Expands its presence in the Southeast
Altus Power, Inc. (NYSE: AMPS), the leading commercial-scale
provider of clean electric power, today announced the closing of
its acquisition of Project Hyperion, LLC, comprising of 121
megawatts in solar assets, primarily located in North and South
Carolina. Hyperion was acquired from funds advised by Basalt
Infrastructure Partners LLC and Soltage, LLC, a leading owner and
developer of distributed solar and storage assets. The transaction
expands Altus’ presence in the Southeast and introduces new
government and municipal entities into the Altus portfolio.
“We are pleased to welcome new solar customers to the Altus
portfolio and look forward to working with these high-quality
government and municipal agencies to help them reach their
sustainability goals through the use of clean, electric power,”
said Gregg Felton, co-CEO, Altus Power. “Basalt and Soltage are
important partners and their successful development of commercial
scale solar complements our strengths in optimizing asset
performance and providing superior customer management.”
“It was a pleasure to work alongside Soltage over the last seven
years to build a high quality and diversified portfolio of solar
assets,” said Wil Jones, Partner at Basalt. “Altus will be an
excellent operator for the Hyperion portfolio going forward.”
Altus Power continues to drive plans to grow its portfolio of
commercial scale solar assets to almost 900 MWs by the end of 2023.
Altus Power currently owns and operates distributed solar arrays
across 25 states, delivering clean, electric power at a discount to
enterprises and households.
Altus Power additionally announced plans for an incremental draw
of $163 million from its Blackstone long-term funding facility at a
fixed interest rate of 6.70%. This amount includes $89 million to
finance Hyperion with the remaining proceeds to provide long-term
funding for other asset additions.
Stoel Rives LLP served as legal advisor to Altus Power. Marathon
Capital Markets LLC served as exclusive financial advisor to Basalt
and Soltage. Winston & Strawn LLP served as legal advisor to
Basalt. Foley Hoag LLP served as legal advisor to Soltage. Parker
Poe Adams & Berstein LLP served as legal advisor to Basalt and
Soltage.
About Altus Power
Altus Power, based in Stamford, Connecticut, is the leading
commercial-scale provider of clean electric power serving
commercial, industrial, public sector and Community Solar customers
with end-to-end solutions. Altus Power originates, develops, owns
and operates locally-sited solar generation, energy storage and
charging infrastructure across the nation. Visit www.altuspower.com
to learn more.
About Basalt
Basalt is the investment advisor to infrastructure equity
investment funds focusing on mid-market investments in utilities,
power, transport, and communications infrastructure in North
America and Europe. Other investments in North America by funds
advised by Basalt include Helios Power, Black Bear Transmission,
Habitat Solar, Xpress Natural Gas, Skyway Towers, Fatbeam and
Fortbrand.
For more information, please visit www.basaltinfra.com
About Soltage
Soltage is a leading developer, owner, and operator of
distributed utility-scale solar and storage assets for utility,
commercial, industrial, and municipal customers across the United
States. Soltage has developed more than 125 clean energy projects
with more than 500MW total distributed generating capacity under
construction and management. Soltage is headquartered in Jersey
City, New Jersey and backed by Igneo Infrastructure Partners, a
leading global investment manager with more than $17 billion in
direct infrastructure assets. For more information, please visit
www.soltage.com.
Forward-Looking Statements
This press release contains forward-looking statements.
Forward-looking statements may be identified by the use of words
such as "aims," "believes," "expects," "intends," "may," “could,”
"will," "should," "plans," “projects,” “forecasts,” “seeks,”
“anticipates,” “goal,” “objective,” “target,” “estimate,” “future,”
“outlook,” "strategy," “vision,” or variations of such words or
similar terminology that predict or indicate future events or
trends or that are not statements of historical matters. These
statements, which involve risks and uncertainties, relate to
analyses and other information that are based on forecasts of
future results and estimates of amounts not yet determinable and
may also relate to Altus Power’s future prospects, developments and
business strategies. These statements are based on Altus Power’s
management’s current expectations and beliefs, as well as a number
of assumptions concerning future events.
Such forward-looking statements are subject to known and unknown
risks, uncertainties, assumptions and other important factors, many
of which are outside Altus Power’s control, that could cause actual
results to differ materially from the results discussed in the
forward-looking statements. These risks, uncertainties, assumptions
and other important factors include, but are not limited to: (1)
failure to obtain required consents or regulatory approvals in a
timely manner or otherwise; (2) the ability of Altus Power to
retain customers and maintain and expand relationships with
business partners, suppliers and customers; (3) the ability of
Altus Power to successfully integrate the acquisition of solar
assets into its business and generate profit from their operations;
(4) the risk that pending acquisitions may not close in the
anticipated timeframe or at all due to a closing condition not
being met (5) the risk of litigation and/or regulatory actions
related to the proposed acquisition of solar assets; and (6) the
possibility that Altus Power may be adversely affected by other
economic, business, regulatory, credit risk and/or competitive
factors.
Additional factors that could cause actual results to differ
materially from those expressed or implied in forward-looking
statements can be found under the heading “Risk Factors” in Altus
Power’s Form 10-K filed with the Securities and Exchange Commission
on March 30th, 2023, as well as the other information we file with
the Securities and Exchange Commission. New risks and uncertainties
arise from time to time, and it is impossible for us to predict
these events or how they may affect us. You are cautioned not to
place undue reliance upon any forward-looking statements, which
speak only as of the date made and the information and assumptions
underlying such statement as we know it and on the date such
statement was made, and Altus Power undertakes no obligation to
update or revise the forward-looking statements, whether as a
result of new information, changes in expectations, future events
or otherwise.
This press release is not intended to be all-inclusive or to
contain all the information that a person may desire in considering
an investment in Altus Power and is not intended to form the basis
of an investment decision in Altus Power. All subsequent written
and oral forward-looking statements concerning Altus Power or other
matters and attributable to Altus Power or any person acting on its
behalf are expressly qualified in their entirety by the cautionary
statements above.
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version on businesswire.com: https://www.businesswire.com/news/home/20231221199086/en/
Chris Shelton, Head of Investor Relations
mediarelations@altuspower.com
Altus Power (NYSE:AMPS)
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