Altus Power Inc.
10/10/2024 | Press release | Distributed by Public on 10/10/2024 14:34
Commercial Scale Market Leader, Altus Power, Tops 1GW in Operating Assets
Company highlights growth and momentum across key areas of the business
STAMFORD, Conn.--(BUSINESS WIRE)-- Altus Power (NYSE: AMPS), the largest commercial scale provider of clean electric power, today announced that its nationwide portfolio of assets in operation topped one gigawatt. The market leader in commercial solar now operates more than 500 projects across 25 states and has expanded its Community Solar program to nine states, with more than 25,000 subscribers.
"From our first operating asset in Bridgeport, Connecticut, to our most recent in Pueblo, Colorado, Altus Power has built a U.S. portfolio of scale, making us the leader in the transition to clean, electric power for enterprises and households nationwide," said Gregg Felton, CEO, Altus Power. "I'm incredibly proud of our team as well as our trusted partners and clients who have helped us achieve this important milestone; we look forward to advancing our mission of powering a cleaner, brighter future."
In support of the company's growth strategy, Abhi Parmar has been promoted to Chief Investment Officer. In his new position, Parmar will oversee the company's investment strategies in the areas of asset growth and capital structuring. Dan Griffin and Matt Marlow have been promoted to co-heads of Investment and Structured Finance. The Investment and Structured Finance team is responsible for the origination, negotiation, due diligence and transaction process of Altus Power's project and portfolio opportunities. In addition, the team is responsible for sourcing and structuring debt and tax equity solutions.
Altus Power provides clean power where and when it's being consumed, typically adjacent to areas of commercial activity. Over the past five years, the company has increased revenues fourfold and counts among its partners CBRE, the largest commercial real estate services company in the world, and Blackstone, the world's largest alternative asset manager. Altus Power's operating portfolio of more than one gigawatt allows the company to generate and deliver more than 1.1 billion kilowatt hours of clean electric power to its enterprise and Community Solar customers nationwide.
With the addition of its most recent Community Solar project in Pueblo, Colo., Altus Power now serves Community Solar subscribers in nine states. The company recently marked its one-year anniversary of the largest Community Solar project in Hawaii, saving local residents who subscribe to the project nearly $100,000 over the past year and helping to avoid more than 4,500 metric tons of carbon dioxide equivalents. Community Solar provides homeowners and renters of diverse income brackets with the benefits of clean energy savings in the form of discounts on their utility bills without requiring customers to install or maintain their own solar panels.
About Altus Power
Altus Power, based in Stamford, Conn., is the largest 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.
Jenny Volanakis
[email protected]