Altus Power Announces Financing from Goldman Sachs and CPP Investments
January 02 2024 - 4:30PM
Business Wire
First Corporate Term Loan Offers Additional
Flexibility to Fund Future Growth Plans
Altus Power, Inc. (NYSE: AMPS), the leading commercial-scale
provider of clean electric power, today announced the closing of
secured credit facility having a principal loan amount of $100
million by an affiliate of Goldman Sachs Asset Management (“Goldman
Sachs”) and CPPIB Credit Investments III Inc., a subsidiary of
Canada Pension Plan Investment Board (“CPP Investments”). Altus
Power plans to use proceeds from the facility to support its
ongoing expansion. The facility carries an interest rate of 8.50%
and a term of six years and is prepayable without penalty after
three years.
“We’re pleased to welcome Goldman Sachs and CPP Investments as
partners in Altus Power, bringing capital that will fund our
expected growth plans in 2024,” remarked Dustin Weber, CFO of Altus
Power. “This financing capitalizes on our growing cash flow
generation, which has been a defining feature of our business
model.”
“Our pipeline includes an attractive flow of operating and
development assets and, with this efficient financing, we’re well
positioned to execute on these opportunities,” added Gregg Felton,
Co-Founder and Co-CEO of Altus Power. “We believe this new facility
positions us to increase our market share while providing our
counterparties with execution certainty and our shareholders with
continued profitable growth.”
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.
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/20240102807547/en/
For More Information Chris Shelton Head of Investor Relations
mediarelations@altuspower.com
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