Altus Power, a commercial and industrial solar development company, increased its sequential portfolio by 100 MW during Q3, while the company recorded revenues of $30.4 million, a 51% increase from the previous year.
The Stamford, Connecticut-based developer grew its portfolio over the recent quarter in part due to a recent acquisition of an 88 MW commercial solar portfolio in Arizona, Nevada, Indiana and Pennsylvania, from D.E. Shaw Renewable Investments, and 9 MW of New Jersey assets acquired from a local developer.
Following the transactions, Altus Power operates a project portfolio of approximately 474 MW in 22 states. Since becoming a public company in December 2021, Altus Power has developed a project pipeline that consists of more than 500 MW of operations acquired by the company and 500 MW of projects under internal development.
While revenue and earnings before interest, taxes, depreciation, and amortization (EBITDA) of $19.4 million were both up year over year, the company wrote a $96.6 million net loss in Q3 22 based on a one-time non-cash loss of $102 million.
The company has developed projects for a number of Fortune 100 and 500 companies such as CBRE and Blackstone Group, both historic investors in the company, as well as Shell and Link Logistics.
Altus shares trade at $7.19 per share today, down 31.4% from $10.48 a year ago, with a $1.1 billion market capitalization.
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