Altus Power, Inc. (NYSE: AMPS) operates as a commercial-scale solar power company, which focuses on developing, operating and acquiring solar power, energy storage and EV charging infrastructure assets across 18 U.S. states. Shares of the solar power company rallied 17.10% during trading on Tuesday, September 27, 2022. Over the past three months, Altus Power has seen average daily volume of 611,380 shares. However, volume of 3.53 million shares or dollar volume of around $49.07 million, exchanged hands during trading on Tuesday.
Shares of Altus Power gained after the company announced that it has entered into a definitive agreement to acquire approximately 97 megawatts (MW) of active solar assets at a cost of $220 million. The deal is set to be funded by cash-on-hand and assumed liabilities.
Of the 97 MW worth of assets, 88 MW is subject to closing conditions. However, the remaining 9 MW has already closed and is currently in Altus Power’s portfolio.
The assets acquired include commercial and industrial-scale assets, such as rooftop, ground and carport-mounted solar arrays. Clean electricity generated from the assets is currently under long-term contracts by large customers.
Once the asset acquisition officially closes, Altus Power’s solar, energy storage and EV charging assets will expand to a total portfolio capability of 466 MW across 22 states.
“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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