Altus Power, Inc. ("Altus Power" or the "Company") today (Jan 13) announced the expansion of its community solar program with the addition of a 2.5 megawatt (MW) solar project in Illinois.
The project, located in Belvidere, Illinois in the greater Chicagoland area, is Altus Power's first in Illinois, extending the Company's operational reach into 18 states. With the addition of Illinois, Altus Power now has community solar programs in seven states, namely Maryland, New Jersey, New York, Massachusetts, Minnesota, Hawaii and Illinois. Altus Power's community solar programs offer solar energy credits to a diverse range of subscribers in their communities, from homes to local schools and hospitals. The new Illinois project utilizes a rooftop photovoltaic solar system and, when fully subscribed, its customers will include local businesses and homes.
"Altus Power is one of the largest providers of community solar in the country," said Lars Norell, Co-CEO of Altus Power. "The Belvidere project expands our footprint, and allows Altus Power to bring reliable, affordable power to more customers, in a new operating territory. We will also look to bring other adjacent offerings to our new customers, including energy storage and EV charging assistance, allowing communities and businesses to accelerate electrification. We welcome our new customers in Belvidere, Illinois to the more than 5,000 community solar customers we currently serve. Community solar programs provide savings and clean solar power to homeowners and enterprises while serving the goals of utilities across the country and Altus is proud to expand our presence into the state of Illinois."
About Altus Power
Altus Power, based in Stamford, Connecticut, is creating a clean electrification ecosystem, serving its commercial, public sector and community solar customers with locally sited solar generation, energy storage, and EV charging stations across the U.S. Since its founding in 2009, Altus Power has developed or acquired over 350 megawatts from Vermont to Hawaii. Visit altuspower.com to learn more.
Forward-Looking Statements
This press release contains forward-looking statements. Forward-looking statements may be identified by the use of words such as "anticipate", "believe", "could", "continue", "expect", "estimate", "may", "plan", "outlook", "future" and "project" and other similar expressions 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 ability of Altus Power to maintain its listing on the New York Stock Exchange; (2) the ability to recognize the anticipated benefits of the recently completed business combination and related transactions (the "Transactions"), which may be affected by, among other things, competition, the ability of Altus Power to grow and manage growth profitably, maintain relationships with customers, business partners, suppliers and agents and retain its management and key employees; (3) costs related to the Transactions; (4) changes in applicable laws or regulations; (5) the possibility that Altus Power may be adversely affected by other economic, business, regulatory and/or competitive factors; (6) the impact of COVID-19 on Altus Power's business; and (7) the failure to realize anticipated pro forma results and underlying assumptions related to the Transactions.
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" Altus Power's Registration Statement on Form S-1 filed with the Securities and Exchange Commission on January 10, 2022, 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 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.
Altus Power Contacts
For Media:
Cory Ziskind
ICR, Inc.
AltusPowerPR@icrinc.com
For Investors:
Caldwell Bailey
ICR, Inc.
AltusPowerIR@icrinc.com
