652
Current portion of restricted cash	2,377	1,152
Accounts receivable, net	9,941	2,952
Other current assets	587	678
Restricted cash, noncurrent portion	2,800	1,762
Property, plant and equipment, net	689,897	401,711
Intangible assets, net	5,861	5,308
Operating lease asset	59,016	36,211
Other assets	2,039	591
Total assets of consolidated VIEs	785,360	462,017
Liabilities of consolidated VIEs, included in total liabilities above:
Accounts payable	669	454
Construction payable	2,053	0
Purchase price payable, current	219	0
Operating lease liability, current	1,264	2,742
Current portion of long-term debt, net	3,025	2,336
Contract liability, current	484	0
Other current liabilities	186	199
Long-term debt, less current portion	39,791	33,332
Intangible liabilities, net	2,130	1,899
Asset retirement obligations	7,595	4,438
Operating lease liability, noncurrent	62,455	33,204
Contract liability	3,950	0
Other long-term liabilities	1,890	565
Total liabilities of consolidated VIEs	$ 125,711	$ 79,169

v3.23.2

Condensed Consolidated Statements of Changes in Stockholders' Equity (unaudited) - USD ($) $ in Thousands	Total	Public And Placement Warrants	Class A Common Stock	Total Stockholders' Equity	Total Stockholders' Equity Public And Placement Warrants	Total Stockholders' Equity Class A Common Stock	Common Stock	Common Stock Public And Placement Warrants	Common Stock Class A Common Stock	Additional Paid-in Capital	Additional Paid-in Capital Public And Placement Warrants	Additional Paid-in Capital Class A Common Stock	Accumulated Other Comprehensive (Loss) Income	Accumulated Deficit	Non Controlling Interests
Beginning balance (in shares) at Dec. 31, 2021							153,648,830
Beginning balance at Dec. 31, 2021	$ 326,011			$ 304,918			$ 15			$ 406,259			$ 0	$ (101,356)	$ 21,093
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	3,962			3,962						3,962
Cash distributions to noncontrolling interests	(666)														(666)
Cash contributions from noncontrolling interests	1,064														1,064
Equity issuance costs	(712)			(712)						(712)
Conversion of convertible securities (in shares)								1,067,417	2,021
Conversion of convertible securities		$ 7,308	$ 15		$ 7,308	$ 15					$ 7,308	$ 15
Other comprehensive income	0
Net income (loss)	81,738			84,534										84,534	(2,796)
Ending balance (in shares) at Jun. 30, 2022							154,718,268
Ending balance at Jun. 30, 2022	418,720			400,025			$ 15			416,832			0	(16,822)	18,695
Beginning balance (in shares) at Mar. 31, 2022							153,648,830
Beginning balance at Mar. 31, 2022	386,306			365,945			$ 15			406,867			0	(40,937)	20,361
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	2,657			2,657						2,657
Cash distributions to noncontrolling interests	(336)														(336)
Cash contributions from noncontrolling interests	1,064														1,064
Conversion of convertible securities (in shares)								1,067,417	2,021
Conversion of convertible securities		$ 7,308			$ 7,308						$ 7,308
Other comprehensive income	0
Net income (loss)	21,721			24,115										24,115	(2,394)
Ending balance (in shares) at Jun. 30, 2022							154,718,268
Ending balance at Jun. 30, 2022	$ 418,720			400,025			$ 15			416,832			0	(16,822)	18,695
Beginning balance (in shares) at Dec. 31, 2022	158,904,401						158,904,401
Beginning balance at Dec. 31, 2022	$ 444,926			424,101			$ 16			470,004			0	(45,919)	20,825
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation (in shares)							83,541
Stock-based compensation	7,069			7,069						7,069
Cash distributions to noncontrolling interests	(1,015)														(1,015)
Cash contributions from noncontrolling interests	6,274														6,274
Conversion of convertible securities (in shares)									2,011
Conversion of convertible securities			$ 11			$ 11						$ 11
Noncontrolling interests assumed through acquisitions	13,500														13,500
Redemption of redeemable non-controlling interests	1,374			1,374						1,374
Other comprehensive income	3,008			3,008									3,008
Net income (loss)	$ 7,304			12,442										12,442	(5,138)
Ending balance (in shares) at Jun. 30, 2023	158,989,953						158,989,953
Ending balance at Jun. 30, 2023	$ 482,451			448,005			$ 16			478,458			3,008	(33,477)	34,446
Beginning balance (in shares) at Mar. 31, 2023							158,989,953
Beginning balance at Mar. 31, 2023	465,853			433,154			$ 16			474,202			(762)	(40,302)	32,699
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	4,256			4,256						4,256
Cash distributions to noncontrolling interests	(489)														(489)
Cash contributions from noncontrolling interests	4,537														4,537
Noncontrolling interests assumed through acquisitions	204														204
Other comprehensive income	3,770			3,770									3,770
Net income (loss)	$ 4,320			6,825										6,825	(2,505)
Ending balance (in shares) at Jun. 30, 2023	158,989,953						158,989,953
Ending balance at Jun. 30, 2023	$ 482,451			$ 448,005			$ 16			$ 478,458			$ 3,008	$ (33,477)	$ 34,446

v3.23.2

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities
Net income	$ 7,215	$ 81,709
Adjustments to reconcile net income to net cash from operating activities:
Depreciation, amortization and accretion	24,335	13,685
Non-cash lease expense	499	0
Deferred tax expense	2,011	550
Amortization of debt discount and financing costs	1,683	1,428
Change in fair value of redeemable warrant liability	0	(23,117)
Change in fair value of Alignment Shares liability	(19,823)	(63,051)
Remeasurement of contingent consideration	100	(971)
Stock-based compensation	7,069	3,962
Other	1,350	(189)
Changes in assets and liabilities, excluding the effect of acquisitions
Accounts receivable	(9,597)	(3,940)
Due to related parties	41	0
Derivative assets	2,676	(1,777)
Other assets	1,607	2,712
Accounts payable	2,924	(722)
Interest payable	3,037	(78)
Contract liability	243	0
Other liabilities	121	1,668
Net cash provided by operating activities	25,491	11,869
Cash flows used for investing activities
Capital expenditures	(61,982)	(23,338)
Payments to acquire businesses, net of cash and restricted cash acquired	(288,903)	0
Payments to acquire renewable energy facilities from third parties, net of cash and restricted cash acquired	(22,433)	(11,572)
Net cash used for investing activities	(373,318)	(34,910)
Cash flows used for financing activities
Proceeds from issuance of long-term debt	269,850	0
Repayment of long-term debt	(31,068)	(8,120)
Payment of debt issuance costs	(2,548)	(42)
Payment of deferred purchase price payable	(4,531)	0
Payment of equity issuance costs	0	(744)
Payment of contingent consideration	0	(45)
Payment of contingent consideration	0	(45)
Contributions from noncontrolling interests	6,274	2,151
Redemption of redeemable noncontrolling interests	(3,224)	0
Distributions to noncontrolling interests	(2,189)	(1,148)
Net cash provided by (used for) financing activities	232,564	(7,948)
Net decrease in cash, cash equivalents, and restricted cash	(115,263)	(30,989)
Cash, cash equivalents, and restricted cash, beginning of period	199,398	330,321
Cash, cash equivalents, and restricted cash, end of period	84,135	299,332
Supplemental cash flow disclosure
Cash paid for interest	15,299	9,804
Cash paid for taxes	0	39
Non-cash investing and financing activities
Asset retirement obligations	3,943	96
Debt assumed through acquisitions	7,883	0
Noncontrolling interest assumed through acquisitions	13,500	0
Redeemable noncontrolling interest assumed through acquisitions	8,100	0
Acquisitions of property and equipment included in construction payable	6,125	0
Acquisitions of property, plant and equipment included in other current liabilities	0	1,334
Conversion of Alignment Shares into common stock	11	15
Deferred purchase price payable	7,606	0
Construction loan conversion	0	(4,186)
Term loan conversion	0	4,186
Exchange of warrants into common stock	$ 0	$ 7,303

v3.23.2

General	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
General	General Company Overview Altus Power, Inc., a Delaware corporation (the “Company” or "Altus Power"), headquartered in Stamford, Connecticut, develops, owns, constructs and operates large-scale roof, ground and carport-based photovoltaic solar energy generation and storage systems, for the purpose of producing and selling electricity to credit worthy counterparties, including commercial and industrial, public sector and community solar customers, under long-term contracts. The Solar energy facilities are owned by the Company in project specific limited liability companies (the “Solar Facility Subsidiaries”). On December 9, 2021 (the "Closing Date"), CBRE Acquisition Holdings, Inc. ("CBAH"), a special purpose acquisition company, consummated the business combination pursuant to the terms of the business combination agreement entered into on July 12, 2021 (the "Business Combination Agreement"), whereby, among other things, CBAH Merger Sub I, Inc. ("First Merger Sub") merged with and into Altus Power, Inc. (f/k/a Altus Power America, Inc.) ("Legacy Altus") with Legacy Altus continuing as the surviving corporation, and immediately thereafter Legacy Altus merged with and into CBAH Merger Sub II, Inc. ("Second Merger Sub") with Second Merger Sub continuing as the surviving entity and as a wholly owned subsidiary of CBAH (together with the merger with the First Merger Sub, the “Merger”). In connection with the closing of the Merger, CBAH changed its name to "Altus Power, Inc." and CBAH Merger Sub II (after merger with Legacy Altus) changed its name to "Altus Power, LLC."

v3.23.2

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Presentation and Principles of Consolidation The Company prepares its unaudited condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and regulations of the U.S. Securities and Exchange Commission ("SEC") for interim financial reporting. The Company’s condensed consolidated financial statements include the results of wholly-owned and partially-owned subsidiaries in which the Company has a controlling interest. All intercompany balances and transactions have been eliminated in consolidation. Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2022, filed with the Company’s 2022 annual report on Form 10-K on March 30, 2023, and the related notes which provide a more complete discussion of the Company’s accounting policies and certain other information. The information as of December 31, 2022, included in the condensed consolidated balance sheets was derived from the Company’s audited consolidated financial statements. The condensed consolidated financial statements were prepared on the same basis as the audited consolidated financial statements and reflect all adjustments, including normal recurring adjustments, which are, in the opinion of management, necessary for a fair statement of the Company’s financial position as of June 30, 2023, and the results of operations and cash flows for the three and six months ended June 30, 2023, and 2022. The results of operations for the three and six months ended June 30, 2023, are not necessarily indicative of the results that may be expected for the full year or any other future interim or annual period. Reclassifications Certain prior year amounts have been reclassified for consistency with the current year financial statement presentation. Such reclassifications have no impact on previously reported net income, stockholders' equity, or cash flows. For the year ended December 31, 2022, $2.6 million was reclassified from other current liabilities to contract liability, current on the condensed consolidated balance sheet. This change had no impact on total current liabilities reported in the consolidated balance sheet. Further, for the six months ended June 30, 2022, $1.8 million was reclassified from unrealized gain on interest rate swaps in the adjustments to reconcile net income to net cash from operating activities section of the condensed consolidated statements of cash flows to derivative assets in the changes in assets, and liabilities, excluding the effect of acquisitions section of the condensed consolidated cash flows. This change had no impact on cash provided by operating activities in the consolidated statement of cash flows. Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates. In recording transactions and balances resulting from business operations, the Company uses estimates based on the best information available. Estimates are used for such items as the fair value of net assets acquired in connection with accounting for business combinations, the useful lives of the solar energy facilities, and inputs and assumptions used in the valuation of asset retirement obligations (“AROs”), contingent consideration, derivative instruments, and Class B common stock, par value $0.0001 per share ("Alignment Shares"). Segment Information Operating segments are defined as components of a company about which separate financial information is available that is evaluated regularly by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company’s chief operating decision makers are the co-chief executive officers. Based on the financial information presented to and reviewed by the chief operating decision makers in deciding how to allocate the resources and in assessing the performance of the Company, the Company has determined it operates as a single operating segment and has one reportable segment, which includes revenue under power purchase agreements, revenue from net metering credit agreements, solar renewable energy credit revenue, rental income, performance based incentives and other revenue. The Company’s principal operations, revenue and decision-making functions are located in the United States. Cash, Cash Equivalents, and Restricted Cash Cash and cash equivalents includes all cash balances on deposit with financial institutions and readily marketable securities with original maturity dates of three months or less at the time of acquisition and are denominated in U.S. dollars. Pursuant to the budgeting process, the Company maintains certain cash and cash equivalents on hand for possible equipment replacement related costs. The Company records cash that is restricted as to withdrawal or use under the terms of certain contractual agreements as restricted cash. Restricted cash is included in current portion of restricted cash and restricted cash, noncurrent portion on the condensed consolidated balance sheets and includes cash held with financial institutions for cash collateralized letters of credit pursuant to various financing and construction agreements. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets. Cash, cash equivalents, and restricted cash consist of the following:   As of June 30, 2023 As of December 31, 2022 Cash and cash equivalents $ 69,114  $ 193,016  Current portion of restricted cash 3,700  2,404  Restricted cash, noncurrent portion 11,321  3,978  Total $ 84,135  $ 199,398  Concentration of Credit Risk The Company maintains its cash in bank deposit accounts which, at times, may exceed Federal Deposit Insurance Corporation insurance limits. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk on cash balances. The Company had one customer that individually accounted for over 10% (i.e., 22.6%) of total accounts receivable as of June 30, 2023, one customer that individually accounted over 10% (i.e. 14.4%,) of total revenue for the three months ended June 30, 2023, and one customer that individually accounted for over 10% (i.e., 14.7%) of total revenue six months ended June 30, 2023. The Company had one customer that individually accounted for over 10% (i.e., 28.0%) of total accounts receivable as of December 31, 2022, and no customers that individually accounted for 10% of total revenue for the three and six months ended June 30, 2022. Accounting Pronouncements As a public company, the Company is provided the option to adopt new or revised accounting guidance as an “emerging growth company” under the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”) either (1) within the same periods as those otherwise applicable to public business entities, or (2) within the same time periods as non-public business entities, including early adoption when permissible. The Company expects to elect to adopt new or revised accounting guidance within the same time period as non-public business entities, as indicated below. Recent Accounting Pronouncements Adopted In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments and has since released various amendments including ASU No. 2019-04. The new standard generally applies to financial assets and requires those assets to be reported at the amount expected to be realized. The ASU is effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. The Company has adopted this standard as of January 1, 2023 and the adoption did not have a material impact on the condensed consolidated financial statements. In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which requires entities to recognize and measure contract assets and liabilities acquired in a business combination in accordance with Accounting Standards Codification ("ASC") 2014-09, Revenue from Contracts with Customers (Topic 606). The update will generally result in an entity recognizing contract assets and liabilities at amounts consistent with those recorded by the acquiree immediately before the acquisition date rather than at fair value. The new standard is effective on a prospective basis for fiscal years beginning after December 15, 2022, and was adopted by the Company on January 1, 2023. The Company applied the provisions of ASU 2021-08 to account for the True Green II Acquisition (defined in Note 5, "Acquisitions"), and recognized $3.5 million of contract liability assumed through the business combination.

