Altus Power, Inc. Announces Expansion into Maine with Completion of Newly Constructed Asset
1.4 Megawatt Asset To Serve Altus Power Community Solar Customers
Company Footprint Grows To 25 States Across the U.S.
STAMFORD, Conn.–(BUSINESS WIRE)–Altus Power, Inc. (“Altus Power” or the “Company”) (NYSE: AMPS), the premier independent developer, owner, and operator of commercial-scale solar facilities, today announced that it has entered Maine as its twenty-fifth market in the United States with the completion of development and construction of a 1.4 megawatt (MW) ground-mounted solar array located in the state. Altus Power is looking forward to serving additional customers with discounted clean electricity and has numerous additional arrays in the early stages of development in Maine. All of these assets are intended to serve a diversity of Mainers in the future, including commercial, industrial, municipal and community subscribers.
“Altus Power is pleased to announce the expansion of its geographic footprint into the Pine Tree State and looks forward to further expanding our presence within the state. We are also happy to highlight the completion of yet another asset by our development and construction teams,” commented Gregg Felton, Co-Chief Executive Officer of Altus Power.
The clean electricity generated by this new 1.4 MW array will serve commercial customers with discounted electricity bills. The asset is expected to produce approximately 1,600,000 kWh per year, which is the equivalent of 1,134 metric tons of carbon dioxide avoided annually.
Forward-Looking Statements
This press release contains forward-looking statements. Forward-looking statements may be identified by the use of words such as “aims,” “believes,” “expects,” “intends,” “aims”, “may,” “could,” “will,” “should,” “plans,” “projects,” “forecasts,” “seeks,” “anticipates,” “goal,” “objective,” “target,” “estimate,” “future,” “outlook,” “strategy,” “vision,” or variations of such words or similar terminology that predict or indicate future events or trends or that are not statements of historical matters. These statements, which involve risks and uncertainties, relate to analyses and other information that are based on forecasts of future results and estimates of amounts not yet determinable and may also relate to Altus Power’s future prospects, developments and business strategies. These statements are based on Altus Power’s management’s current expectations and beliefs, as well as a number of assumptions concerning future events.
Such forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Altus Power’s control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. These risks, uncertainties, assumptions and other important factors include, but are not limited to: (1) the risk that pending acquisitions may not close in the anticipated timeframe or at all due to a closing condition not being met; (2) failure to obtain required consents or regulatory approvals in a timely manner or otherwise; (3) the ability of Altus Power to successfully integrate the acquisition of solar assets into its business and generate profit from their operations; (4) the ability of Altus Power to retain customers and maintain and expand relationships with business partners, suppliers and customers; (5) the risk of litigation and/or regulatory actions related to the proposed acquisition of solar assets; and (6) the possibility that Altus Power may be adversely affected by other economic, business, regulatory, credit risk and/or competitive factors.
Additional factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements can be found under the heading “Risk Factors” in Altus Power’s Form 10-K filed with the Securities and Exchange Commission on March 30th, 2023, as well as the other information we file with the Securities and Exchange Commission. New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect us. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made and the information and assumptions underlying such statement as we know it and on the date such statement was made, and Altus Power undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, changes in expectations, future events or otherwise.
This press release is not intended to be all-inclusive or to contain all the information that a person may desire in considering an investment in Altus Power and is not intended to form the basis of an investment decision in Altus Power. All subsequent written and oral forward-looking statements concerning Altus Power or other matters and attributable to Altus Power or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above.
About Altus Power, Inc.
Altus Power, based in Stamford, Connecticut, is the premier commercial-scale clean electrification company serving commercial, industrial, public sector and community solar customers with an end-to-end solution. Altus Power originates, develops, owns and operates a network of locally sited solar generation, energy storage and charging infrastructure across the nation. Visit www.altuspower.com to learn more.
Contacts
Chris Shelton
Head of IR
