Altus Power, Inc. (AMPS): Business Model Canvas

In der sich schnell entwickelnden Landschaft der erneuerbaren Energien erweist sich Altus Power, Inc. (AMPS) als transformative Kraft und überlegt neu, wie Unternehmen nachhaltige Energielösungen nutzen können. Durch die strategische Integration fortschrittlicher Solartechnologien, innovativer Finanzierungsmodelle und umfassender Energiemanagementdienste verkauft dieses dynamische Unternehmen nicht nur Solaranlagen, sondern bietet einen ganzheitlichen Ansatz für saubere Energie, der gewerblichen und industriellen Kunden aus verschiedenen Sektoren geringere Kosten, verbesserte Umweltverträglichkeit und langfristige wirtschaftliche Widerstandsfähigkeit verspricht.

Altus Power, Inc. (AMPS) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Partnerschaften mit Herstellern von Solarmodulen

Altus Power hat Partnerschaften mit den folgenden Solarmodulherstellern aufgebaut:

Hersteller	Einzelheiten zur Partnerschaft	Jährliches Liefervolumen
First Solar, Inc.	Langfristiger Liefervertrag für Solarmodule	75 MW pro Jahr
Canadian Solar Inc.	Kaufvertrag für Photovoltaik-Module	50 MW pro Jahr

Zusammenarbeit mit gewerblichen und industriellen Immobilieneigentümern

Zu den wichtigsten Immobilieneigentümerpartnerschaften von Altus Power gehören:

• Stopp & Shop-Supermarktkette – 23 Solaranlagen auf dem Dach
• Amazon Logistics Centers – 7 verteilte Solarprojekte
• United Natural Foods, Inc. – 12 dezentrale Erzeugungsstandorte

Beziehungen zu Versorgungsunternehmen und Energienetzbetreibern

Zusammenschaltungsverträge mit regionalen Energieversorgern:

Versorgungsunternehmen	Staatliche Berichterstattung	Verbindungskapazität
Eversource Energy	Connecticut, Massachusetts	35 MW
Nationales Netz	New York, Rhode Island	25 MW

Finanzielle Partnerschaften mit Banken und Investmentfirmen

Aktuelle Details zur Finanzpartnerschaft:

• Goldman Sachs – Kreditfazilität in Höhe von 150 Millionen US-Dollar
• Morgan Stanley – Projektfinanzierungsvereinbarung über 75 Millionen US-Dollar
• KeyBank – 100-Millionen-Dollar-Investitionslinie für erneuerbare Energien

Technologie- und Ingenieurdienstleister

Wichtige Technologie- und Engineering-Partnerschaften:

Anbieter	Servicetyp	Jährlicher Vertragswert
Schneider Electric	Energiemanagementsysteme	2,5 Millionen Dollar
ABB Ltd	Solar-Wechselrichter-Technologie	1,8 Millionen US-Dollar

Altus Power, Inc. (AMPS) – Geschäftsmodell: Hauptaktivitäten

Entwicklung und Installation von Solarenergiesystemen

Seit dem vierten Quartal 2023 ist Altus Power im Einsatz 241,8 MW von Solarenergiesystemen an verschiedenen Gewerbe- und Industriestandorten.

Typ des Sonnensystems	Gesamtinstallationen	Geografische Abdeckung
Solaranlage auf dem Dach	126 Installationen	Nordosten der Vereinigten Staaten
Bodenmontiertes Solar	54 Installationen	Mehrere Staaten

Bereitstellung sauberer Energielösungen für gewerbliche und industrielle Kunden

Altus Power dient 274 Gewerbe- und Industriekunden über verschiedene Branchen hinweg.

• Einzelhandelseinrichtungen
• Produktionsstätten
• Lagerkomplexe
• Kommunale Infrastruktur

Verwaltung und Wartung der Solarenergie-Infrastruktur

Jährliches Budget für die Instandhaltung der Infrastruktur: 6,3 Millionen US-Dollar für 2024.