v3.23.2

Revenue and Accounts Receivable	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue and Accounts Receivable	Revenue and Accounts Receivable Disaggregation of Revenue The following table presents the detail of revenues as recorded in the unaudited condensed consolidated statements of operations:   Three Months Ended June 30, Six Months Ended June 30,   2023 2022 2023 2022 Power sales under PPAs $ 16,641  $ 6,730  $ 25,627  $ 10,912  Power sales under NMCAs 13,297  7,822  20,133  11,722  Power sales on wholesale markets 568  1,155  924  1,738  Total revenue from power sales 30,506  15,707  46,684  24,372  Solar renewable energy credit revenue 13,526  7,975  23,593  17,506  Rental income 986  785  1,612  1,429  Performance based incentives 464  295  2,562  654  Revenue recognized on contract liabilities 1,031  —  1,440  —  Total $ 46,513  $ 24,762  $ 75,891  $ 43,961  Accounts receivable The following table presents the detail of receivables as recorded in accounts receivable in the unaudited condensed consolidated balance sheets:   As of June 30, 2023 As of December 31, 2022 Power sales under PPAs $ 7,467  $ 4,092  Power sales under NMCAs 9,371  3,183  Power sales on wholesale markets 134  223  Total power sales 16,972  7,498  Solar renewable energy credits 8,980  5,387  Rental income 750  429  Performance based incentives 339  129  Total $ 27,041  $ 13,443  Payment is typically received within 30 days for invoiced revenue as part of power purchase agreements (“PPAs”) and net metering credit agreements (“NMCAs”). Receipt of payment relative to invoice date varies by customer for renewable energy credits ("SRECs"). As of both June 30, 2023, and December 31, 2022, the Company determined that the allowance for uncollectible accounts is $0.4 million. The Company recognizes contract liabilities related to long-term agreements to sell SRECs that are prepaid by customers before SRECs are delivered. The Company will recognize revenue associated with the contract liabilities as SRECs are delivered to customers through 2037. As of June 30, 2023, the Company had current and non-current contract liabilities of $3.8 million and $6.5 million, respectively. As of December 31, 2022, the Company had current and non-current contract liabilities of $2.6 million and $5.4 million, respectively. The Company does not have any other significant contract asset or liability balances related to revenues.
Revenue and Accounts Receivable	Revenue and Accounts Receivable Disaggregation of Revenue The following table presents the detail of revenues as recorded in the unaudited condensed consolidated statements of operations:   Three Months Ended June 30, Six Months Ended June 30,   2023 2022 2023 2022 Power sales under PPAs $ 16,641  $ 6,730  $ 25,627  $ 10,912  Power sales under NMCAs 13,297  7,822  20,133  11,722  Power sales on wholesale markets 568  1,155  924  1,738  Total revenue from power sales 30,506  15,707  46,684  24,372  Solar renewable energy credit revenue 13,526  7,975  23,593  17,506  Rental income 986  785  1,612  1,429  Performance based incentives 464  295  2,562  654  Revenue recognized on contract liabilities 1,031  —  1,440  —  Total $ 46,513  $ 24,762  $ 75,891  $ 43,961  Accounts receivable The following table presents the detail of receivables as recorded in accounts receivable in the unaudited condensed consolidated balance sheets:   As of June 30, 2023 As of December 31, 2022 Power sales under PPAs $ 7,467  $ 4,092  Power sales under NMCAs 9,371  3,183  Power sales on wholesale markets 134  223  Total power sales 16,972  7,498  Solar renewable energy credits 8,980  5,387  Rental income 750  429  Performance based incentives 339  129  Total $ 27,041  $ 13,443  Payment is typically received within 30 days for invoiced revenue as part of power purchase agreements (“PPAs”) and net metering credit agreements (“NMCAs”). Receipt of payment relative to invoice date varies by customer for renewable energy credits ("SRECs"). As of both June 30, 2023, and December 31, 2022, the Company determined that the allowance for uncollectible accounts is $0.4 million. The Company recognizes contract liabilities related to long-term agreements to sell SRECs that are prepaid by customers before SRECs are delivered. The Company will recognize revenue associated with the contract liabilities as SRECs are delivered to customers through 2037. As of June 30, 2023, the Company had current and non-current contract liabilities of $3.8 million and $6.5 million, respectively. As of December 31, 2022, the Company had current and non-current contract liabilities of $2.6 million and $5.4 million, respectively. The Company does not have any other significant contract asset or liability balances related to revenues.

v3.23.2

Variable Interest Entities	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Variable Interest Entities The Company consolidates all variable interest entities (“VIEs”) in which it holds a variable interest and is deemed to be the primary beneficiary of the variable interest entity. Generally, a VIE is an entity with at least one of the following conditions: (a) the total equity investment at risk is insufficient to allow the entity to finance its activities without additional subordinated financial support, or (b) the holders of the equity investment at risk, as a group, lack the characteristics of having a controlling financial interest. The primary beneficiary of a VIE is required to consolidate the VIE and to disclose certain information about its significant variable interests in the VIE. The primary beneficiary of a VIE is the entity that has both 1) the power to direct the activities that most significantly impact the entity’s economic performance and 2) the obligations to absorb losses or receive benefits that could potentially be significant to the VIE. The Company participates in certain partnership arrangements that qualify as VIEs. Consolidated VIEs consist primarily of tax equity financing arrangements and partnerships in which an investor holds a noncontrolling interest and does not have substantive kick-out or participating rights. The Company, through its subsidiaries, is the primary beneficiary of such VIEs, because as the manager, it has the power to direct the day-to-day operating activities of the entity. In addition, the Company is exposed to economics that could potentially be significant to the entity given its ownership interest, therefore, has consolidated the VIEs as of June 30, 2023, and December 31, 2022. No VIEs were deconsolidated during the six months ended June 30, 2023 and 2022. The obligations of the consolidated VIEs discussed in the following paragraphs are nonrecourse to the Company. In certain instances where the Company establishes a new tax equity structure, the Company is required to provide liquidity in accordance with the contractual agreements. The Company has no requirement to provide liquidity to purchase assets or guarantee performance of the VIEs unless further noted in the following paragraphs. The Company made certain contributions during the six months ended June 30, 2023 and 2022, as determined in the respective operating agreement. The carrying amounts and classification of the consolidated VIE assets and liabilities included in condensed consolidated balance sheets are as follows:   As of June 30, 2023 As of December 31, 2022 Current assets $ 25,748  $ 16,434  Non-current assets 759,612  445,583  Total assets $ 785,360  $ 462,017  Current liabilities $ 7,900  $ 5,731  Non-current liabilities 117,811  73,438  Total liabilities $ 125,711  $ 79,169  The amounts shown in the table above exclude intercompany balances which are eliminated upon consolidation. All of the assets in the table above are restricted for settlement of the VIE obligations, and all of the liabilities in the table above can only be settled using VIE resources. The Company has not identified any VIEs during the six months ended June 30, 2023 and 2022, for which the Company determined that it is not the primary beneficiary and thus did not consolidate. The Company considered qualitative and quantitative factors in determining which VIEs are deemed significant. During each of the six months ended June 30, 2023 and the year ended December 31, 2022, the Company consolidated thirty-three and twenty-six VIEs, respectively. No VIEs were deemed significant as of June 30, 2023 and December 31, 2022. On January 11, 2023, the Company completed an acquisition through obtaining a controlling financial interest in a VIE which owns and operates a single 2.7 MW solar generating facility. The Company acquired a controlling financial interest by entering into an asset management agreement which provides the Company with the power to direct the operating activities of the VIE and the obligation to absorb losses or receive benefits that could potentially be significant to the VIE. Concurrent with the asset management agreement, the Company entered into a Membership Interest Purchase Agreement ("MIPA") to acquire all of the outstanding equity interests in the VIE on May 30, 2023 (the "Closing Date"). The entire purchase price of $3.8 million was paid on January 11, 2023. As a result of this acquisition, the Company recognized property, plant and equipment of $3.9 million, $0.7 million of operating lease asset, $0.7 million of operating lease liability, and asset retirement obligations of $0.1 million in the unaudited condensed consolidated balance sheet. Pursuant to the MIPA, the Company acquired all of the outstanding equity interests in the entity on May 30, 2023. As discussed in Note 5, on February 15, 2023 the Company completed the True Green II Acquisition through its purchase of all outstanding membership interests in APAF III Operating, LLC from True Green Capital Fund III, L.P. Through the True Green II Acquisition, the Company acquired eleven VIEs that consist primarily of tax equity financing arrangements and partnerships in which an investor holds a noncontrolling interest and does not have substantive kick-out or participating rights. The Company, through its subsidiaries, is the primary beneficiary of these VIEs because as the manager, it has the power to direct the day-to-day operating activities of the entity, and is exposed to economics that could potentially be significant to the entities through its ownership interests. As of June 30, 2023 the VIEs acquired through the True Green II Acquisition comprised of $9.4 million of current assets, $328.8 million of non-current assets, $4.0 million of current liabilities, and $45.3 million of non-current liabilities.

v3.23.2

Acquisitions	6 Months Ended
	Jun. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions 2023 Acquisitions Asset Acquisitions During 2023, the Company acquired solar energy facilities located in Rhode Island and California with a total nameplate capacity of 8.5 MW from third parties for a total purchase price of $11.4 million. As of June 30, 2023, $0.3 million of total consideration remained payable to sellers and was included as purchase price payable on the condensed consolidated balance sheet. The acquisitions were accounted for as acquisitions of assets, whereby the Company acquired $12.2 million of property, plant and equipment and $1.4 million of operating lease assets, and assumed $1.4 million of operating lease liabilities, $0.4 million of intangible liabilities, and $0.2 million of asset retirement obligations. Acquisitions of VIEs During 2023, the Company acquired solar energy facilities located in Massachusetts and Maine with a total nameplate capacity of 4.1 MW from third parties for a total purchase price of $8.7 million. As of June 30, 2023, $0.2 million of total consideration remained payable to sellers and was included as purchase price payable on the condensed consolidated balance sheet. The acquisitions were accounted for as acquisitions of variable interest entities that do not constitute a business (refer to Note 4, "Variable Interest Entities"). The Company acquired $8.8 million of property, plant and equipment and $1.0 million of operating lease assets, and assumed $1.0 million of operating lease liabilities and $0.1 million of asset retirement obligations. True Green II Acquisition On February 15, 2023, APA Finance III, LLC ("APAF III"), a wholly-owned subsidiary of the Company, acquired a 220 MW portfolio of 55 operating and 3 in development solar energy facilities located across eight US states (the “True Green II Acquisition”). The portfolio was acquired from True Green Capital Fund III, L.P. (“True Green”) for total consideration of approximately $299.9 million. The purchase price and associated transaction costs were funded by the proceeds from the APAF III Term Loan (as defined in Note 6, "Debt") and cash on hand. The True Green II Acquisition was made pursuant to the purchase and sale agreement (the "PSA") dated December 23, 2022, and entered into by the Company to grow its portfolio of solar energy facilities. Pursuant to the PSA, the Company acquired 100% ownership interest in APAF III Operating, LLC, a holding entity that owns the acquired solar energy facilities. The Company accounted for the True Green II Acquisition under the acquisition method of accounting for business combinations. Under the acquisition method, the purchase price was allocated to the assets acquired and liabilities assumed on February 15, 2023, based on their estimated fair value. All fair value measurements of assets acquired and liabilities assumed, including the noncontrolling interests, were based on significant estimates and assumptions, including Level 3 (unobservable) inputs, which require judgment. Estimates and assumptions include the estimates of future power generation, commodity prices, operating costs, and appropriate discount rates. The assets acquired and liabilities assumed are recognized provisionally on the condensed consolidated balance sheet at their estimated fair values as of the acquisition date. The initial accounting for the business combination is not complete as the Company is in the process of obtaining additional information for the valuation of acquired tangible and intangible assets. The provisional amounts are subject to change to the extent that additional information is obtained about the facts and circumstances that existed as of the acquisition date. Under U.S. GAAP, the measurement period shall not exceed one year from the acquisition date and the Company will finalize these amounts no later than February 15, 2024. Subsequent to the acquisition date, the Company made certain measurement period adjustments to provisional accounting recognized. These adjustments consist of an increase in Property, plant, and equipment of $0.8 million, a decrease in Operating lease asset of $0.7 million, an increase in Other assets of $0.8 million, a decrease in Long-term debt of $0.2 million, a decrease in Operating lease liability of $1.9 million, an increase in Other liabilities of $1.9 million, and an increase in Non-controlling interests of $0.2 million due to the clarification of information utilized to determine fair value during the measurement period. Additionally, the Company recorded a measurement period adjustment of $0.7 million to increase the fair value of consideration transferred, $0.4 million to decrease Accounts receivable, and $0.1 million to increase Property, plant, and equipment as a result of reconciling working capital adjustments with the seller. The following table presents the updated preliminary allocation of the purchase price to the assets acquired and liabilities assumed, based on their estimated fair values on February 15, 2023 and inclusive of the measurement period adjustments discussed above: Provisional accounting as of February 15, 2023 Measurement period adjustments Adjusted provisional accounting as of February 15, 2023 Assets Accounts receivable $ 4,358  $ (357) $ 4,001  Property, plant and equipment 334,958  914  335,872  Intangible assets 850  —  850  Operating lease asset 32,053  (742) 31,311  Other assets 1,739  835  2,574  Total assets acquired 373,958  650  374,608  Liabilities Long-term debt(1) 8,100  (217) 7,883  Intangible liabilities 4,100  —  4,100  Asset retirement obligation 3,795  —  3,795  Operating lease liability 37,723  (1,932) 35,791  Contract liability(2) 3,534  —  3,534  Other liabilities —  1,932  1,932  Total liabilities assumed 57,252  (217) 57,035  Redeemable non-controlling interests 8,100  —  8,100  Non-controlling interests 13,296  204  13,500  Total fair value of consideration transferred, net of cash acquired $ 295,310  $ 663  $ 295,973  The fair value of consideration transferred, net of cash acquired, as of February 15, 2023, is determined as follows: Provisional accounting as of February 15, 2023 Measurement period adjustments Adjusted provisional accounting as of February 15, 2023 Cash consideration paid to True Green on closing $ 212,850  $ —  $ 212,850  Cash consideration paid to settle debt and interest rate swaps on behalf of True Green 76,046  —  76,046  Cash consideration in escrow accounts(3) 3,898  —  3,898  Purchase price payable(4) 7,069  663  7,732  Total fair value of consideration transferred 299,863  663  300,526  Restricted cash acquired 4,553  —  4,553  Total fair value of consideration transferred, net of cash acquired $ 295,310  $ 663  295,973  (1) Acquired long-term debt relates to financing obligations recognized in failed sale leaseback transactions. Refer to Note 6, "Debt" for further information. (2) Acquired contract liabilities relate to long-term agreements to sell renewable energy credits that were fully prepaid by the customer prior to the acquisition date. The Company will recognize revenue associated with the contract liabilities as renewable energy credits are delivered to the customer through 2036. (3) Represents the portion of the consideration transferred that is held in escrow accounts as security for general indemnification claims. (4) Purchase price payable represents the portion of the total hold back amount that was earned by True Green as of February 15, 2023, based on the completion of construction milestones related to assets in development. The Company incurred approximately $2.3 million of acquisition related costs related to the True Green III Acquisition, which are recorded as part of Acquisition and entity formation costs in the condensed consolidated statement of operations for the six months ended June 30, 2023. Acquisition related costs include legal, consulting, and other transaction-related costs, as well as $0.8 million of costs to acquire SRECs available for sale that were sold by the Company to its customers during the three months ended June 30, 2023, which was recorded in Other current assets in the preliminary purchase price allocation. The impact of the True Green III Acquisition on the Company's revenue and net income in the condensed consolidated statement of operations was an increase of $13.8 million and $7.9 million, respectively, for the six months ended June 30, 2023. Intangibles at Acquisition Date The Company attributed the intangible asset and liability values to favorable and unfavorable rate revenue contracts to sell power and RECs. The following table summarizes the estimated fair values and the weighted average amortization periods of the acquired intangible assets and assumed intangible liabilities as of the acquisition date: Fair Value (thousands) Weighted Average Amortization Period Favorable rate revenue contracts – PPA 800  19 years Favorable rate revenue contracts – REC 50  16 years Unfavorable rate revenue contracts – PPA (800) 17 years Unfavorable rate revenue contracts – REC (3,300) 3 years Unaudited Pro Forma Combined Results of Operations The following unaudited pro forma combined results of operations give effect to the True Green II Acquisition as if it had occurred on January 1, 2022. The unaudited pro forma combined results of operations are provided for informational purposes only and do not purport to represent the Company’s actual consolidated results of operations had the True Green II Acquisition occurred on the date assumed, nor are these financial statements necessarily indicative of the Company’s future consolidated results of operations. The unaudited pro forma combined results of operations do not reflect the costs of any integration activities or any benefits that may result from operating efficiencies or revenue synergies. For the three months ended June 30, 2023 (unaudited) For the three months ended June 30, 2022 (unaudited) For the six months ended June 30, 2023 (unaudited) For the six months ended June 30, 2022 (unaudited) Operating revenues $ 46,513  $ 35,035  $ 79,361  $ 64,508  Net income 3,370  25,463  8,911  88,030  2022 Acquisitions Acquisition of DESRI II & DESRI V On November 11, 2022, APA Finance II, LLC, a wholly-owned subsidiary of the Company, acquired a 88 MW portfolio of nineteen solar energy facilities operating across eight US states. The portfolio was acquired from D.E. Shaw Renewables Investments L.L.C. ("DESRI") for total consideration of $100.8 million ("DESRI Acquisition"). The DESRI Acquisition was made pursuant to membership interest purchase agreements (the "MIPAs") dated September 26, 2022, and entered into by the Company to grow its portfolio of solar energy facilities. Pursuant to the MIPAs, the Company acquired 100% ownership interest in holding entities that own the acquired solar energy facilities. The Company accounted for the DESRI Acquisition under the acquisition method of accounting for business combinations. Under the acquisition method, the purchase price was allocated to the assets acquired and liabilities assumed on November 11, 2022, based on their estimated fair value. All fair value measurements of assets acquired and liabilities assumed, including the noncontrolling interests, were based on significant estimates and assumptions, including Level 3 (unobservable) inputs, which require judgment. Estimates and assumptions include the estimates of future power generation, commodity prices, operating costs, and appropriate discount rates. The assets acquired and liabilities assumed are recognized provisionally on the consolidated balance sheet at their estimated fair values as of the acquisition date. The initial accounting for the business combination is not complete as the Company is in process of obtaining additional information for the valuation of acquired tangible and intangible assets. The provisional amounts are subject to change to the extent that additional information is obtained about the facts and circumstances that existed as of the acquisition date. Under U.S. GAAP, the measurement period shall not exceed one year from the acquisition date and the Company will finalize these amounts no later than November 11, 2023. The following table presents the preliminary allocation of the purchase price to the assets acquired and liabilities assumed, based on their estimated fair values on November 11, 2022 (in thousands): Assets Accounts receivable $ 2,001 Derivative assets 2,462 Other assets 432 Property, plant and equipment 179,500 Operating lease asset 17,831 Intangible assets 29,479 Total assets acquired 231,705 Liabilities Accounts payable 275 Accrued liabilities 746 Long-term debt 105,346 Intangible liabilities 771 Operating lease liability 20,961 Contract Liability(1) 7,200 Asset retirement obligation 1,508 Total liabilities assumed 136,807 Non-controlling interests 184 Total fair value of consideration transferred, net of cash acquired $ 94,714 The fair value of consideration transferred, net of cash acquired, as of November 11, 2022, is determined as follows: Cash consideration to the seller on closing $ 82,235  Fair value of purchase price payable(2) 19,017  Post-closing purchase price true-up (469) Total fair value of consideration transferred 100,783  Cash acquired 1,220  Restricted cash acquired 4,849  Total fair value of consideration transferred, net of cash acquired $ 94,714  (1) Acquired contract liabilities related to long-term agreements to sell renewable energy credits that were fully prepaid by the customer prior to the acquisition date. The Company will recognize revenue associated with the contract liabilities as renewable energy credits are delivered to the customer through December 31, 2028. (2) Purchase price outstanding as of December 31, 2022 is payable in three installments in two, twelve and eighteen months following the acquisition date, subject to the accuracy of general representations and warranty provisions included in MIPAs. During the three months ended June 30, 2023, the Company paid DESRI $5.0 million of the outstanding purchase price payable net of $0.5 million working capital adjustment. Intangibles at Acquisition Date The Company attributed the intangible asset and liability values to favorable and unfavorable rate revenue contracts to sell power. The following table summarizes the estimated fair values and the weighted average amortization periods of the acquired intangible assets and assumed intangible liabilities as of the acquisition date: Fair Value (thousands) Weighted Average Amortization Period Favorable rate revenue contracts – PPA $ 29,479  8 years Unfavorable rate revenue contracts – PPA (771) 12 years

