Altus Power Reports 26.5% Revenue Growth to $196.3 Million for Fiscal Year 2024

Altus Power, Inc. reported a significant increase in its financial performance for the fiscal year ending December 31, 2024, with net revenues reaching $196.3 million, a 26.5% increase from $155.2 million in 2023. The company achieved an operating income of $29.6 million, up 72.9% from the previous year, driven by a 38.4% increase in power generation, which rose from 780,943 megawatt hours (MWh) in 2023 to 1,080,906 MWh in 2024. Despite these gains, Altus recorded a net loss of $10.7 million, an improvement from a loss of $26.0 million in the prior year, indicating a narrowing of losses as the company continues to scale its operations.

The company has seen substantial growth in its customer base, with over 450 enterprise clients and contracts with more than 36,000 residential customers. Altus Power's portfolio now includes over 1 gigawatt (GW) of solar photovoltaic (PV) capacity, with operations spanning 25 states. The company has also expanded its geographic footprint and product offerings, including energy storage and electric vehicle (EV) charging solutions, which are expected to enhance its market position and customer engagement.

Strategically, Altus Power has been active in acquisitions, including the recent purchase of an 84 MW portfolio of solar facilities from Vitol for approximately $119.5 million, and a 121 MW portfolio from Project Hyperion for $121.7 million. These acquisitions are part of the company's strategy to grow its operational capacity and market share in the renewable energy sector. Additionally, Altus has entered into a merger agreement with TPG Global, LLC, which is expected to close in the second quarter of 2025, allowing the company to become a wholly owned subsidiary of TPG.

Operationally, Altus Power's employee count stood at 113 as of December 31, 2024, reflecting its commitment to building a robust workforce to support its growth initiatives. The company has also reported a weighted average capacity factor of 13.4% across its solar facilities, indicating effective utilization of its installed capacity. The company’s outlook remains positive, with expectations of continued growth driven by increasing demand for renewable energy solutions and supportive government policies, including tax incentives under the Inflation Reduction Act.

In summary, Altus Power, Inc. has demonstrated strong financial performance and strategic growth through acquisitions and an expanding customer base, while also preparing for a significant merger that could further enhance its market position in the renewable energy sector.