Altus Power, Inc (AMPS) Announces Definitive Agreements to Acquire Approximately 97 Megawatts of Operating Solar Assets

Altus Power, Inc. (“Altus Power” or the “Company”) (NYSE: AMPS), the premier independent developer, owner and operator of commercial-scale solar facilities, today announced 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 largest of these portfolios includes 88 MW of generating assets and the acquisition is subject to certain closing conditions, which we expect to be met in the coming weeks. The acquisition of the remaining approximately 9 MW has recently closed and such assets are currently operating as part of Altus Power’s portfolio. Combined, these recently and soon to be acquired portfolios represent approximately 97 MW of solar assets operating across nine U.S. states.

These commercial and industrial (C&I)-scale assets include rooftop, ground and carport-mounted solar arrays and deliver clean electricity under long-term contracts to predominantly investment-grade customers. Following the closing of these acquisitions, Altus Power expects to own, operate and service these new assets and new customer relationships over the long-term with the potential to offer additional electrification solutions, including battery storage, as well as electric vehicle or fleet charging stations.

“We are excited to bring these new long-term customer relationships and operating assets to our portfolio of C&I solar and storage assets,” said Gregg Felton, Co-CEO of Altus Power. “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 of executing both development and operating opportunities.”

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