v3.23.2

Debt	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Debt	Debt   As of June 30, 2023 As of December 31, 2022 Interest Type Weighted average interest rate Long-term debt APAF Term Loan $ 480,894  $ 487,179  Fixed 3.51  % APAF II Term Loan 118,752  125,668  Floating* SOFR + 1.475% APAF III Term Loan 238,794  —  Fixed 5.62  % APAG Revolver 40,000  —  Floating SOFR + 2.60% Other term loans 12,595  28,483  Fixed 3.04  % Financing obligations recognized in failed sale leaseback transactions 43,811  36,724  Imputed 3.98  % Total principal due for long-term debt 934,846  678,054  Unamortized discounts and premiums (9,507) (2,088) Unamortized deferred financing costs (14,803) (11,404) Less: Current portion of long-term debt 32,071  29,959  Long-term debt, less current portion $ 878,465  $ 634,603  * Interest rate is effectively fixed by interest rate swap, see discussion below. APAF Term Loan On August 25, 2021, APA Finance, LLC (“APAF”), a wholly owned subsidiary of the Company, entered into a $503.0 million term loan facility with Blackstone Insurance Solutions ("BIS") through a consortium of lenders, which consists of investment grade-rated Class A and Class B notes (the “APAF Term Loan”). The APAF Term Loan has a weighted average 3.51% annual fixed rate and matures on February 29, 2056 (“Final Maturity Date”). The APAF Term Loan amortizes at an initial rate of 2.5% of outstanding principal per annum for a period of 8 years at which point the amortization steps up to 4% per annum until September 30, 2031 (“Anticipated Repayment Date”). After the Anticipated Repayment Date, the loan becomes fully-amortizing, and all available cash is used to pay down principal until the Final Maturity Date. The APAF Term Loan is secured by membership interests in the Company's subsidiaries. As of June 30, 2023, the outstanding principal balance of the APAF Term Loan was $480.9 million less unamortized debt discount and loan issuance costs totaling $7.1 million. As of December 31, 2022, the outstanding principal balance of the APAF Term Loan was $487.2 million less unamortized debt discount and loan issuance costs totaling $7.6 million. As of June 30, 2023, and December 31, 2022, the Company was in compliance with all covenants under the APAF Term Loan. APAF II Term Loan On December 23, 2022, APA Finance II, LLC (“APAF II”), a wholly owned subsidiary of the Company, entered into a $125.7 million term loan facility (the “APAF II Term Loan”) with KeyBank National Association ("KeyBank") and The Huntington Bank ("Huntington") as lenders. The proceeds of the APAF II Term Loan were used to repay the outstanding amounts under certain project-level loans. The APAF II Term Loan matures on December 23, 2027, and has a variable interest rate based on SOFR plus a spread of 1.475%. Simultaneously with entering into the APAF II Term Loan, the Company entered into interest rate swaps for 100% of the amount of debt outstanding, which effectively fixed the interest rate at 4.885% (see Note 7, "Fair Value Measurements," for further details). As of June 30, 2023, the outstanding principal balance of the APAF II Term Loan was $118.8 million, less unamortized debt issuance costs of $2.4 million. As of December 31, 2022, the outstanding principal balance of the APAF II Term Loan was $125.7 million, less unamortized debt issuance costs of $2.7 million. As of June 30, 2023, and December 31, 2022, the Company was in compliance with all covenants under the APAF II Term Loan. APAF III Term Loan On February 15, 2023, the Company, through its subsidiaries, APA Finance III Borrower, LLC (the “Borrower”), and APA Finance III Borrower Holdings, LLC (“Holdings”) entered into a new long-term funding facility under the terms of a Credit Agreement, among the Borrower, Holdings, Blackstone Asset Based Finance Advisors LP, which is an affiliate of the Company, U.S. Bank Trust Company, N.A., as administrative agent, U.S. Bank N.A., as document custodian, and the lenders party thereto (the “APAF III Term Loan”). This funding facility provides for a term loan of $204.0 million at a fixed rate of 5.62%. The term loan has an anticipated repayment date of June 30, 2033. The maturity date of the term loan is October 31, 2047. Upon lender approval, the Borrower has the right to increase the funding facility to make additional draws for certain solar generating facilities, as set forth in the Credit Agreement. On February 15, 2023, the Company borrowed $193.0 million from this facility to fund the True Green II Acquisition and the associated costs and expenses, and expects to borrow the remaining $11.0 million upon the completion of certain development assets of the True Green II Acquisition when they are placed in service. The principal balance borrowed under the APAF III Term Loan was offset by $4.0 million of debt issuance costs and $6.3 million of issuance discount, which have been deferred and are recognized as interest expense through June 30, 2033. On June 15, 2023, the Company amended the APAF III Term Loan to add an additional $47.0 million of borrowings, the proceeds of which were used to repay outstanding term loans under the Construction to Term Loan Facility, and to provide long-term financing for new solar projects. The principal balance borrowed under the amendment was offset by $0.3 million of issuance costs and $1.5 million of issuance discount, which have been deferred and are recognized as interest expense through June 30, 2033. Additionally, in conjunction with the amendment of the facility, the Company expensed $0.6 million of financing costs, which are included in Other expense, net in the condensed consolidated statements of operations. As of June 30, 2023, the outstanding principal balance of the APAF III Term Loan was $238.8 million, less unamortized debt issuance costs and discount of $11.9 million. As of June 30, 2023, the Company was in compliance with all covenants under the APAF III Term Loan. APAG Revolver On December 19, 2022, APA Generation, LLC (“APAG”), a wholly owned subsidiary of the Company, entered into revolving credit facility with Citibank, N.A. with a total committed capacity of $200.0 million (the "APAG Revolver"). Outstanding amounts under the APAG Revolver have a variable interest rate based on a base rate and an applicable margin. The APAG Revolver matures on December 19, 2027. As of June 30, 2023, and December 31, 2022, outstanding under the APAG Revolver were $40.0 million and zero, respectively. As of June 30, 2023, and December 31, 2022, the Company was in compliance with all covenants under the APAG Revolver. Other Term Loans - Construction to Term Loan Facility On January 10, 2020, APA Construction Finance, LLC (“APACF”) a wholly-owned subsidiary of the Company, entered into a credit agreement with Fifth Third Bank, National Association and Deutsche Bank AG New York Branch to fund the development and construction of future solar facilities (“Construction Loan to Term Loan Facility”). The Construction Loan to Term Loan Facility included a construction loan commitment of $187.5 million, which expired on January 10, 2023. The construction loan commitment can convert to a term loan upon commercial operation of a particular solar energy facility. In addition, the Construction Loan to Term Loan Facility accrued a commitment fee at a rate equal to 0.50% per year of the daily unused amount of the commitment. On June 15, 2023, the Company repaid all outstanding term loans of $15.8 million and terminated the facility. In conjunction with the repayment, the Company incurred a loss on extinguishment of debt of $0.1 million. As of December 31, 2022, the outstanding principal balances of the construction loan and term loan were zero and $15.9 million, respectively, and the Company had an unused borrowing capacity of $171.6 million. Outstanding amounts under the Construction to Term Loan Facility were secured by a first priority security interest in all of the property owned by APACF and each of its project companies. The Construction Loan to Term Loan Facility included various financial and other covenants for APACF and the Company, as guarantor. As of December 31, 2022, the Company was in compliance with all covenants under the Construction to Term Loan Facility. Other Term Loans - Project-Level Term Loan In conjunction with an acquisition of assets on August 29, 2022, the Company assumed a project-level term loan with an outstanding principal balance of $14.1 million and a fair value discount of $2.2 million. The term loan is subject to scheduled semi-annual amortization and interest payments, and matures on September 1, 2029. As of June 30, 2023, the outstanding principal balance of the term loan is $12.6 million, less unamortized debt discount of $1.9 million. As of December 31, 2022, the outstanding principal balance of the term loan is $12.6 million, less unamortized debt discount of $2.2 million. The term loan is secured by an interest in the underlying solar project assets and the revenues generated by those assets. As of June 30, 2023, and December 31, 2022, the Company was in compliance with all covenants under the Project-Level Term Loan. Letter of Credit Facilities and Surety Bond Arrangements The Company enters into letters of credit and surety bond arrangements with lenders, local municipalities, government agencies, and land lessors. These arrangements relate to certain performance-related obligations and serve as security under the applicable agreements. The table below shows the total letters of credit outstanding and unused capacities under our letter of credit facilities as of June 30, 2023, and December 31, 2022 (in millions): As of June 30, 2023 As of December 31, 2022 Letters of Credit Outstanding Unused Capacity Letters of Credit Outstanding Unused Capacity Deutsche Bank $ —  $ —  $ 0.7  $ 11.8  Fifth Third Bank 12.1  —  12.1  —  CIT Bank, N.A. 0.3  —  0.6  —  KeyBank and Huntington 15.6  —  —  15.6  Citibank, N.A. 6.8  68.2  —  75.0  Total $ 34.8  $ 68.2  $ 13.4  $ 102.4  Additionally, as of June 30, 2023, and December 31, 2022, the Company had outstanding surety bonds of $4.4 million and $2.0 million, respectively. To the extent liabilities are incurred as a result of the activities covered by the letters of credit or surety bonds, such liabilities are included on the accompanying condensed consolidated balance sheets. From time to time, the Company is required to post financial assurances to satisfy contractual and other requirements generated in the normal course of business. Some of these assurances are posted to comply with federal, state or other government agencies’ statutes and regulations. The Company sometimes uses letters of credit to satisfy these requirements and these letters of credit reduce the Company’s borrowing facility capacity. Financing Obligations Recognized in Failed Sale Leaseback Transactions From time to time, the Company sells equipment to third parties and enters into master lease agreements to lease the equipment back for an agreed-upon term. The Company has assessed these arrangements and determined that the transfer of assets should not be accounted for as a sale in accordance with ASC 842. Therefore, the Company accounts for these transactions using the financing method by recognizing the consideration received as a financing obligation, with the assets subject to the transaction remaining on the balance sheet of the Company and depreciated based on the Company's normal depreciation policy. The aggregate proceeds have been recorded as long-term debt within the condensed consolidated balance sheets. As of June 30, 2023, the Company's recorded financing obligations were $42.8 million, net of $1.0 million of deferred transaction costs. As of December 31, 2022, the Company's recorded financing obligations were $35.6 million, net of $1.1 million of deferred transaction costs. Payments $0.8 million and $0.6 million were made under financing obligations for the three months ended June 30, 2023, and 2022, respectively. Payments of $1.0 million and $0.8 million were made under financing obligations for the six months ended June 30, 2023 and 2022, respectively. Interest expense, inclusive of the amortization of deferred transaction costs for the three months ended June 30, 2023 and 2022, was $0.4 million and $0.4 million, respectively. Interest expense, inclusive of the amortization of deferred transaction costs for the six months ended June 30, 2023 and 2022, was $0.8 million and $0.7 million, respectively. During the six months ended June 30, 2023, the Company paid $0.5 million to extinguish financing obligations of $0.6 million, resulting in a gain on extinguishment of debt of $0.1 million. During the three months ended June 30, 2023, the Company extinguished no financing obligations. The table below shows the payments required under the failed sale-leaseback financing obligations for the years ended: 2023 $ 2,037  2024 3,021  2025 3,023  2026 2,995  2027 2,986  Thereafter 17,111  Total $ 31,173  The difference between the outstanding sale-leaseback financing obligation of $43.8 million and $31.2 million of contractual payments due, including residual value guarantees, is due to $13.2 million of investment tax credits claimed by the respective counterparties, less $2.6 million of the implied interest on financing obligation included in minimum lease payments. The remaining difference is due to $2.5 million of interest accrued and a $0.5 million difference between the required contractual payments and the fair value of financing obligations acquired.

