Altus Power Surges Ahead with 2024 Financial Results and TPG Acquisition

Altus Power, Inc. (NYSE: AMPS) has announced its financial results for the fourth quarter and full year 2024, showcasing a year of significant growth and strategic milestones. The company, a leading provider of commercial-scale clean electric power, reported a 30% increase in operating revenues and a 37% growth in adjusted EBITDA, reflecting its strong market positioning and strategic initiatives in the commercial solar sector.



Financial Highlights

Operating revenues for the fourth quarter of 2024 totaled $44.5 million, up from $34.2 million in the same period of 2023. This increase is primarily due to the growth in megawatt hours generated by Altus Power's assets, serving a growing customer base. The company's adjusted EBITDA for the quarter was $23.8 million, a 37% increase from $17.3 million in the fourth quarter of 2023. This growth was driven by increased revenue from additional solar energy facilities, partially offset by higher general and administrative expenses.

For the full year 2024, operating revenues reached $196.3 million, up from $155.2 million in 2023. The full-year GAAP net loss narrowed to $10.7 million from $26.0 million in 2023, primarily due to a non-cash net gain of $41.0 million from remeasurement of alignment shares. Adjusted EBITDA for the full year 2024 was $111.6 million, up from $93.1 million in 2023.

Strategic Milestones and Market Positioning

Altus Power's financial performance in 2024 is a testament to its strategic initiatives and market leadership in the commercial solar sector. The company surpassed 1 GW of operating assets, completing approximately 56 MW of new-build assets and adding 96 MW through acquisitions. This milestone positions Altus Power as a leader in the commercial solar market, with the flexibility and resources to accelerate deployment, drive innovation, and expand access to clean energy at scale.

Gregg Felton, CEO of Altus Power, highlighted the company's achievements: "In a year of economic uncertainty and evolving market conditions, Altus Power retained its market leadership position in commercial solar and surpassed 1 GW of operating assets. To support our ongoing growth opportunities, we’ve continued to focus on efficient capital markets execution as demonstrated by the new credit facility and innovative tax partnership we executed in 2024."

Pending Acquisition by TPG

One of the most significant developments for Altus Power is its pending acquisition by TPG through its TPG Rise Climate Transition Infrastructure strategy. The all-cash transaction values the company at approximately $2.2 billion, including outstanding debt. The acquisition, expected to close in the second quarter of 2025, will see Altus Power transition to a privately-held company, providing it with the flexibility and resources to further accelerate its growth and innovation in the clean energy sector.



The acquisition by TPG offers several strategic advantages for Altus Power. As a privately-held company, Altus Power will have the agility to pursue long-term growth initiatives without the short-term pressures associated with being a publicly traded company. Additionally, the acquisition will enable Altus Power to leverage TPG's expertise and resources in the climate transition infrastructure sector, further enhancing its market competitiveness.

Future Growth Prospects

Altus Power's achievement of surpassing 1 GW of operating assets and the completion of new-build assets significantly influence its future growth prospects and competitive advantage in the clean energy market. The company's strong financial performance, strategic initiatives, and pending acquisition by TPG position it for sustained growth and a competitive advantage in the clean energy market. As Altus Power transitions to a privately-held company, it will be well-positioned to deliver even greater value to its customers and partners, accelerate deployment, drive innovation, and expand access to clean energy at scale.