US independent power producer Altus Power has published its financial results for 2023, which include full-year revenues of US$155.2 million, a 53% increase over 2022, and adjusted earnings before inflation, taxation, depreciation and amortization (EBITDA) of US$93.1 million, a 59% increase over the previous year.
Much of this growth stems from the additions made to the company’s portfolio. Altus Power saw the capacity of its portfolio increase by 91% to 896MW between 2022 and 2023, of which 74MW of capacity was brought online in new projects, and 352MW of capacity in assets already in operation was purchased. According to Wood Mackenzie, the company is now the largest owner of commercial-scale solar assets in the US.
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“As the largest player in commercial scale solar, the advantages of our category leadership are becoming ever more evident, and we are continuing to scale our platform in order to support our ongoing growth,” said Gregg Felton, Atlas Power co-CEO. “Our pipeline is rich with new build opportunities arising from our expanding set of partners.”
Felton named the company’s acquisition of an 84MW portfolio from Vitol, announced last month, as a key milestone in Altus Power’s ongoing growth. The news also follows the firm’s raising of US$100 million from an affiliate of Goldman Sachs Asset Management and CPPIB Credit Investments III to fund further expansion plans, as the company looks to grow its portfolio further.
Altus Power’s growth is also evident in the fact that it is its portfolio that drove the greatest change in asset value from one year to the next. Between 2022 and 2023, the value of the company’s assets increased from US$1.4 billion to US$2 billion. Over this period, the value of its properties, plants and equipment saw the greatest increase in value, from US$1 billion to US$1.6 billion, while the value of its assets under operating leases almost doubled, from US$94.5 million to US$173.8 million.
However, the company’s results have not all been positive, with operating expenses of US$39.6 million in the fourth quarter of 2023, an increase from the expenses of US$25 million in the fourth quarter of the previous year.
This figure also compares unfavourably to the US$83 million that the company endured in operating expenses in the entirety of 2022, and suggests that, not unsurprisingly, as the company’s portfolio has grown, so too has the cost of maintaining its facilities.