v3.23.2

Fair Value Measurements	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Company measures certain assets and liabilities at fair value, which is defined as the price that would be received from the sale of an asset or paid to transfer a liability (i.e., an exit price) on the measurement date in an orderly transaction between market participants in the principal or most advantageous market for the asset or liability. Our fair value measurements use the following hierarchy, which prioritizes valuation inputs based on the extent to which the inputs are observable in the market. •Level 1 - Valuation techniques in which all significant inputs are unadjusted quoted prices from active markets for assets or liabilities that are identical to the assets or liabilities being measured. •Level 2 - Valuation techniques in which significant inputs include quoted prices from active markets for assets or liabilities that are similar to the assets or liabilities being measured and/or quoted prices for assets or liabilities that are identical or similar to the assets or liabilities being measured from markets that are not active. Also, model-derived valuations in which all significant inputs are observable in active markets are Level 2 valuation techniques. •Level 3 - Valuation techniques in which one or more significant inputs are unobservable. Such inputs reflect our estimate of assumptions that market participants would use to price an asset or liability. The Company holds various financial instruments that are not required to be recorded at fair value. For cash, restricted cash, accounts receivable, accounts payable, and short-term debt, the carrying amounts approximate fair value due to the short maturity of these instruments. The following table provides the financial instruments measured at fair value on a recurring basis: June 30, 2023 Level 1 Level 2 Level 3 Total Assets Derivative assets: Interest rate swaps $ —  $ 1,840  $ —  $ 1,840  Forward starting interest rate swap —  3,294  —  3,294  Total assets at fair value —  5,134  —  5,134  Liabilities Alignment Shares liability —  —  46,311  46,311  Other long-term liabilities: Contingent consideration liability —  —  2,975  2,975  Total liabilities at fair value —  —  49,286  49,286  December 31, 2022 Level 1 Level 2 Level 3 Total Assets Cash equivalents: Money market fund $ 101,842  $ —  $ —  $ 101,842  Derivative assets: Interest rate swaps —  3,953  —  3,953  Total assets at fair value 101,842  3,953  —  105,795  Liabilities Alignment Shares liability —  —  66,145  66,145  Other long-term liabilities: Contingent consideration liability —  —  2,875  2,875  Total liabilities at fair value —  —  69,020  69,020  Alignment Shares Liability As of June 30, 2023, the Company had 1,006,250 Alignment Shares outstanding, all of which are held by CBRE Acquisition Sponsor, LLC (the "Sponsor"), certain former officers of CBAH (such officers, together with the Sponsor, the “Sponsor Parties”) and former CBAH directors. The Alignment Shares will automatically convert into shares of Class A common stock based upon the Total Return (as defined in Exhibit 4.4 to our 2022 Annual Report on Form 10-K) on the Class A common stock as of the relevant measurement date over each of the seven fiscal years following the Merger. Upon the consummation of the Merger, Alignment Shares have no continuing service requirement and do not create an unconditional obligation requiring the Company to redeem the instruments by transferring assets. In addition, the shares convert to a variable number of Class A common stock depending on the trading price of the Class A common stock and dividends paid/payable to the holders of Class A common stock. Therefore, the shares do not represent an obligation or a conditional obligation to issue a variable number of shares with a monetary value based on any of the criteria in ASC 480, Distinguishing Liabilities From Equity. The Company determined that the Alignment Shares meet the definition of a derivative because they contain (i) an underlying (Class A common stock price), (ii) a notional amount (a fixed number of Class B common stock), (iii) no or minimal initial net investment (the Sponsor paid a de minimis amount which is less than the estimated fair value of the shares), and (iv) net settleable through a conversion of the Alignment Shares into Class A shares. As such, the Company concluded that the Alignment Shares meet the definition of a derivative, which will be presented at fair value each reporting period, with changes in fair value recorded through earnings. The Company estimates the fair value of outstanding Alignment Shares using a Monte Carlo simulation valuation model utilizing a distribution of potential outcomes based on a set of underlying assumptions such as stock price, volatility, and risk-free interest rate. As volatility of 68% and risk-free interest rate of 4.18% are not observable inputs, the overall fair value measurement of Alignment Shares is classified as Level 3. Unobservable inputs can be volatile and a change in those inputs might result in a significantly higher or lower fair value measurement of Alignment Shares.   For the six months ended June 30, 2023 For the six months ended June 30, 2022   Shares $ Shares $ Beginning balance 1,207,500  $ 66,145  1,408,750  $ 127,474  Alignment Shares converted (201,250) (11) (201,250) (15) Fair value remeasurement —  (19,823) —  (63,051) Ending balance 1,006,250  $ 46,311  1,207,500  $ 64,408  Interest Rate Swaps The Company holds interest rate swaps that are considered derivative instruments, and are not designated as cash flow hedges or fair value hedges under accounting guidance. The Company uses interest rate swaps to manage its net exposure to interest rate changes. These instruments are custom, over-the-counter contracts with various bank counterparties that are not traded on an active market but valued using readily observable market inputs and the overall fair value measurement is classified as Level 2. As of June 30, 2023 and December 31, 2022, the notional amounts were $118.8 million and $141.6 million, respectively. For the three and six months ended June 30, 2023, the change in fair value of interest rate swaps resulted in a gain of $2.8 million and a gain of $0.1 million, respectively, which was recorded as interest expense in the condensed consolidated statements of operations. The change in fair value of interest rate swaps for six months ended June 30, 2022 was not material. Forward Starting Interest Rate Swap The Company entered into a forward starting interest rate swap on January 31, 2023, with an effective date of January 31, 2025 and a termination date of January 31, 2035. This transaction had a notional amount of $250.0 million, was designated as a cash flow hedge of the Company's forecasted fixed-rate or floating-rate debt issuances. On June 15, 2023, the Company partially terminated the forward starting interest rate swap reducing the notional amount by $47.0 million associated with the incremental debt issuance under the APAF III Term Loan. Partial termination resulted in proceeds of $0.5 million which were recorded as a component of other comprehensive income and will be recognized as an adjustment to interest expense over the term of the debt. The cash flow hedge was determined to be fully effective during the three and six months ended June 30, 2023. As such, no amount of ineffectiveness has been included in net income. The amount included in other comprehensive income would be reclassified to current earnings should all or a portion of the hedge no longer be considered effective. We expect the hedge to remain fully effective during the remaining term of the swap. The change in fair value of the forward starting interest rate swap resulted in a gain of $3.8 million and $3.0 million, net of tax, which was recorded in the condensed consolidated statements of comprehensive income for the three and six months ended June 30, 2023, respectively. Contingent Consideration Solar Acquisition In connection with the acquisition of a portfolio of sixteen solar energy facilities with a combined nameplate capacity of 61.5 MW on December 22, 2020 (the "Solar Acquisition"), contingent consideration of $3.1 million may be payable upon achieving certain market power rates and $7.4 million upon achieving certain power volumes generated by the acquired solar energy facilities. The Company estimated the fair value of the contingent consideration for future earnout payments using a Monte Carlo simulation model. Significant assumptions used in the measurement include the estimated volumes of power generation of acquired solar energy facilities during the 18-36-month period since the acquisition date, market power rates during the 36-month period, and the risk-adjusted discount rate associated with the business. As the inputs are not observable, the overall fair value measurement of the contingent consideration is classified as Level 3. The liability for the contingent consideration associated with production volumes expired on June 30, 2022. The liability for the contingent consideration associated with power rates is included in other long-term liabilities in the condensed consolidated balance sheets at the estimated fair value of $3.0 million and $2.9 million as of June 30, 2023 and December 31, 2022, respectively. For the three and six months ended June 30, 2022, the Company recorded a loss on fair value remeasurement of contingent consideration associated with power rates of $0.1 million within operating income in the condensed consolidated statements of operations. For the three and six months ended June 30, 2022, the Company recorded $1.1 million and $0.5 million loss on fair value remeasurement of contingent consideration associated with power rates and production volumes, respectively, in the condensed consolidated statements of operations. The loss was recorded due to changes in significant assumptions used in the measurement, including the actual versus estimated volumes of power generation of acquired solar energy facilities and market power rates. Other There were no other contingent consideration liabilities recorded during the six months ended June 30, 2023. Gain on fair value remeasurement of other contingent consideration of $0.5 million was recorded within operating income in the condensed consolidated statements of operations for the six months ended June 30, 2022. Redeemable Warrant Liability As part of the Merger with CBAH in December 2021, the Company assumed the Redeemable Warrant Liability of $47.6 million. On October 17, 2022, the Company redeemed all outstanding Redeemable Warrants. Prior to the redemption, Redeemable Warrants were recorded as liabilities on the condensed consolidated balance sheet at fair value, with subsequent changes in their respective fair values recognized in the consolidated statements of operations at each reporting date. There were no Redeemable Warrants outstanding during the three months ended June 30, 2023. For the three and six months ended June 30, 2022, the Company recorded a gain from fair value remeasurement of $4.7 million and $23.1 million, respectively, in the condensed consolidated statements of operations.

v3.23.2

Equity	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Equity	Equity As of June 30, 2023, the Company had authorized and issued 988,591,250 and 158,989,953 of Class A common stock, respectively. As of December 31, 2022, the Company had authorized and issued 988,591,250 and 158,904,401 Class A common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders. Common stockholders are entitled to receive dividends, as may be declared by the Company’s board of directors. As of June 30, 2023, and December 31, 2022, no common stock dividends have been declared. As of June 30, 2023, and December 31, 2022, the Company had 1,006,250 and 1,207,500 authorized and issued shares of Class B common stock, respectively, also referred to as the Alignment Shares. Refer to Note 7, "Fair Value Measurements," for further details. On April 6, 2023, the Company entered into a Controlled Equity Offering Sales Agreement (the “Sales Agreement”) with Cantor Fitzgerald & Co. (“Cantor”), Nomura Securities International, Inc. (“Nomura”) and Truist Securities, Inc. (“Truist” and, together with Cantor and Nomura, the “Agents,” and each, an “Agent”). The Sales Agreement provides for the offer and sale of our Class A common stock from time to time through an “at the market offering” (“ATM”) program under which the Agents act as sales agent or principal, subject to certain limitations, including the maximum aggregate dollar amount registered pursuant to the applicable prospectus supplement. Pursuant to the prospectus supplement filed by the Company on dated April 6, 2023, the Company may offer and sell up to $200 million of shares of Class A common stock pursuant to the Sales Agreement. For the six months ended June 30, 2023, no shares of common stock were sold through the ATM equity program. Unless otherwise indicated in any applicable prospectus supplement, the Company currently intends to use the net proceeds from the sale of securities under this prospectus for general corporate purposes. The Company's general corporate purposes include, but are not limited to, repayment or refinancing of debt, capital expenditures, funding possible acquisitions, working capital and satisfaction of other obligations. The Company has not determined the amount of net proceeds to be used specifically for the foregoing purposes. As a result, the Company's management will have broad discretion over the allocation of the net proceeds.

v3.23.2

Redeemable Noncontrolling Interests	6 Months Ended
	Jun. 30, 2023
Noncontrolling Interest [Abstract]
Redeemable Noncontrolling Interests	Redeemable Noncontrolling Interests The changes in the components of redeemable noncontrolling interests are presented in the table below:   For the six months ended June 30,   2023 2022 Redeemable noncontrolling interest, beginning balance $ 18,133  $ 15,527  Cash distributions (1,176) (482) Cash contributions —  1,087  Redemption of redeemable noncontrolling interests (4,301) —  Assumed noncontrolling interest through business combination 8,100  —  Net loss attributable to redeemable noncontrolling interest (89) (29) Redeemable noncontrolling interest, ending balance $ 20,667  $ 16,103

v3.23.2

Leases	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Leases	Leases The Company has lease agreements for land and building rooftops on which our solar energy facilities operate, as well as a lease agreement for a corporate office. The leases expire on various terms through 2058. At the inception of a contractual arrangement, the Company determines whether it contains a lease by assessing whether there is an identified asset and whether the contract conveys the right to control the use of the identified asset in exchange for consideration over a period of time. If both criteria are met, the Company calculates the associated lease liability and corresponding right-of-use asset upon lease commencement. The Company's leases include various renewal options which are included in the lease term when the Company has determined it is reasonably certain of exercising the options based on consideration of all relevant factors that create an economic incentive for the Company as lessee. Operating lease assets and liabilities are recognized based on the present value of lease payments over the lease term using an appropriate discount rate. Right-of-use assets include any lease payments made at or before lease commencement and any initial direct costs incurred and exclude any lease incentives received. Right-of-use assets also include an adjustment to reflect favorable or unfavorable terms of the lease when compared to market terms, when applicable. Certain leases include variable lease payments associated with production of the solar facility or other variable payments such as real estate taxes and common area maintenance. As the Company has elected not to separate lease and non-lease components for all classes of underlying assets, all variable costs associated with leases are expensed in the period incurred and presented and disclosed as variable lease expense. The Company’s lease agreements do not contain any residual value guarantees or restrictive financial covenants. The Company does not have any leases that have not yet commenced that create significant rights and obligations for the lessee. The discount rate used is the rate that the Company would have to pay to borrow on a collateralized basis over a similar term for an amount equal to the lease payments in a similar economic environment. At the lease commencement date, the Company’s incremental borrowing rate is used as the discount rate. Discount rates are reassessed when there is a new lease or a modification to an existing lease. The Company records operating lease liabilities within current liabilities or long-term liabilities based upon the length of time associated with the lease payments. The Company records its operating lease right-of-use assets as long-term assets. The following table presents the components of operating lease cost for the three and six months ended June 30, 2023, and 2022: For the three months ended June 30, For the six months ended June 30, 2023 2022 2023 2022 Operating lease expense $ 2,783  $ 1,636  $ 5,175  $ 3,272  Variable lease expense 415  322  772  429  Total lease expense $ 3,198  $ 1,958  $ 5,947  $ 3,701  The following table presents supplemental information related to our operating leases: For the six months ended June 30, 2023 2022 Operating cash flows from operating leases $ 4,495  $ 2,142  Operating lease assets obtained in exchange for new operating lease liabilities $ 62,984  $ 2,514  Weighted-average remaining lease term, years 23.4 years 18.6 years Weighted average discount rate 5.31% 4.07% Maturities of operating lease liabilities as of June 30, 2023, are as follows: 2023 $ 6,145  2024 12,816  2025 12,818  2026 12,911  2027 12,972  Thereafter 235,819  Total $ 293,481  Less: Present value discount (130,105) Lease liability $ 163,376

v3.23.2

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal The Company is a party to a number of claims and governmental proceedings which are ordinary, routine matters incidental to its business. In addition, in the ordinary course of business the Company periodically has disputes with vendors and customers. The outcomes of these matters are not expected to have, either individually or in the aggregate, a material adverse effect on the Company’s financial position or results of operations. Performance Guarantee Obligations The Company guarantees certain specified minimum solar energy production output under the Company’s PPA agreements, generally over a term of 10, 15 or 25 years. The solar energy systems are monitored to ensure these outputs are achieved. The Company evaluates if any amounts are due to customers based upon not meeting the guaranteed solar energy production outputs at each reporting period end. As of June 30, 2023, and December 31, 2022, the guaranteed minimum solar energy production has been met and the Company has recorded no performance guarantee obligations. Purchase Commitments In the ordinary course of business, the Company makes various commitments to purchase goods and services from specific suppliers. As of June 30, 2023, and December 31, 2022, the Company had zero and $29.5 million, respectively, of outstanding non-cancellable commitments to purchase solar modules.

v3.23.2

Related Party Transactions	6 Months Ended
	Jun. 30, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions There was $0.2 million and $0.1 million due to related parties, as discussed below, and no amounts due from related parties as of June 30, 2023, and December 31, 2022, respectively. Additionally, in the normal course of business, the Company conducts transactions with affiliates, such as: Blackstone Subsidiaries as Lender The Company incurs interest expense on the APAF Term Loan and the APAF III Term Loan. During the three months ended June 30, 2023 and 2022 the total related party interest expense associated with the APAF Term Loan and APAF III Term Loan was $7.1 million and $4.4 million, respectively, and is recorded as interest expense in the accompanying condensed consolidated statements of operations. During the six months ended June 30, 2023 and 2022 the total related party interest expense associated with the APAF Term Loan and APAF III Term Loan was $12.7 million and $8.8 million, respectively, and is recorded as interest expense in the accompanying condensed consolidated statements of operations. As of June 30, 2023, and December 31, 2022, interest payable of $7.1 million and $4.4 million, respectively, due under the APAF Term Loan and APAF III Term Loan was recorded as interest payable on the accompanying condensed consolidated balance sheets. Commercial Collaboration Agreement with CBRE In connection with the Merger, the Company and CBRE entered into a commercial collaboration agreement (the “Commercial Collaboration Agreement”) effective upon the Merger, pursuant to which, among other things, CBRE will invite the Company to join CBRE’s strategic supplier program and CBRE will promote the Company as its preferred clean energy renewable provider/partner, CBRE and the Company will create a business opportunity referral program with CBRE’s brokers, CBRE will reasonably collaborate with the Company to develop and bring to market new products and/or bundles for Company’s customers, the Company will consider in good faith inviting CBRE to become a solar tax equity partner for the Company, on a non-exclusive basis, on market terms to be mutually agreed and CBRE will provide, at no cost to the Company, reasonable access to data-driven research and insights prepared by CBRE (subject to certain exceptions). The Commercial Collaboration Agreement continues for a period of seven years, with automatic one-year renewal period, unless earlier terminated by either party in accordance with the terms set forth therein. On December 9, 2022, the Company amended the Commercial Collaboration Agreement to update the business arrangement and associated fee approach, which provides that CBRE employees, including brokers, non-brokers and other employees who partnered with the Company to bring clean electrification solutions to CBRE’s client base, who met certain minimum criteria (“Qualified Referral”) and who documented such Qualified Referral via an executed Development Agreement, would receive a development fee of between $0.015/watt to $0.030/watt depending on the business segment and teams of such CBRE employees. For the six months ended June 30, 2023, the Company did not incur any costs associated with the Commercial Collaboration Agreement. As of December 31, 2022, there were no amounts due to CBRE associated with the Commercial Collaboration Agreement. Master Services Agreement with CBRE On June 13, 2022, the Company, through its wholly-owned subsidiary, entered into a Master Services Agreement ("MSA") with CBRE under which CBRE assists the Company in developing solar energy facilities. For the three months ended June 30, 2023 and 2022, the Company incurred $0.1 million and zero, respectively, for development services provided under the PSA. For the six months ended June 30, 2023 and 2022, the Company incurred $0.2 million and zero, respectively, for development services provided under the MSA. As of June 30, 2023 and December 31, 2022, there was $0.2 million and $0.1 million due to CBRE for development services provided under the MSA.

