Altus Power Announces Acquisition of 84MW Portfolio from Vitol, Adding Thousands of Customers in New York, New Jersey, and Maine
31 Gennaio 2024 - 10:30PM
Business Wire
Clean electric power generated from solar
arrays across the Northeast to benefit Community Solar subscribers,
school districts and municipalities
Altus Power (NYSE: AMPS), the leading commercial-scale provider
of clean electric power, today announced the signing and closing of
approximately 84 MWs of commercial-scale solar arrays from Vitol,
the largest independent energy trader globally, for total proceeds
of approximately $118 million. The acquisition adds thousands of
new long-term Community Solar, school district and other enterprise
customers served by a mix of rooftop, ground and carport arrays to
Altus Power’s strong customer base across the Northeast, notably in
New York, New Jersey and Maine.
“We’re proud of our robust pipeline that is adding Community
Solar subscribers, school districts and other enterprises to Altus
Power’s growing customer base. Our expansion in the Northeast
offers additional scale in these markets and allows us to continue
to enhance the services that we offer our customers,” said Gregg
Felton, co-CEO and co-founder, Altus Power. “This bilateral
acquisition kicks off what we expect to be a long-term strategic
partnership with Vitol, a world-class leader in energy asset
management, and we look forward to expanding our relationship
through future development assets.”
“Altus Power has an excellent reputation as a trusted and
successful operator of solar assets,” said David Munsky, President
of VC Renewables LLC, a wholly-owned subsidiary of Vitol. “We are
pleased to be transferring this portfolio to such a well-respected
company. Vitol continues to be committed to building its renewable
power portfolio with a focus on larger utility scale projects as
part of its commitment to the energy transition.”
Altus Power already has a significant customer presence in the
Northeast. The additional assets will leverage the company’s
platform to efficiently serve its customers in the market at scale
and allow for increased engagement with both corporate and
Community Solar clients. The clean electric power generated by the
new assets will:
- Benefit nearly 2,000 Community Solar subscribers
- Serve an additional 20 municipal, education and enterprise
clients
- Result in the carbon avoidance of more than 69,000 metric tons
of CO2 annually, the equivalent of keeping more than 15,000
gas-powered vehicles off the road.
The acquisition was closed using cash on hand and Altus expects
to expand its funding facility with Blackstone in the near term to
secure long-term financing.
Altus Power’s portfolio across 25 states serves enterprises
committed to achieving carbon reduction goals, anchored by the
company’s distributed solar arrays. As one of the pioneers of
Community Solar, Altus Power currently serves more than 20,000
subscribers nationwide. Community Solar provides homeowners and
renters of diverse income brackets access to the benefits of clean
energy savings without requiring customers to provide their roofs
for the installation of solar panels.
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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Chris Shelton Head of Investor Relations
mediarelations@altuspower.com
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