Altus Power Announces Ongoing Review of Strategic Alternatives
October 15 2024 - 3:30PM
Business Wire
Altus Power (NYSE: AMPS), the largest commercial scale provider
of clean electric power, today announced that a formal review of
strategic alternatives has been underway by its Board of Directors.
The goal of the comprehensive review is to assess and determine the
strategic alternatives that will unlock shareholder value and
optimize access to capital for the company.
“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,” said Gregg Felton, Chief
Executive Officer of Altus Power.
“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
maximize value for our investors, partners, customers and
employees,” said Christine Detrick, Board Chair of Altus Power.
As part of this strategic evaluation, Altus Power reaffirms its
guidance for fiscal year 2024.
Altus Power has retained Moelis & Company LLC and Latham
& Watkins to assist with this review and expects the process to
be completed by the first half of 2025. Altus Power does not intend
to comment further until the Board has approved a specific
transaction, the process has otherwise concluded, or the company
has otherwise determined that further disclosure is appropriate or
necessary. There is no assurance that the review will result in
completion of any particular transaction or of any particular
outcome.
Forward-Looking Statements
This press release contains forward-looking statements.
Forward-looking statements may be identified by the use of words
such as "aims," "believes," "expects," "intends," "aims", "may,"
“could,” "will," "should," "plans," “projects,” “forecasts,”
“seeks,” “anticipates,” “goal,” “objective,” “target,” “estimate,”
“future,” “outlook,” "strategy," “view,” “vision,” or variations of
such words or similar terminology 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 possibility that the announced review of strategic alternatives
may not achieve its objectives, (2) the risk that pending
acquisitions may not close in the anticipated timeframe or at all
due to a closing condition not being met; (3) failure to obtain
required consents or regulatory approvals in a timely manner or
otherwise; (4) the ability of Altus Power to successfully integrate
the acquisition of solar assets into its business and generate
profit from their operations; (5) the ability of Altus Power to
retain customers and maintain and expand relationships with
business partners, suppliers and customers; (6) the risk of
litigation and/or regulatory actions related to the proposed
acquisition of solar assets; and (7) the possibility that Altus
Power may be adversely affected by other economic, business,
regulatory, credit risk and/or competitive factors.
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” in Altus
Power’s Form 10-K filed with the Securities and Exchange Commission
on March 14th, 2024, 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 the information and assumptions
underlying such statement as we know it and on the date such
statement was made, and except as required by applicable law, 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.
About Altus Power
Altus Power, based in Stamford, Conn., is the largest commercial
scale provider of clean electric power serving commercial,
industrial, public sector and Community Solar customers with
end-to-end solutions. Altus Power originates, develops, owns and
operates locally-sited solar generation, energy storage and
charging infrastructure across the nation. Visit www.altuspower.com
to learn more.
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version on businesswire.com: https://www.businesswire.com/news/home/20241015818988/en/
Media Contact: Jenny Volanakis mediarelations@altuspower.com
Investor Contact: Alison Sternberg
investorrelations@altuspower.com
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