v3.23.2

Earnings per Share	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Earnings per Share	Earnings per Share The calculation of basic and diluted earnings per share for the three and six months ended June 30, 2023 and 2022 was as follows (in thousands, except share and per share amounts):   For the three months ended June 30, For the six months ended June 30,   2023 2022 2023 2022 Net income attributable to Altus Power, Inc. 6,825  24,115  12,442  84,534  Income attributable to participating securities(1) (43) (190) (79) (667) Net income attributable to common stockholders - basic and diluted 6,782  23,925  12,363  83,867  Class A Common Stock Weighted average shares of common stock outstanding - basic(2) 158,719,684  153,310,068  158,670,950  152,988,078  Dilutive restricted stock 258,591  644,775  258,708  645,019  Dilutive RSUs —  —  1,817,387  138,895  Weighted average shares of common stock outstanding - diluted 158,978,275  153,954,843  160,747,045  153,771,992  Net income attributable to common stockholders per share - basic $ 0.04  $ 0.16  $ 0.08  $ 0.55  Net income attributable to common stockholders per share - diluted $ 0.04  $ 0.16  $ 0.08  $ 0.55  (1) Represents the income attributable to 1,006,250 and 1,207,500 Alignment Shares outstanding as of June 30, 2023 and 2022, respectively. (2) For the three months ended June 30, 2023 and 2022, the calculation of basic weighted average shares of common stock outstanding excludes 271,259 and 669,101 shares, respectively, of the Company's Class A common stock provided to holders of Legacy Altus common stock, including shares that were subject to vesting conditions. For the six months ended June 30, 2023 and 2022, the calculation of basic weighted average shares of common stock outstanding excludes 271,259 and 669,101 shares, respectively, of the Company's Class A common stock provided to holders of Legacy Altus common stock, including shares that were subject to vesting conditions.

v3.23.2

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation The Company recognized $4.3 million and $2.7 million of stock-based compensation expense for the three months ended June 30, 2023, and 2022, respectively. The Company recognized $7.1 million and $4.0 million of stock-based compensation expense for the six months ended June 30, 2023, and 2022, respectively. As of June 30, 2023, and December 31, 2022, the Company had $42.4 million and $33.2 million of unrecognized share-based compensation expense related to unvested restricted units, respectively, which the Company expects to recognize over a weighted-average period of approximately three years. Legacy Incentive Plans Prior to the Merger, Legacy Altus maintained the APAM Holdings LLC Restricted Units Plan, adopted in 2015 (the “APAM Plan”) and APAM Holdings LLC adopted the 2021 Profits Interest Incentive Plan (the “Holdings Plan”, and together with the APAM Plan, the “Legacy Incentive Plans”), which provided for the grant of restricted units that were intended to qualify as profits interests to employees, officers, directors and consultants. In connection with the Merger, vested restricted units previously granted under the Legacy Incentive Plans were exchanged for shares of Class A Common Stock, and unvested Altus Restricted Shares under each of the Legacy Incentive Plans were exchanged for restricted Class A Common Stock with the same vesting conditions. As of June 30, 2023, and December 31, 2022, 271,259 and 542,511 shares of Class A Common Stock were restricted under the Holdings Plan, respectively. No further awards will be made under the Legacy Incentive Plans. The fair value of the granted units was determined using the Black-Scholes Option Pricing model and relied on assumptions and inputs provided by the Company. All option models utilize the same assumptions with regard to (i) current valuation, (ii) volatility, (iii) risk-free interest rate, and (iv) time to maturity. The models, however, use different assumptions with regard to the strike price which vary by award. Omnibus Incentive Plan On July 12, 2021, the Company entered into the Management Equity Incentive Letter with each of Mr. Felton and Mr. Norell pursuant to which, on February 5, 2022, the Compensation Committee granted to Mr. Felton and Mr. Norell, together with other senior executives, including Anthony Savino, Chief Construction Officer, and Dustin Weber, Chief Financial Officer, restricted stock units (“RSUs”) under the Omnibus Incentive Plan (the "Incentive Plan") that are subject to time-based and, for the named executive officers and certain other executives, eighty percent (80%) of such RSUs also further subject to performance-based vesting, with respect to an aggregate five percent (5%) of the Company’s Class A common stock on a fully diluted basis, excluding the then-outstanding shares of the Company’s Class B common stock or any shares of the Company’s Class A common stock into which such shares of the Company’s Class B common stock are or may be convertible. Subject to continued employment on each applicable vesting date, the time-based RSUs generally vest 33 1/3% on each of the third, fourth and fifth anniversaries of the Closing, and the performance-based RSUs vest with respect to 33 1/3% of the award upon the achievement of the above time-based requirement and the achievement of a hurdle representing a 25% annual compound annual growth rate measured based on an initial value of $10.00 per share (i.e., on each of the third anniversary, the fourth anniversary, and the fifth anniversary of the date of grant, the stock price performance hurdle shall be $19.53, $24.41, $30.51, respectively). During the three and six months ended June 30, 2023, the Company granted under the Incentive Plan an additional 10,000 and 2,761,486 RSUs, respectively, that are subject to time-based vesting as described above, with a weighted average grant date fair value per share of $4.98 and $5.42, respectively, and 259,662 RSUs that are subject to performance-based vesting ("PSUs"), each of which represents the right to receive one share of the Company's Class A Common Stock and which vest in one installment on the third anniversary of the grant date based upon the Company's total stockholder return when compared to the Invesco Solar ETF (“TAN”), subject to certain adjustments, and the Russell 2000 index, assigning a weight of 50% to each. The PSUs have a grant date fair value per share of $6.66. As of June 30, 2023, and December 31, 2022, there were 30,992,545 and 23,047,325 shares of the Company's Class A common stock authorized for issuance under the Incentive Plan, respectively. The number of shares authorized for issuance under the Incentive Plan will increase on January 1 of each year from 2024 to 2031 by the lesser of (i) 5% of the number of shares outstanding as of the close of business on the immediately preceding December 31 and (ii) the number of shares determined by the Company's board of directors. The number of shares authorized for issuance under the Incentive Plan increased by 5% of outstanding shares as described in the foregoing on January 1, 2022 and January 1, 2023. For the three months ended June 30, 2023, and 2022, the Company granted 10,000 and 15,000 RSUs, respectively, and recognized $4.3 million and $2.7 million, respectively, of stock-based compensation expenses in relation to the Incentive Plan. For the six months ended June 30, 2023 and 2022, the Company granted 3,021,148 and 7,918,789 RSUs, respectively, and recognized $7.1 million and $4.0 million, respectively, of stock-based compensation expense in relation to the Incentive Plan. For the three months ended June 30, 2023, and 2022, 5,354 and zero RSUs were forfeited, respectively. For the six months ended June 30, 2023 and 2022, 11,054 and zero RSUs were forfeited, respectively. Employee Stock Purchase Plan On December 9, 2021, we adopted the 2021 Employee Stock Purchase Plan ("ESPP"), which provides a means by which eligible employees may be given an opportunity to purchase shares of the Company’s Class A common stock. As of June 30, 2023, and December 31, 2022, there were 4,662,020 and 3,072,976 shares of the Company's Class A common stock authorized for issuance under the ESPP, respectively. The number of shares authorized for issuance under the ESPP will increase on January 1 of each year from 2024 to 2031 by the lesser of (i) 1% of the number of shares outstanding as of the close of business on the immediately preceding December 31 and (ii) the number of shares determined by the Company's board of directors. No shares of the Company’s Class A common stock were issued and no stock-based compensation expense was recognized in relation to the ESPP for the six months ended June 30, 2023, and 2022. The number of shares authorized for issuance under the ESPP increased by 1% of outstanding shares as described in the foregoing on January 1, 2022 and January 1, 2023.

v3.23.2

Income Taxes	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The income tax provision for interim periods is determined using an estimate of the Company’s annual effective tax rate as adjusted for discrete items arising in that quarter. For the three months ended June 30, 2023, and 2022, the Company had income tax expense of $1.1 million and $0.7 million, respectively. For the six months ended June 30, 2023, and 2022, the Company had income tax expense of $2.0 million and $0.6 million, respectively. For the six months ended June 30, 2023, the effective tax rate differs from the U.S. statutory rate primarily due to effects of non-deductible compensation, noncontrolling interests, redeemable noncontrolling interests, fair value adjustments for Alignment Shares, as well as state and local income taxes. For the three months ended June 30, 2022, the effective tax rate differs from the U.S. statutory rate primarily due to effects of non-deductible compensation, noncontrolling interests, redeemable noncontrolling interests, fair value adjustments for warrant liabilities and Alignment Shares, as well as state and local income taxes.

v3.23.2

Subsequent Events	6 Months Ended
	Jun. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has evaluated subsequent events from June 30, 2023, through August 14, 2023, which is the date the unaudited condensed consolidated financial statements were available to be issued. Other than the subsequent event disclosed below, there are no subsequent events requiring recording or disclosure in the condensed consolidated financial statements. On July 21, 2023, the Company amended the APAF III Term Loan to add an additional $28.0 million of borrowings, the proceeds of which will be used to provide long-term financing for new solar projects.

v3.23.2

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 6,825	$ 24,115	$ 12,442	$ 84,534

v3.23.2

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

v3.23.2

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The Company prepares its unaudited condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and regulations of the U.S. Securities and Exchange Commission ("SEC") for interim financial reporting. The Company’s condensed consolidated financial statements include the results of wholly-owned and partially-owned subsidiaries in which the Company has a controlling interest. All intercompany balances and transactions have been eliminated in consolidation. Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2022, filed with the Company’s 2022 annual report on Form 10-K on March 30, 2023, and the related notes which provide a more complete discussion of the Company’s accounting policies and certain other information. The information as of December 31, 2022, included in the condensed consolidated balance sheets was derived from the Company’s audited consolidated financial statements. The condensed consolidated financial statements were prepared on the same basis as the audited consolidated financial statements and reflect all adjustments, including normal recurring adjustments, which are, in the opinion of management, necessary for a fair statement of the Company’s financial position as of June 30, 2023, and the results of operations and cash flows for the three and six months ended June 30, 2023, and 2022. The results of operations for the three and six months ended June 30, 2023, are not necessarily indicative of the results that may be expected for the full year or any other future interim or annual period.
Reclassifications	Reclassifications Certain prior year amounts have been reclassified for consistency with the current year financial statement presentation. Such reclassifications have no impact on previously reported net income, stockholders' equity, or cash flows.
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates. In recording transactions and balances resulting from business operations, the Company uses estimates based on the best information available. Estimates are used for such items as the fair value of net assets acquired in connection with accounting for business combinations, the useful lives of the solar energy facilities, and inputs and assumptions used in the valuation of asset retirement obligations (“AROs”), contingent consideration, derivative instruments, and Class B common stock, par value $0.0001 per share ("Alignment Shares").
Segment Information	Segment Information Operating segments are defined as components of a company about which separate financial information is available that is evaluated regularly by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company’s chief operating decision makers are the co-chief executive officers. Based on the financial information presented to and reviewed by the chief operating decision makers in deciding how to allocate the resources and in assessing the performance of the Company, the Company has determined it operates as a single operating segment and has one reportable segment, which includes revenue under power purchase agreements, revenue from net metering credit agreements, solar renewable energy credit revenue, rental income, performance based incentives and other revenue. The Company’s principal operations, revenue and decision-making functions are located in the United States.
Cash, Cash Equivalents, and Restricted Cash	Cash, Cash Equivalents, and Restricted Cash Cash and cash equivalents includes all cash balances on deposit with financial institutions and readily marketable securities with original maturity dates of three months or less at the time of acquisition and are denominated in U.S. dollars. Pursuant to the budgeting process, the Company maintains certain cash and cash equivalents on hand for possible equipment replacement related costs. The Company records cash that is restricted as to withdrawal or use under the terms of certain contractual agreements as restricted cash. Restricted cash is included in current portion of restricted cash and restricted cash, noncurrent portion on the condensed consolidated balance sheets and includes cash held with financial institutions for cash collateralized letters of credit pursuant to various financing and construction agreements.
Concentration of Credit Risk	Concentration of Credit Risk The Company maintains its cash in bank deposit accounts which, at times, may exceed Federal Deposit Insurance Corporation insurance limits. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk on cash balances.
Accounting Pronouncements	Accounting Pronouncements As a public company, the Company is provided the option to adopt new or revised accounting guidance as an “emerging growth company” under the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”) either (1) within the same periods as those otherwise applicable to public business entities, or (2) within the same time periods as non-public business entities, including early adoption when permissible. The Company expects to elect to adopt new or revised accounting guidance within the same time period as non-public business entities, as indicated below. Recent Accounting Pronouncements Adopted In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments and has since released various amendments including ASU No. 2019-04. The new standard generally applies to financial assets and requires those assets to be reported at the amount expected to be realized. The ASU is effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. The Company has adopted this standard as of January 1, 2023 and the adoption did not have a material impact on the condensed consolidated financial statements. In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which requires entities to recognize and measure contract assets and liabilities acquired in a business combination in accordance with Accounting Standards Codification ("ASC") 2014-09, Revenue from Contracts with Customers (Topic 606). The update will generally result in an entity recognizing contract assets and liabilities at amounts consistent with those recorded by the acquiree immediately before the acquisition date rather than at fair value. The new standard is effective on a prospective basis for fiscal years beginning after December 15, 2022, and was adopted by the Company on January 1, 2023. The Company applied the provisions of ASU 2021-08 to account for the True Green II Acquisition (defined in Note 5, "Acquisitions"), and recognized $3.5 million of contract liability assumed through the business combination.
Fair Value Measurements	The Company measures certain assets and liabilities at fair value, which is defined as the price that would be received from the sale of an asset or paid to transfer a liability (i.e., an exit price) on the measurement date in an orderly transaction between market participants in the principal or most advantageous market for the asset or liability. Our fair value measurements use the following hierarchy, which prioritizes valuation inputs based on the extent to which the inputs are observable in the market. •Level 1 - Valuation techniques in which all significant inputs are unadjusted quoted prices from active markets for assets or liabilities that are identical to the assets or liabilities being measured. •Level 2 - Valuation techniques in which significant inputs include quoted prices from active markets for assets or liabilities that are similar to the assets or liabilities being measured and/or quoted prices for assets or liabilities that are identical or similar to the assets or liabilities being measured from markets that are not active. Also, model-derived valuations in which all significant inputs are observable in active markets are Level 2 valuation techniques. •Level 3 - Valuation techniques in which one or more significant inputs are unobservable. Such inputs reflect our estimate of assumptions that market participants would use to price an asset or liability. The Company holds various financial instruments that are not required to be recorded at fair value. For cash, restricted cash, accounts receivable, accounts payable, and short-term debt, the carrying amounts approximate fair value due to the short maturity of these instruments.

