Altus Power announces ‘strategic alternatives review’ to improve access to capital

October 16, 2024
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Altus Power distributed solar facilities.
The company is the largest community solar project owner in the US. Image: Altus Power.

US community and commercial & industrial (C&I) solar developer Altus Power has begun a “formal review of strategic alternatives” to increase its access to capital.

Christine Detrick, board chair of Altus Power said: “The ongoing disconnect between the share price and our view of intrinsic value gives the board and management confidence that exploring alternative ownership structures is a prudent course to maximise value for our investors, partners, customers and employees.”

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Altus said it expects the review process to be completed in the first half of 2025. It has employed law firm Latham & Watkins and financial advisory firm Moelis & Company to assist with the process.

Gregg Felton, CEO of Altus Power added: “Our goal is to ensure that Altus Power is structured for long-term success in a growth industry with strong secular tailwinds and large market opportunity.”

According to its website, Altus Power’s stock price on the New York Stock Exchange has dropped incrementally this year, from a high of US$7.27 on 15 February to US$3.02 yesterday.

In a statement, Altus Power said: “There is no assurance that the review will result in completion of any particular transaction or of any particular outcome.”

The company reported strong financial results at the end of 2023, with revenues up 53% on 2022. Over 2023 the company said its total project pipeline swelled by 91%, which saw Wood Mackenzie identify it as the largest owner of community solar assets in the US.

At the start of 2024, Altus secured a US$100 million credit facility to fund its expansion plans. This investment followed the acquisition of a 121MW solar portfolio in December 2023. The projects in the portfolio were in North and South Carolina and the acquisition marks an expansion of its presence in the southeast US.

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