Pond Technologies

Altus Power ($AMPS) to Acquire Approximately 97 Megawatts of Solar Assets for $220 Million

27 September 2022

Atlus Power (NYSE: AMPS) has signed definitive agreements to acquire a portfolio containing 97 megawatts of operating solar assets for approximately $220 million.  The company says it will finance the acquisition through a combination of cash on hand and assumed liabilities.

The newly acquired portfolio spans nine U.S. states and contains a combination of commercial and industrial-scale assets that include rooftop, ground and carport-mounted solar arrays that deliver clean electricity under existing long-term contracts to investment-grade customers.

The Stamford, Connecticut-based company says that the new deals will boost its portfolio of solar and storage energy assets to about 466 MW across 22 states, while also bringing in new customer relationships.

Gregg Felton, Co-CEO of Altus Power stated: “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 originates, develops, owns and operates locally sited solar generation, energy storage, and EV charging infrastructure across 22 states from Vermont to  Minnesota to Hawaii. 

Shares of Atlus Power trade on the NYSE under the ticker symbol AMPS.


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