v3.23.2

Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Schedule of Cash and Cash Equivalents	The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets. Cash, cash equivalents, and restricted cash consist of the following:   As of June 30, 2023 As of December 31, 2022 Cash and cash equivalents $ 69,114  $ 193,016  Current portion of restricted cash 3,700  2,404  Restricted cash, noncurrent portion 11,321  3,978  Total $ 84,135  $ 199,398
Schedule of Restricted Cash and Cash Equivalents	The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets. Cash, cash equivalents, and restricted cash consist of the following:   As of June 30, 2023 As of December 31, 2022 Cash and cash equivalents $ 69,114  $ 193,016  Current portion of restricted cash 3,700  2,404  Restricted cash, noncurrent portion 11,321  3,978  Total $ 84,135  $ 199,398

v3.23.2

Revenue and Accounts Receivable (Tables)	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following table presents the detail of revenues as recorded in the unaudited condensed consolidated statements of operations:   Three Months Ended June 30, Six Months Ended June 30,   2023 2022 2023 2022 Power sales under PPAs $ 16,641  $ 6,730  $ 25,627  $ 10,912  Power sales under NMCAs 13,297  7,822  20,133  11,722  Power sales on wholesale markets 568  1,155  924  1,738  Total revenue from power sales 30,506  15,707  46,684  24,372  Solar renewable energy credit revenue 13,526  7,975  23,593  17,506  Rental income 986  785  1,612  1,429  Performance based incentives 464  295  2,562  654  Revenue recognized on contract liabilities 1,031  —  1,440  —  Total $ 46,513  $ 24,762  $ 75,891  $ 43,961
Schedule of Accounts Receivable	The following table presents the detail of receivables as recorded in accounts receivable in the unaudited condensed consolidated balance sheets:   As of June 30, 2023 As of December 31, 2022 Power sales under PPAs $ 7,467  $ 4,092  Power sales under NMCAs 9,371  3,183  Power sales on wholesale markets 134  223  Total power sales 16,972  7,498  Solar renewable energy credits 8,980  5,387  Rental income 750  429  Performance based incentives 339  129  Total $ 27,041  $ 13,443

v3.23.2

Variable Interest Entities (Tables)	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Consolidated VIE Assets and Liabilities	The carrying amounts and classification of the consolidated VIE assets and liabilities included in condensed consolidated balance sheets are as follows:   As of June 30, 2023 As of December 31, 2022 Current assets $ 25,748  $ 16,434  Non-current assets 759,612  445,583  Total assets $ 785,360  $ 462,017  Current liabilities $ 7,900  $ 5,731  Non-current liabilities 117,811  73,438  Total liabilities $ 125,711  $ 79,169

v3.23.2

Acquisitions (Tables)	6 Months Ended
	Jun. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table presents the updated preliminary allocation of the purchase price to the assets acquired and liabilities assumed, based on their estimated fair values on February 15, 2023 and inclusive of the measurement period adjustments discussed above: Provisional accounting as of February 15, 2023 Measurement period adjustments Adjusted provisional accounting as of February 15, 2023 Assets Accounts receivable $ 4,358  $ (357) $ 4,001  Property, plant and equipment 334,958  914  335,872  Intangible assets 850  —  850  Operating lease asset 32,053  (742) 31,311  Other assets 1,739  835  2,574  Total assets acquired 373,958  650  374,608  Liabilities Long-term debt(1) 8,100  (217) 7,883  Intangible liabilities 4,100  —  4,100  Asset retirement obligation 3,795  —  3,795  Operating lease liability 37,723  (1,932) 35,791  Contract liability(2) 3,534  —  3,534  Other liabilities —  1,932  1,932  Total liabilities assumed 57,252  (217) 57,035  Redeemable non-controlling interests 8,100  —  8,100  Non-controlling interests 13,296  204  13,500  Total fair value of consideration transferred, net of cash acquired $ 295,310  $ 663  $ 295,973  The following table presents the preliminary allocation of the purchase price to the assets acquired and liabilities assumed, based on their estimated fair values on November 11, 2022 (in thousands): Assets Accounts receivable $ 2,001 Derivative assets 2,462 Other assets 432 Property, plant and equipment 179,500 Operating lease asset 17,831 Intangible assets 29,479 Total assets acquired 231,705 Liabilities Accounts payable 275 Accrued liabilities 746 Long-term debt 105,346 Intangible liabilities 771 Operating lease liability 20,961 Contract Liability(1) 7,200 Asset retirement obligation 1,508 Total liabilities assumed 136,807 Non-controlling interests 184 Total fair value of consideration transferred, net of cash acquired $ 94,714
Schedule of Business Acquisitions, by Acquisition	The fair value of consideration transferred, net of cash acquired, as of February 15, 2023, is determined as follows: Provisional accounting as of February 15, 2023 Measurement period adjustments Adjusted provisional accounting as of February 15, 2023 Cash consideration paid to True Green on closing $ 212,850  $ —  $ 212,850  Cash consideration paid to settle debt and interest rate swaps on behalf of True Green 76,046  —  76,046  Cash consideration in escrow accounts(3) 3,898  —  3,898  Purchase price payable(4) 7,069  663  7,732  Total fair value of consideration transferred 299,863  663  300,526  Restricted cash acquired 4,553  —  4,553  Total fair value of consideration transferred, net of cash acquired $ 295,310  $ 663  295,973  (1) Acquired long-term debt relates to financing obligations recognized in failed sale leaseback transactions. Refer to Note 6, "Debt" for further information. (2) Acquired contract liabilities relate to long-term agreements to sell renewable energy credits that were fully prepaid by the customer prior to the acquisition date. The Company will recognize revenue associated with the contract liabilities as renewable energy credits are delivered to the customer through 2036. (3) Represents the portion of the consideration transferred that is held in escrow accounts as security for general indemnification claims. (4) Purchase price payable represents the portion of the total hold back amount that was earned by True Green as of February 15, 2023, based on the completion of construction milestones related to assets in development. The fair value of consideration transferred, net of cash acquired, as of November 11, 2022, is determined as follows: Cash consideration to the seller on closing $ 82,235  Fair value of purchase price payable(2) 19,017  Post-closing purchase price true-up (469) Total fair value of consideration transferred 100,783  Cash acquired 1,220  Restricted cash acquired 4,849  Total fair value of consideration transferred, net of cash acquired $ 94,714  (1) Acquired contract liabilities related to long-term agreements to sell renewable energy credits that were fully prepaid by the customer prior to the acquisition date. The Company will recognize revenue associated with the contract liabilities as renewable energy credits are delivered to the customer through December 31, 2028. (2) Purchase price outstanding as of December 31, 2022 is payable in three installments in two, twelve and eighteen months following the acquisition date, subject to the accuracy of general representations and warranty provisions included in MIPAs. During the three months ended June 30, 2023, the Company paid DESRI $5.0 million of the outstanding purchase price payable net of $0.5 million working capital adjustment.
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination	The following table summarizes the estimated fair values and the weighted average amortization periods of the acquired intangible assets and assumed intangible liabilities as of the acquisition date: Fair Value (thousands) Weighted Average Amortization Period Favorable rate revenue contracts – PPA 800  19 years Favorable rate revenue contracts – REC 50  16 years Unfavorable rate revenue contracts – PPA (800) 17 years Unfavorable rate revenue contracts – REC (3,300) 3 years The following table summarizes the estimated fair values and the weighted average amortization periods of the acquired intangible assets and assumed intangible liabilities as of the acquisition date: Fair Value (thousands) Weighted Average Amortization Period Favorable rate revenue contracts – PPA $ 29,479  8 years Unfavorable rate revenue contracts – PPA (771) 12 years
Schedule of Business Acquisition, Pro Forma Information	The unaudited pro forma combined results of operations do not reflect the costs of any integration activities or any benefits that may result from operating efficiencies or revenue synergies. For the three months ended June 30, 2023 (unaudited) For the three months ended June 30, 2022 (unaudited) For the six months ended June 30, 2023 (unaudited) For the six months ended June 30, 2022 (unaudited) Operating revenues $ 46,513  $ 35,035  $ 79,361  $ 64,508  Net income 3,370  25,463  8,911  88,030

v3.23.2

Debt (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of Debt	As of June 30, 2023 As of December 31, 2022 Interest Type Weighted average interest rate Long-term debt APAF Term Loan $ 480,894  $ 487,179  Fixed 3.51  % APAF II Term Loan 118,752  125,668  Floating* SOFR + 1.475% APAF III Term Loan 238,794  —  Fixed 5.62  % APAG Revolver 40,000  —  Floating SOFR + 2.60% Other term loans 12,595  28,483  Fixed 3.04  % Financing obligations recognized in failed sale leaseback transactions 43,811  36,724  Imputed 3.98  % Total principal due for long-term debt 934,846  678,054  Unamortized discounts and premiums (9,507) (2,088) Unamortized deferred financing costs (14,803) (11,404) Less: Current portion of long-term debt 32,071  29,959  Long-term debt, less current portion $ 878,465  $ 634,603  * Interest rate is effectively fixed by interest rate swap, see discussion below.
Schedule of Line of Credit Facilities	The table below shows the total letters of credit outstanding and unused capacities under our letter of credit facilities as of June 30, 2023, and December 31, 2022 (in millions): As of June 30, 2023 As of December 31, 2022 Letters of Credit Outstanding Unused Capacity Letters of Credit Outstanding Unused Capacity Deutsche Bank $ —  $ —  $ 0.7  $ 11.8  Fifth Third Bank 12.1  —  12.1  —  CIT Bank, N.A. 0.3  —  0.6  —  KeyBank and Huntington 15.6  —  —  15.6  Citibank, N.A. 6.8  68.2  —  75.0  Total $ 34.8  $ 68.2  $ 13.4  $ 102.4
Schedule of Maturities of Long-term Debt	The table below shows the payments required under the failed sale-leaseback financing obligations for the years ended: 2023 $ 2,037  2024 3,021  2025 3,023  2026 2,995  2027 2,986  Thereafter 17,111  Total $ 31,173

v3.23.2

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Financial Instruments Measured at Fair Value on a Recurring Basis	The following table provides the financial instruments measured at fair value on a recurring basis: June 30, 2023 Level 1 Level 2 Level 3 Total Assets Derivative assets: Interest rate swaps $ —  $ 1,840  $ —  $ 1,840  Forward starting interest rate swap —  3,294  —  3,294  Total assets at fair value —  5,134  —  5,134  Liabilities Alignment Shares liability —  —  46,311  46,311  Other long-term liabilities: Contingent consideration liability —  —  2,975  2,975  Total liabilities at fair value —  —  49,286  49,286  December 31, 2022 Level 1 Level 2 Level 3 Total Assets Cash equivalents: Money market fund $ 101,842  $ —  $ —  $ 101,842  Derivative assets: Interest rate swaps —  3,953  —  3,953  Total assets at fair value 101,842  3,953  —  105,795  Liabilities Alignment Shares liability —  —  66,145  66,145  Other long-term liabilities: Contingent consideration liability —  —  2,875  2,875  Total liabilities at fair value —  —  69,020  69,020
Schedule of Alignment Shares	For the six months ended June 30, 2023 For the six months ended June 30, 2022   Shares $ Shares $ Beginning balance 1,207,500  $ 66,145  1,408,750  $ 127,474  Alignment Shares converted (201,250) (11) (201,250) (15) Fair value remeasurement —  (19,823) —  (63,051) Ending balance 1,006,250  $ 46,311  1,207,500  $ 64,408

v3.23.2

Redeemable Noncontrolling Interests (Tables)	6 Months Ended
	Jun. 30, 2023
Noncontrolling Interest [Abstract]
Schedule of Redeemable Noncontrolling Interests	The changes in the components of redeemable noncontrolling interests are presented in the table below:   For the six months ended June 30,   2023 2022 Redeemable noncontrolling interest, beginning balance $ 18,133  $ 15,527  Cash distributions (1,176) (482) Cash contributions —  1,087  Redemption of redeemable noncontrolling interests (4,301) —  Assumed noncontrolling interest through business combination 8,100  —  Net loss attributable to redeemable noncontrolling interest (89) (29) Redeemable noncontrolling interest, ending balance $ 20,667  $ 16,103

v3.23.2

Leases (Tables)	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Schedule of Operating Lease Cost	The following table presents the components of operating lease cost for the three and six months ended June 30, 2023, and 2022: For the three months ended June 30, For the six months ended June 30, 2023 2022 2023 2022 Operating lease expense $ 2,783  $ 1,636  $ 5,175  $ 3,272  Variable lease expense 415  322  772  429  Total lease expense $ 3,198  $ 1,958  $ 5,947  $ 3,701
Schedule of Supplemental Information of Operating Leases	The following table presents supplemental information related to our operating leases: For the six months ended June 30, 2023 2022 Operating cash flows from operating leases $ 4,495  $ 2,142  Operating lease assets obtained in exchange for new operating lease liabilities $ 62,984  $ 2,514  Weighted-average remaining lease term, years 23.4 years 18.6 years Weighted average discount rate 5.31% 4.07%
Schedule of Maturities of Operating Lease Liabilities	Maturities of operating lease liabilities as of June 30, 2023, are as follows: 2023 $ 6,145  2024 12,816  2025 12,818  2026 12,911  2027 12,972  Thereafter 235,819  Total $ 293,481  Less: Present value discount (130,105) Lease liability $ 163,376

v3.23.2

Earnings per Share (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The calculation of basic and diluted earnings per share for the three and six months ended June 30, 2023 and 2022 was as follows (in thousands, except share and per share amounts):   For the three months ended June 30, For the six months ended June 30,   2023 2022 2023 2022 Net income attributable to Altus Power, Inc. 6,825  24,115  12,442  84,534  Income attributable to participating securities(1) (43) (190) (79) (667) Net income attributable to common stockholders - basic and diluted 6,782  23,925  12,363  83,867  Class A Common Stock Weighted average shares of common stock outstanding - basic(2) 158,719,684  153,310,068  158,670,950  152,988,078  Dilutive restricted stock 258,591  644,775  258,708  645,019  Dilutive RSUs —  —  1,817,387  138,895  Weighted average shares of common stock outstanding - diluted 158,978,275  153,954,843  160,747,045  153,771,992  Net income attributable to common stockholders per share - basic $ 0.04  $ 0.16  $ 0.08  $ 0.55  Net income attributable to common stockholders per share - diluted $ 0.04  $ 0.16  $ 0.08  $ 0.55  (1) Represents the income attributable to 1,006,250 and 1,207,500 Alignment Shares outstanding as of June 30, 2023 and 2022, respectively. (2) For the three months ended June 30, 2023 and 2022, the calculation of basic weighted average shares of common stock outstanding excludes 271,259 and 669,101 shares, respectively, of the Company's Class A common stock provided to holders of Legacy Altus common stock, including shares that were subject to vesting conditions. For the six months ended June 30, 2023 and 2022, the calculation of basic weighted average shares of common stock outstanding excludes 271,259 and 669,101 shares, respectively, of the Company's Class A common stock provided to holders of Legacy Altus common stock, including shares that were subject to vesting conditions.

v3.23.2

Significant Accounting Policies - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Jan. 01, 2023
Concentration Risk [Line Items]
Contract liability, current	$ 3,807	$ 3,807		$ 2,590
Increase (decrease) in derivative assets		$ (2,676)	$ 1,777
Common stock, par value (in usd per share)	$ 0.0001	$ 0.0001		$ 0.0001
Class B Common Stock
Concentration Risk [Line Items]
Common stock, par value (in usd per share)	$ 0.0001	$ 0.0001
Accounting Standards Update 2016-13
Concentration Risk [Line Items]
Accounting Standards Update [Extensible Enumeration]		Accounting Standards Update 2016-13
Accounting Standards Update 2021-08
Concentration Risk [Line Items]
Accounting Standards Update [Extensible Enumeration]		Accounting Standards Update 2021-08
Contract liability					$ 3,500
Accounts Receivable | Customer Concentration Risk | Customer One
Concentration Risk [Line Items]
Concentration risk		22.60%		28.00%
Revenue Benchmark | Customer Concentration Risk | Customer One
Concentration Risk [Line Items]
Concentration risk	14.40%	14.70%
Revision of Prior Period, Adjustment
Concentration Risk [Line Items]
Other liabilities, current				$ 2,600
Contract liability, current				$ 2,600
Unrealized gain on derivatives			(1,800)
Increase (decrease) in derivative assets			$ 1,800

v3.23.2

Significant Accounting Policies - Reconciliation of Cash and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Cash and cash equivalents	$ 69,114	$ 193,016
Current portion of restricted cash	3,700	2,404
Restricted cash, noncurrent portion	11,321	3,978
Total	$ 84,135	$ 199,398	$ 299,332	$ 330,321

v3.23.2

Revenue and Accounts Receivable - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Operating revenues, net	$ 46,513	$ 24,762	$ 75,891	$ 43,961
Power sales under PPAs
Disaggregation of Revenue [Line Items]
Total revenue from power sales	16,641	6,730	25,627	10,912
Power sales under NMCAs
Disaggregation of Revenue [Line Items]
Total revenue from power sales	13,297	7,822	20,133	11,722
Power sales on wholesale markets
Disaggregation of Revenue [Line Items]
Total revenue from power sales	568	1,155	924	1,738
Total revenue from power sales
Disaggregation of Revenue [Line Items]
Total revenue from power sales	30,506	15,707	46,684	24,372
Solar renewable energy credit revenue
Disaggregation of Revenue [Line Items]
Operating revenues, net	13,526	7,975	23,593	17,506
Rental income
Disaggregation of Revenue [Line Items]
Operating revenues, net	986	785	1,612	1,429
Performance based incentives
Disaggregation of Revenue [Line Items]
Operating revenues, net	464	295	2,562	654
Revenue recognized on contract liabilities
Disaggregation of Revenue [Line Items]
Operating revenues, net	$ 1,031	$ 0	$ 1,440	$ 0

v3.23.2

Revenue and Accounts Receivable - Accounts Receivable (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	$ 27,041	$ 13,443
Power sales under PPAs
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total power sales	7,467	4,092
Power sales under NMCAs
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total power sales	9,371	3,183
Power sales on wholesale markets
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total power sales	134	223
Total revenue from power sales
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total power sales	16,972	7,498
Solar renewable energy credit revenue
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	8,980	5,387
Rental income
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	750	429
Performance based incentives
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	$ 339	$ 129

