Independent commercial and community solar developer and operator Altus Power Inc. (AMPS:NYSE) today announced that "it has entered into definitive agreements to acquire approximately 97 megawatts (MW) of operating solar assets for approximately $220 million funded by a combination of cash on hand and assumed liabilities."
The company stated that it has already closed on a transaction accounting for about 9 MW of solar generating assets and noted that these assets are now an active part of its clean electrification portfolio.
The company indicated that the combined acquisitions include operating assets in nine U.S. states, which together represent approximately 97 MW of solar generating assets.
The firm explained that the larger remaining purchase, which includes 88 MW of generating assets, remains subject to specific closing conditions, which Altus Power expects will be met and satisfied in the coming weeks.
The company indicated that the combined acquisitions include operating assets in nine U.S. states, which together represent approximately 97 MW of solar generating assets. Altus advised that with these two new additions, its coast-to-coast portfolio of solar and storage assets is expected to expand to roughly 466 MW across 22 U.S. states.
The firm noted that these new commercial and industrial assets are comprised of rooftop, ground, and carport-mounted solar arrays that are built to provide long-term clean energy contracts to mostly investment-grade clients. Upon closing, Altus intends to operate and service these respective assets and plans to leverage them to expand long-term opportunities for battery storage solutions and electric vehicle or fleet charging stations.
The company's Co-CEO Gregg Felton commented, "We are excited to bring these new long-term customer relationships and operating assets to our portfolio of C&I solar and storage assets … We welcome the opportunity to serve customers in new markets, including Pennsylvania, Indiana, Arizona and Nevada, as well as to grow our footprint in existing markets."
"Altus Power will continue to focus on expanding our customer base as well as profitably increasing the size of our portfolio of commercial-scale assets by leveraging our specific expertise in executing both development and operating opportunities," Felton added.
Altus Power is a provider of end-to-end solar solutions based in Stamford, Conn. The company owns and operates solar energy assets and is focused on creating a clean electrification ecosystem. The firm originates, engineers, and develops roof-based and ground photovoltaic solar energy generation and storage systems for use by commercial, industrial, public sector, and community solar clients. The company owns and operates EV charging infrastructure in 18 U.S. states which, with today's announced purchases, will increase to a total of 22 states. Altus notes on its company website that to date, its solar systems have generated greater than 2.5 billion kilowatt-hours of solar power.
Altus Power Inc. began the day with a market cap of around $1.84 billion with approximately 154.72 million shares outstanding. AMPS shares opened 3% higher today at $12.24 (+$0.37, +3.12%) over yesterday's $11.87 closing price and reached a new 52-week high price this afternoon of $14.00. The stock traded between $12.10 and $14.00 per share today and closed for trading at $13.90 (+$2.03, +17.10%).
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