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Altus Power Acquires 47.8 MW Portfolio from Tortoise Capital Advisors, Expanding Market Leading Footprint in New York

1. Altus Power acquires 47.8 MW solar portfolio from Tortoise Capital Advisors. 2. Transaction expands Altus Power's footprint to 26 states, enhancing New York's market. 3. Acquired projects focus on serving public sector clients, supporting local infrastructure. 4. Altus Power aims to reduce energy costs and demand through local generation. 5. The deal reinforces Altus's strategy to build market density and operational excellence.

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$4.9905/29 02:58 PM EDTLatest Updated
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FAQ

Why Bullish?

The acquisition strengthens Altus Power's market position and growth potential, reminiscent of previous successful expansions by solar companies that spurred stock price increases.

How important is it?

The acquisition is directly related to AMPS's growth strategy and potential operational synergies in the renewable energy sector.

Why Long Term?

Increased market share and ongoing client acquisition will yield sustained revenue growth over time, akin to historical performance trends in the sector.

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- STAMFORD, Conn.--(BUSINESS WIRE)--Altus Power, a leading commercial-scale provider of clean electric power, today announced the acquisition of a 47.8-megawatt (MW) ground-mounted solar portfolio from Tortoise Capital Advisors, comprised of 15 projects located across Kansas and New York. With this transaction, Altus Power’s portfolio has increased to 26 states and its footprint in New York now exceeds 250 MW, cementing the state as its top market“Our team’s ability to seamlessly acquire portfolios of operational assets continues to set us apart."Share The acquired projects serve a range of public sector clients including several regional universities, towns and municipalities. These systems will generate and deliver incremental clean power directly where it’s needed, supporting local infrastructure and reducing reliance on long-distance transmission. “Our team’s ability to seamlessly acquire portfolios of operational assets continues to set us apart,” said Dan Griffin, Co-Head, Investment and Structured Finance, Altus Power. “This acquisition adds to our expanding portfolio serving public sector clients and reinforces our strategy to build density in key markets.” “Altus Power shares our focus on the customer and has proven to be a trusted partner with a track record of operational excellence,” said Tom Florence, CEO, Tortoise Capital. “Their ability to integrate and scale these types of projects makes them an ideal acquirer.” Marathon Capital acted as exclusive financial advisor on the transaction. Altus Power’s portfolio across 26 states delivers reliable, locally generated electricity to organizations looking to manage rising energy costs and meet growing demand. As a full-service, end-to-end commercial-scale solar provider with a long-term ownership mindset, Altus Power generates and delivers power near the point of consumption, reducing the need for additional transmission infrastructure. About Altus Power, Inc. Altus Power is a leading commercial-scale provider of clean electric power, serving enterprises, municipalities and communities across the United States. The company builds, owns and operates locally-sited solar generation, energy storage and electric vehicle charging infrastructure, helping to decarbonize and decentralize the U.S. electric grid. Visit www.altuspower.com to learn more. More News From Altus Power, Inc.

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