v3.23.2

Revenue and Accounts Receivable - Additional Information (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Net Investment Income [Line Items]
Allowance for uncollectible accounts	$ 400,000	$ 400,000
Contract liability, current	3,807,000	2,590,000
Contract liability, noncurrent	6,518,000	5,397,000
SREC
Net Investment Income [Line Items]
Contract liability, current	3,800,000	2,600,000
Contract liability, noncurrent	$ 6,500,000	5,400,000
Contract liability		0
Contract with customer, asset, after allowance for credit loss		$ 0

v3.23.2

Variable Interest Entities - Consolidated VIE Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Current assets	$ 106,306	$ 215,069
Total assets	1,735,387	1,376,888
Current liabilities	97,430	68,228
Total liabilities	1,232,269	913,829
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Current assets	25,748	16,434
Non-current assets	759,612	445,583
Total assets	785,360	462,017
Current liabilities	7,900	5,731
Non-current liabilities	117,811	73,438
Total liabilities	$ 125,711	$ 79,169

v3.23.2

Variable Interest Entities - Additional Information (Details) $ in Thousands			6 Months Ended	12 Months Ended
	Feb. 15, 2023 USD ($) MW	Jan. 11, 2023 USD ($) MW	Jun. 30, 2023 USD ($) variableInterestEntity	Dec. 31, 2022 USD ($) variableInterestEntity
Variable Interest Entity [Line Items]
Current assets			$ 106,306	$ 215,069
Current liabilities			97,430	$ 68,228
Stellar MA Acquisition
Variable Interest Entity [Line Items]
Consideration transferred		$ 3,800
Property, plant and equipment		3,900
Operating lease assets		700
Operating lease liabilities		$ 700
True Green II Acquisition
Variable Interest Entity [Line Items]
Nameplate capacity | MW	220,000,000
Consideration transferred	$ 299,900
Current assets			9,400
Non-current assets			328,800
Current liabilities			4,000
Non-current liabilities			$ 45,300
Zildjian Solar V, LLC
Variable Interest Entity [Line Items]
Consolidated VIEs | variableInterestEntity			33	26
Zildjian Solar V, LLC | Stellar MA Acquisition
Variable Interest Entity [Line Items]
Nameplate capacity | MW		2.7

v3.23.2

Acquisitions - Additional Information (Details) $ in Thousands			3 Months Ended		5 Months Ended	6 Months Ended
	Feb. 15, 2023 USD ($) developmentSolarEnergyFacility operatingSolarEnergyFacility MW	Nov. 11, 2022 USD ($) facility MW	Jun. 30, 2023 USD ($) MW	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) MW	Jun. 30, 2023 USD ($) MW	Jun. 30, 2022 USD ($)	Dec. 23, 2022
Business Acquisition [Line Items]
Acquisition and entity formation costs			$ 1,369	$ 52		$ 2,860	$ 346
True Green III Acquisition
Business Acquisition [Line Items]
Acquisition and entity formation costs			$ 800			2,300
Revenues						13,800
Net income (loss)						$ 7,900
DESRI II & DESRI V of Acquisition
Business Acquisition [Line Items]
Purchase price		$ 100,783
True Green II Acquisition
Business Acquisition [Line Items]
Number of assets acquired | developmentSolarEnergyFacility	3
Percent of ownership interest acquired								100.00%
Measurement period adjustments of decrease in property, plant, and equipment					$ 800
Measurement period adjustments of increase in property, plant, and equipment					$ 100
True Green II Acquisition | Provisional Accounting
Business Acquisition [Line Items]
Purchase price	$ 299,863
Asset Acquisitions
Business Acquisition [Line Items]
Nameplate capacity | MW			8,500,000		8,500,000	8,500,000
Consideration transferred						$ 11,400
Total consideration remained payable			$ 300		$ 300	300
Property, plant and equipment						12,200
Operating lease assets			1,400		1,400	1,400
Operating lease liabilities			1,400		1,400	1,400
Intangible liabilities			$ 400		$ 400	400
Asset retirement obligations						$ 200
Acquisitions of VIEs
Business Acquisition [Line Items]
Nameplate capacity | MW			4,100,000		4,100,000	4,100,000
Consideration transferred						$ 8,700
Total consideration remained payable			$ 200		$ 200	200
Property, plant and equipment						8,800
Operating lease assets			1,000		1,000	1,000
Operating lease liabilities			$ 1,000		$ 1,000	1,000
Asset retirement obligations						$ 100
True Green II Acquisition
Business Acquisition [Line Items]
Nameplate capacity | MW	220,000,000
Consideration transferred	$ 299,900
Number of assets acquired | operatingSolarEnergyFacility	55
DESRI II & DESRI V of Acquisition
Business Acquisition [Line Items]
Nameplate capacity | MW		88
Number of assets acquired | facility		19
DESRI II & DESRI V of Acquisition | Provisional Accounting
Business Acquisition [Line Items]
Purchase price		$ 100,800

v3.23.2

Acquisitions - Assets Acquired and Liabilities Assumed from Business Combination (Details) - USD ($) $ in Thousands	5 Months Ended
	Jun. 30, 2023	Feb. 15, 2023	Nov. 11, 2022
True Green II Acquisition | Provisional Accounting
Assets
Accounts receivable		$ 4,358
Property, plant and equipment		334,958
Intangible assets		850
Operating lease asset		32,053
Other assets		1,739
Total assets acquired		373,958
Liabilities
Long-term debt		8,100
Intangible liabilities		4,100
Asset retirement obligation		3,795
Operating lease liability		37,723
Contract liability		3,534
Other liabilities		0
Total liabilities assumed		57,252
Redeemable non-controlling interests		8,100
Non-controlling interests		13,296
Total fair value of consideration transferred, net of cash acquired		295,310
True Green II Acquisition | Measurement period adjustments
Assets
Measurement period adjustments, Accounts receivable	$ (357)
Measurement period adjustments, Property, plant and equipment	914
Measurement period adjustments, Intangible assets	0
Measurement period adjustments, Operating lease asset	(742)
Measurement period adjustments, Other assets	835
Measurement period adjustments, Total assets acquired	650
Liabilities
Measurement period adjustments, Long-term debt	(217)
Measurement period adjustments, Intangible liabilities	0
Measurement period adjustments, Asset retirement obligation	0
Measurement period adjustments, Operating lease liability	(1,932)
Measurement period adjustments, Contract liability	0
Measurement period adjustments, Other liabilities	1,932
Measurement period adjustments, Total liabilities assumed	(217)
Measurement period adjustments, Redeemable non-controlling interests	0
Measurement period adjustments, Non-controlling Interests	204
Measurement period adjustments, Total fair value of consideration transferred, net of cash acquired	$ 663
True Green II Acquisition | Final Allocation
Assets
Accounts receivable		4,001
Property, plant and equipment		335,872
Intangible assets		850
Operating lease asset		31,311
Other assets		2,574
Total assets acquired		374,608
Liabilities
Long-term debt		7,883
Intangible liabilities		4,100
Asset retirement obligation		3,795
Operating lease liability		35,791
Contract liability		3,534
Other liabilities		1,932
Total liabilities assumed		57,035
Redeemable non-controlling interests		8,100
Non-controlling interests		13,500
Total fair value of consideration transferred, net of cash acquired		$ 295,973
DESRI II & DESRI V of Acquisition
Assets
Accounts receivable			$ 2,001
Property, plant and equipment			179,500
Intangible assets			29,479
Operating lease asset			17,831
Other assets			432
Derivative assets			2,462
Total assets acquired			231,705
Liabilities
Long-term debt			105,346
Intangible liabilities			771
Asset retirement obligation			1,508
Operating lease liability			20,961
Contract liability			7,200
Accounts payable			275
Accrued liabilities			746
Total liabilities assumed			136,807
Non-controlling interests			184
Total fair value of consideration transferred, net of cash acquired			$ 94,714

v3.23.2

Acquisitions - Fair Value of Consideration Transferred (Details) - USD ($) $ in Thousands			3 Months Ended
	Feb. 15, 2023	Nov. 11, 2022	Jun. 30, 2023
True Green II Acquisition | Provisional Accounting
Business Acquisition [Line Items]
Cash consideration paid to True Green on closing	$ 212,850
Cash consideration paid to settle debt and interest rate swaps on behalf of True Green	76,046
Cash consideration in escrow accounts	3,898
Purchase price payable	7,069
Total fair value of consideration transferred	299,863
Restricted cash acquired	4,553
Total fair value of consideration transferred, net of cash acquired	295,310
True Green II Acquisition | Measurement period adjustments
Business Acquisition [Line Items]
Measurement period adjustments, Cash consideration paid to True Green on closing	0
Measurement period adjustments, Cash consideration paid to settle debt and interest rate swaps on behalf of True Green	0
Measurement period adjustments, Cash consideration in escrow accounts	0
Measurement period adjustments, Purchase price payable	663
Measurement period adjustments, Total fair value of consideration transferred	663
Measurement period adjustments, Restricted cash acquired	0
Measurement period adjustments, Total fair value of consideration transferred, net of cash acquired	663
True Green II Acquisition | Final Allocation
Business Acquisition [Line Items]
Cash consideration paid to True Green on closing	212,850
Cash consideration paid to settle debt and interest rate swaps on behalf of True Green	76,046
Cash consideration in escrow accounts	3,898
Purchase price payable	7,732
Total fair value of consideration transferred	300,526
Restricted cash acquired	4,553
Total fair value of consideration transferred, net of cash acquired	$ 295,973
DESRI II & DESRI V of Acquisition
Business Acquisition [Line Items]
Cash consideration paid to True Green on closing		$ 82,235
Fair value of purchase price payable		19,017
Post-closing purchase price true-up		(469)	$ (500)
Total fair value of consideration transferred		100,783
Cash acquired		1,220
Restricted cash acquired		4,849
Total fair value of consideration transferred, net of cash acquired		$ 94,714
Business combination, outstanding purchase price payable to seller			$ 5,000

v3.23.2

Acquisitions - Estimated Fair Value and Weighted Average Amortization Period of Acquired Assets and Assumed Intangible Liabilities (Details) - USD ($) $ in Thousands	Feb. 15, 2023	Aug. 25, 2021
Favorable Rate Revenue Contracts | True Green II Acquisition | Power sales under PPAs
Business Acquisition [Line Items]
Fair value, favorable rate revenue contracts	$ 800
Weighted Average Amortization Period	19 years
Favorable Rate Revenue Contracts | True Green II Acquisition | Renewable Energy Credits
Business Acquisition [Line Items]
Fair value, favorable rate revenue contracts	$ 50
Weighted Average Amortization Period	16 years
Favorable Rate Revenue Contracts | DESRI II & DESRI V of Acquisition | Power sales under PPAs
Business Acquisition [Line Items]
Fair value, favorable rate revenue contracts		$ 29,479
Weighted Average Amortization Period		8 years
Unfavorable Rate Revenue Contracts | True Green II Acquisition | Power sales under PPAs
Business Acquisition [Line Items]
Fair value, Unfavorable rate revenue contracts	$ (800)
Weighted Average Amortization Period	17 years
Unfavorable Rate Revenue Contracts | True Green II Acquisition | Renewable Energy Credits
Business Acquisition [Line Items]
Fair value, Unfavorable rate revenue contracts	$ (3,300)
Weighted Average Amortization Period	3 years
Unfavorable Rate Revenue Contracts | DESRI II & DESRI V of Acquisition | Power sales under PPAs
Business Acquisition [Line Items]
Fair value, Unfavorable rate revenue contracts		$ (771)
Weighted Average Amortization Period		12 years

v3.23.2

Acquisitions - Pro Forma (Details) - True Green II Acquisition - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Business Acquisition [Line Items]
Operating revenues	$ 46,513	$ 35,035	$ 79,361	$ 64,508
Net income	$ 3,370	$ 25,463	$ 8,911	$ 88,030

v3.23.2

Debt - Long-term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Line of Credit Facility [Line Items]
Long-term debt	$ 934,846	$ 678,054
Unamortized discounts and premiums	(9,507)	(2,088)
Unamortized deferred financing costs	(14,803)	(11,404)
Less: Current portion of long-term debt	32,071	29,959
Long-term debt, less current portion	878,465	634,603
Financing Obligations Recognized In Failed Sale Leaseback Transactions
Line of Credit Facility [Line Items]
Long-term debt	$ 43,811	36,724
Weighted average interest rate	3.98%
APAF Term Loan
Line of Credit Facility [Line Items]
Long-term debt	$ 480,894	487,179
Weighted average interest rate	3.51%
APAF II Term Loan
Line of Credit Facility [Line Items]
Long-term debt	$ 118,752	125,668
APAF II Term Loan | Secured Overnight Financing Rate
Line of Credit Facility [Line Items]
Weighted average interest rate	1.475%
APAF III Term Loan
Line of Credit Facility [Line Items]
Long-term debt	$ 238,794	0
Weighted average interest rate	5.62%
APAG Revolver
Line of Credit Facility [Line Items]
Long-term debt	$ 40,000	0
APAG Revolver | Secured Overnight Financing Rate
Line of Credit Facility [Line Items]
Weighted average interest rate	2.60%
Other term loans
Line of Credit Facility [Line Items]
Long-term debt	$ 12,595	$ 28,483
Weighted average interest rate	3.04%

v3.23.2

Debt - Additional Information (Details) - USD ($) $ in Thousands					3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 15, 2023	Dec. 23, 2022	Dec. 19, 2022	Aug. 25, 2021	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Feb. 15, 2023	Aug. 29, 2022	Jan. 10, 2020
Line of Credit Facility [Line Items]
Payment of debt issuance costs							$ 2,548	$ 42
Financing obligation					$ 42,800		42,800		$ 35,600
Deferred transaction cost							1,000		1,100
Payment of financing obligation					800	$ 600	1,000	800
Interest expense					400	$ 400	800	$ 700
Debt repayment							500
Payments of financing costs					0		600
Gain (loss) on extinguishment of debt							100
Long-term debt					934,846		934,846		678,054
Minimum lease payments					31,173		31,173
Investment tax credit							13,200
Implied interest on financing lease obligation					2,500		2,500
Difference between minimum lease payments and fair value of financing lease obligations acquired					500		500
Surety Bond
Line of Credit Facility [Line Items]
Face amount					4,400		4,400		2,000
Stellar HI Acquisition
Line of Credit Facility [Line Items]
Difference between minimum lease payments and fair value of finance obligations					$ 2,600		$ 2,600
True Green II Acquisition
Line of Credit Facility [Line Items]
Line of credit facility, current borrowing capacity										$ 193,000
Remaining borrowing capacity										11,000
Financing Obligations Recognized In Failed Sale Leaseback Transactions
Line of Credit Facility [Line Items]
Weighted average interest rate					3.98%		3.98%
Long-term debt					$ 43,811		$ 43,811		36,724
Minimum lease payments					$ 31,200		$ 31,200
APAF Term Loan
Line of Credit Facility [Line Items]
Weighted average interest rate					3.51%		3.51%
Outstanding principal balance					$ 480,900		$ 480,900		487,200
Debt issuance costs					7,100		7,100		7,600
Long-term debt					480,894		480,894		487,179
APAF II Term Loan
Line of Credit Facility [Line Items]
Face amount					118,800		118,800		125,700
Derivative, fixed interest rate		4.885%
Unamortized debt issuance costs					2,400		2,400		2,700
Long-term debt					$ 118,752		$ 118,752		125,668
APAF II Term Loan | Secured Overnight Financing Rate
Line of Credit Facility [Line Items]
Weighted average interest rate					1.475%		1.475%
Debt instrument, basis spread on variable rate		1.475%
APAF II Term Loan | Other term loans
Line of Credit Facility [Line Items]
Face amount		$ 125,700
APAF III Term Loan
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 47,000
Weighted average interest rate					5.62%		5.62%
Outstanding principal balance										$ 204,000
Face amount					$ 238,800		$ 238,800
Unamortized debt issuance costs					11,900		11,900
Interest rate										5.62%
Payment of debt issuance costs	300						4,000
Issuance discount	1,500						6,300
Financing costs	600
Long-term debt					238,794		238,794		0
APAG Revolver
Line of Credit Facility [Line Items]
Face amount					40,000		40,000		0
Line of credit facility, commitment fee amount			$ 200,000
Long-term debt					$ 40,000		$ 40,000		0
APAG Revolver | Secured Overnight Financing Rate
Line of Credit Facility [Line Items]
Weighted average interest rate					2.60%		2.60%
Construction to Term Loan Facility
Line of Credit Facility [Line Items]
Remaining borrowing capacity									171,600
Commitment fee percentage							0.50%
Repaid all outstanding term loans	15,800
Gain (loss) on extinguishment of debt	$ 100
Construction to Term Loan Facility | Construction Loans
Line of Credit Facility [Line Items]
Face amount												$ 187,500
Long-term debt									0
Construction to Term Loan Facility | Other term loans
Line of Credit Facility [Line Items]
Long-term debt									15,900
Project-Level Term Loan
Line of Credit Facility [Line Items]
Outstanding principal balance					$ 12,600		$ 12,600		12,600
Debt issuance costs					$ 1,900		$ 1,900		$ 2,200
Project-Level Term Loan | Stellar NJ 2 Acquisition
Line of Credit Facility [Line Items]
Outstanding principal balance											$ 14,100
Debt instrument, unamortized discount											$ 2,200
Blackstone Credit Facility | APAF Term Loan
Line of Credit Facility [Line Items]
Maximum borrowing capacity				$ 503,000
Weighted average interest rate				3.51%
Initial amortization rate				2.50%
Debt instrument term				8 years
Amortization step up rate				4.00%

v3.23.2

Debt - Letters of Credit Outstanding and Unused Capacities (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Letters of Credit Outstanding
Line of Credit Facility [Line Items]
Outstanding principal balance	$ 34.8	$ 13.4
Letters of Credit Outstanding | Deutsche Bank
Line of Credit Facility [Line Items]
Outstanding principal balance	0.0	0.7
Letters of Credit Outstanding | Fifth Third Bank
Line of Credit Facility [Line Items]
Outstanding principal balance	12.1	12.1
Letters of Credit Outstanding | CIT Bank, N.A.
Line of Credit Facility [Line Items]
Outstanding principal balance	0.3	0.6
Letters of Credit Outstanding | KeyBank and Huntington
Line of Credit Facility [Line Items]
Outstanding principal balance	15.6	0.0
Letters of Credit Outstanding | Citibank, N.A.
Line of Credit Facility [Line Items]
Outstanding principal balance	6.8	0.0
Unused Capacity
Line of Credit Facility [Line Items]
Unused borrowing capacity	68.2	102.4
Unused Capacity | Deutsche Bank
Line of Credit Facility [Line Items]
Unused borrowing capacity	0.0	11.8
Unused Capacity | Fifth Third Bank
Line of Credit Facility [Line Items]
Unused borrowing capacity	0.0	0.0
Unused Capacity | CIT Bank, N.A.
Line of Credit Facility [Line Items]
Unused borrowing capacity	0.0	0.0
Unused Capacity | KeyBank and Huntington
Line of Credit Facility [Line Items]
Unused borrowing capacity	0.0	15.6
Unused Capacity | Citibank, N.A.
Line of Credit Facility [Line Items]
Unused borrowing capacity	$ 68.2	$ 75.0

v3.23.2

Debt - Payments Required Under Failed Sale-Leasebacks (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Debt Disclosure [Abstract]
2023	$ 2,037
2024	3,021
2025	3,023
2026	2,995
2027	2,986
Thereafter	17,111
Total	$ 31,173

v3.23.2

Fair Value Measurements - Schedule of Financial Instruments Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Assets
Total assets at fair value	$ 5,134	$ 105,795
Liabilities
Alignment Shares liability	46,311	66,145
Total liabilities at fair value	49,286	69,020
Money market fund
Assets
Money market fund		101,842
Contingent consideration liability
Liabilities
Contingent consideration liability	2,975	2,875
Interest rate swaps
Assets
Interest rate swaps	1,840	3,953
Forward starting interest rate swap
Assets
Interest rate swaps	3,294
Level 1
Assets
Total assets at fair value	0	101,842
Liabilities
Alignment Shares liability	0	0
Total liabilities at fair value	0	0
Level 1 | Money market fund
Assets
Money market fund		101,842
Level 1 | Contingent consideration liability
Liabilities
Contingent consideration liability	0	0
Level 1 | Interest rate swaps
Assets
Interest rate swaps	0	0
Level 1 | Forward starting interest rate swap
Assets
Interest rate swaps	0
Level 2
Assets
Total assets at fair value	5,134	3,953
Liabilities
Alignment Shares liability	0	0
Total liabilities at fair value	0	0
Level 2 | Money market fund
Assets
Money market fund		0
Level 2 | Contingent consideration liability
Liabilities
Contingent consideration liability	0	0
Level 2 | Interest rate swaps
Assets
Interest rate swaps	1,840	3,953
Level 2 | Forward starting interest rate swap
Assets
Interest rate swaps	3,294
Level 3
Assets
Total assets at fair value	0	0
Liabilities
Alignment Shares liability	46,311	66,145
Total liabilities at fair value	49,286	69,020
Level 3 | Money market fund
Assets
Money market fund		0
Level 3 | Contingent consideration liability
Liabilities
Contingent consideration liability	2,975	2,875
Level 3 | Interest rate swaps
Assets
Interest rate swaps	0	$ 0
Level 3 | Forward starting interest rate swap
Assets
Interest rate swaps	$ 0

v3.23.2

Fair Value Measurements - Additional Information (Details)			3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 15, 2023 USD ($)	Dec. 22, 2020 USD ($) facility MW	Jun. 30, 2023 USD ($) shares	Jun. 30, 2022 USD ($) shares	Jun. 30, 2023 USD ($) shares	Jun. 30, 2022 USD ($) shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2022 USD ($) shares
Fair Value, Option, Quantitative Disclosures [Line Items]
Alignment shares outstanding (in shares) | shares			1,006,250	1,207,500	1,006,250	1,207,500	1,408,750	1,207,500
Volatility rate					68.00%
Risk-free interest rate					4.18%
Interest expense			$ (8,524,000)	$ (5,173,000)	$ (20,970,000)	$ (10,111,000)
Payment of debt issuance costs					2,548,000	42,000
Purchase price payable, noncurrent			0		0			$ 6,940,000
Loss (gain) on fair value remeasurement of contingent consideration			(50,000)	1,140,000	(100,000)	971,000
Class of warrants or rights, warrants exchanged							$ 47,600,000
Warrants and rights outstanding			0		0
Gain in fair value change of warrant				4,700,000		23,100,000
Solar Acquisition
Fair Value, Option, Quantitative Disclosures [Line Items]
Number of assets acquired | facility		16
Nameplate capacity | MW		61.5
Earnout cash payments		$ 3,100,000
Contingent consideration		$ 7,400,000
Purchase price payable, noncurrent			3,000,000		3,000,000			2,900,000
Amount of change of other contingent consideration, amount					0	500,000
Solar Acquisition | Power Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Loss (gain) on fair value remeasurement of contingent consideration			(100,000)	$ 1,100,000	(100,000)
Solar Acquisition | Production Volume
Fair Value, Option, Quantitative Disclosures [Line Items]
Loss (gain) on fair value remeasurement of contingent consideration						$ 500,000
Interest Rate Swaps
Fair Value, Option, Quantitative Disclosures [Line Items]
Derivative, notional amount			118,800,000		118,800,000			$ 141,600,000
Interest expense			2,800,000		100,000
Forward Starting Interest Rate Swap
Fair Value, Option, Quantitative Disclosures [Line Items]
Derivative, notional amount			250,000,000		250,000,000
Payment of debt issuance costs	$ 47,000,000
Proceeds from issuance of debt	$ 500,000
Change in unrealized gain (loss) on fair value hedging instruments			$ 3,800,000		$ 3,000,000

v3.23.2

Fair Value Measurements - Alignment Shares (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Shares
Beginning balance (in shares)			1,207,500	1,408,750
Alignment Shares converted (in shares)			(201,250)	(201,250)
Fair value remeasurement (in shares)			0	0
Ending balance (in shares)	1,006,250	1,207,500	1,006,250	1,207,500
$
Beginning balance			$ 66,145	$ 127,474
Alignment Shares converted			(11)	(15)
Fair value remeasurement	$ (2,805)	$ (16,705)	(19,823)	(63,051)
Ending balance	$ 46,311	$ 64,408	$ 46,311	$ 64,408

v3.23.2

Equity (Details) - USD ($)		6 Months Ended	12 Months Ended
	Apr. 06, 2023	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Common stock, authorized (in shares)		988,591,250	988,591,250
Common stock, issued (in shares)		158,989,953	158,904,401
Common stock dividends		$ 0	$ 0
Alignment shares outstanding (in shares)		1,006,250	1,207,500	1,207,500	1,408,750
ATM Equity Program
Class of Stock [Line Items]
Aggregate offering price	$ 200,000,000
Number of shares issued in transaction (in shares)		0
Class A Common Stock
Class of Stock [Line Items]
Common stock, authorized (in shares)		988,591,250	988,591,250
Common stock, issued (in shares)		158,989,953	158,904,401
Class B Common Stock
Class of Stock [Line Items]
Alignment shares outstanding (in shares)		1,006,250	1,207,500

v3.23.2

Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Noncontrolling Interest [Abstract]
Redeemable noncontrolling interest, beginning balance	$ 18,133	$ 15,527
Cash distributions	(1,176)	(482)
Cash contributions	0	1,087
Redemption of redeemable noncontrolling interests	(4,301)	0
Assumed noncontrolling interest through business combination	8,100	0
Net loss attributable to redeemable noncontrolling interest	(89)	(29)
Redeemable noncontrolling interest, ending balance	$ 20,667	$ 16,103

v3.23.2

Leases - Operating Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Operating lease expense	$ 2,783	$ 1,636	$ 5,175	$ 3,272
Variable lease expense	415	322	772	429
Total lease expense	$ 3,198	$ 1,958	$ 5,947	$ 3,701

v3.23.2

Leases - Supplemental Information of Operating Leases (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Operating cash flows from operating leases	$ 4,495	$ 2,142
Operating lease assets obtained in exchange for new operating lease liabilities	$ 62,984	$ 2,514
Weighted-average remaining lease term, years	23 years 4 months 24 days	18 years 7 months 6 days
Weighted average discount rate	5.31%	4.07%

v3.23.2

Leases - Schedule of Maturities of Operating Lease Liabilities (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Leases [Abstract]
2023	$ 6,145
2024	12,816
2025	12,818
2026	12,911
2027	12,972
Thereafter	235,819
Total	293,481
Less: Present value discount	(130,105)
Lease liability	$ 163,376

v3.23.2

Commitments and Contingencies (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Guarantor Obligations [Line Items]
Guarantor term	15 years
Purchase obligation	$ 0.0	$ 29.5
Minimum
Guarantor Obligations [Line Items]
Guarantor term	10 years
Maximum
Guarantor Obligations [Line Items]
Guarantor term	25 years
Performance Guarantee
Guarantor Obligations [Line Items]
Performance guarantee obligations	$ 0.0	$ 0.0

v3.23.2

Related Party Transactions (Details) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 09, 2022 $ / MW
Related Party Transaction [Line Items]
Interest expense	$ 400	$ 400	$ 800	$ 700
Interest payable	7,473		7,473		$ 4,436
Related Party
Related Party Transaction [Line Items]
Due to related parties	153		153		112
Due from related parties	0		0		0
Related Party | Commercial Collaboration Agreement | CBRE Group, Inc
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction			0
Repayments of related party debt					0
Related Party | Master Services Agreement | CBRE Group, Inc
Related Party Transaction [Line Items]
Due to related parties	200		200		100
Related party transaction, amounts of transaction			200	0
Related Party | Purchase and Sale Agreement | CBRE Group, Inc
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	100	0
Minimum | Related Party | CBRE Group, Inc
Related Party Transaction [Line Items]
Development Fee | $ / MW						0.015
Maximum | Related Party | CBRE Group, Inc
Related Party Transaction [Line Items]
Development Fee | $ / MW						0.030
APAF Term Loan and APAF III Term Loan | Related Party
Related Party Transaction [Line Items]
Interest expense	7,100	$ 4,400	12,700	$ 8,800
Interest payable	$ 7,100		$ 7,100		$ 4,400

v3.23.2

Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income attributable to Altus Power, Inc.	$ 6,825	$ 24,115	$ 12,442	$ 84,534
Income attributable to participating securities	(43)	(190)	(79)	(667)
Net income attributable to common stockholders - basic	6,782	23,925	12,363	83,867
Net income attributable to common stockholders - diluted	$ 6,782	$ 23,925	$ 12,363	$ 83,867
Weighted average shares of common stock outstanding - basic (in shares)	158,719,684	153,310,068	158,670,950	152,988,078
Weighted average shares of common stock outstanding - diluted (in shares)	158,978,275	153,954,843	160,747,045	153,771,992
Net income attributable to common stockholders per share - basic (in usd per share)	$ 0.04	$ 0.16	$ 0.08	$ 0.55
Net income attributable to common stockholders per share - diluted (in usd per share)	$ 0.04	$ 0.16	$ 0.08	$ 0.55
Alignment shares outstanding (in shares)	1,006,250	1,207,500	1,006,250	1,207,500	1,207,500	1,408,750
Class A Common Stock
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Antidilutive securities excluded from of earnings per share (in shares)	271,259	669,101	271,259	669,101
Restricted Stock Units (RSUs)
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Dilutive shares (in shares)	258,591	644,775	258,708	645,019
Restricted Stock
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Dilutive shares (in shares)	0	0	1,817,387	138,895

v3.23.2

Stock-Based Compensation (Details)		3 Months Ended		6 Months Ended
	Jul. 12, 2021 $ / shares	Jun. 30, 2023 USD ($) installment $ / shares shares	Jun. 30, 2022 USD ($) shares	Jun. 30, 2023 USD ($) installment $ / shares shares	Jun. 30, 2022 USD ($) shares	Dec. 31, 2022 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation | $		$ 4,256,000	$ 2,657,000	$ 7,128,000	$ 3,962,000
Common stock, issued (in shares)		158,989,953		158,989,953		158,904,401
Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, issued (in shares)		158,989,953		158,989,953		158,904,401
Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent subject to hurdle achievement	25.00%
Share price hurdle to satisfy performance condition (in usd per share) | $ / shares	$ 10.00
Stock price performance hurdle, third anniversary (in usd per share) | $ / shares	19.53
Stock price performance hurdle, fifth anniversary (in usd per share) | $ / shares	24.41
Stock price performance hurdle, fourth anniversary (in usd per share) | $ / shares	$ 30.51
Percent of increase in authorized shares		5.00%		5.00%
Omnibus Incentive Plan | Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of stock subject to conversion	5.00%
Common stock authorized for issuance (in shares)		30,992,545		30,992,545		23,047,325
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of increase in authorized shares		1.00%		1.00%
Employee Stock Purchase Plan | Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock authorized for issuance (in shares)		4,662,020		4,662,020		3,072,976
Stock-based compensation | $				$ 0	$ 0
Common stock, issued (in shares)		0	0	0	0
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense | $		$ 42,400,000		$ 42,400,000		$ 33,200,000
Weighted average period of recognition				3 years
Restricted Stock Units (RSUs) | Holdings Restricted Units Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock reserved for future issuance (in shares)		271,259		271,259		542,511
Restricted Stock Units (RSUs) | Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs granted (in shares)		10,000	15,000	3,021,148	7,918,789
RSUs granted (in usd per share) | $ / shares		$ 6.66		$ 6.66
Number of installment | installment		1		1
Percent of weighted average grant date fair value		50.00%		50.00%
Stock-based compensation | $		$ 4,300,000	$ 2,700,000	$ 7,100,000	$ 4,000,000
RSUs forfeited (in shares)		5,354	0	11,054	0
Restricted Stock Units (RSUs) | Omnibus Incentive Plan | Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares received (in shares)		1		1
Performance-Based Restricted Stock Units (RSUs) | Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of stock subject to conversion	80.00%
Percent of award vesting rights	33.33%
RSUs granted (in shares)		259,662		259,662
Time-Based Restricted Stock Units (RSUs) | Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of award vesting rights	33.33%
RSUs granted (in shares)		10,000		2,761,486
RSUs granted (in usd per share) | $ / shares		$ 4.98		$ 5.42

v3.23.2

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income tax expense	$ 1,129	$ 707	$ 2,017	$ 584

v3.23.2

Subsequent Events (Details) - APAF III Term Loan - USD ($) $ in Millions	Jul. 21, 2023	Jun. 15, 2023
Subsequent Event [Line Items]
Maximum borrowing capacity		$ 47.0
Subsequent Event
Subsequent Event [Line Items]
Maximum borrowing capacity	$ 28.0

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