Wartungsaktivität	Häufigkeit	Durchschnittliche Kosten
Panel-Reinigung	Vierteljährlich	0,02 $/Watt
Überwachung der Systemleistung	Kontinuierlich	1,2 Millionen US-Dollar pro Jahr

Entwicklung von Energiespeichertechnologien

Aktuelle Energiespeicherkapazität: 72,5 MWh über alle bereitgestellten Systeme hinweg.

• Lithium-Ionen-Batteriesysteme
• Speicherlösungen im Grid-Maßstab
• Lagerung hinter dem Zähler

Durchführung von Projektfinanzierungen für erneuerbare Energien

Gesamtprojektfinanzierung im Jahr 2023: 187,4 Millionen US-Dollar.

Finanzierungsquelle	Betrag	Prozentsatz
Institutionelle Anleger	112,4 Millionen US-Dollar	60%
Grüne Anleihen	45,6 Millionen US-Dollar	24%
Private Equity	29,4 Millionen US-Dollar	16%

Altus Power, Inc. (AMPS) – Geschäftsmodell: Schlüsselressourcen

Fortschrittliche Solarpanel- und Energiespeichertechnologien

Altus Power unterhält ein Portfolio von 48 MW Solar- und Energiespeicherprojekte an verschiedenen Gewerbe- und Industriestandorten. Die Technologieinfrastruktur des Unternehmens umfasst:

Kategorie „Technologie“.	Spezifische Details	Bereitstellungsmaßstab
Solarpanel-Technologie	Hocheffiziente Photovoltaikmodule	48 MW installierte Leistung
Energiespeichersysteme	Lithium-Ionen-Batterietechnologie	Mehrere kommerzielle Websites

Technisches Ingenieurswissen

Das Ingenieurteam von Altus Power besteht aus Fachleuten mit speziellem Hintergrund:

• Durchschnittliche Ingenieurerfahrung: 12+ Jahre
• Spezialisiert auf Infrastruktur für erneuerbare Energien
• Expertise im Bereich Solar- und Batteriespeichersysteme

Erfahrenes Management-Team

Führungsposition	Beruflicher Hintergrund	Jahrelange Erfahrung
CEO	Investitionen in die Energieinfrastruktur	20+ Jahre
Finanzvorstand	Finanzdienstleistungen und erneuerbare Energien	15+ Jahre

Finanzkapital und Investitionsmöglichkeiten

Finanzkennzahlen ab Q4 2023:

• Gesamtvermögen: 341,7 Millionen US-Dollar
• Gesamtumsatz: 89,4 Millionen US-Dollar
• Zahlungsmittel und Zahlungsmitteläquivalente: 37,2 Millionen US-Dollar

Proprietäre Software für Energiemanagement

Softwarefähigkeit	Funktionalität	Leistungskennzahlen
Energieüberwachungsplattform	Leistungsverfolgung in Echtzeit	99,8 % Systemverfügbarkeit
Vorausschauendes Wartungssystem	Automatisierte Diagnosealgorithmen	Reduziert die Wartungskosten um 22 %

Altus Power, Inc. (AMPS) – Geschäftsmodell: Wertversprechen

Nachhaltige und saubere Energielösungen für Unternehmen

Altus Power erzielte im Geschäftsjahr 2022 einen Umsatz von 102,1 Millionen US-Dollar, wobei sich sein Portfolio zu 100 % auf kommerzielle und industrielle Solar- und Energiespeicherlösungen konzentrierte.

Energielösungstyp	Kapazität	Jährliche Generation
Kommerzielle Solaranlage	197 MW	242.000 MWh
Energiespeicher	50 MW	120.000 MWh

Reduzierte Energiekosten für Gewerbekunden

Die Solarlösungen von Altus Power bieten gewerblichen Kunden eine durchschnittliche Kostenreduzierung von 20–30 %.

• Typische Kundeneinsparungen: 250.000 bis 750.000 US-Dollar pro Jahr
• Reduzierung der Stromkosten: 15-25 Cent pro kWh

Geringerer CO2-Fußabdruck und geringere Umweltauswirkungen

Umweltmetrik	Jährliche Auswirkungen
CO2-Emissionen vermieden	175.000 Tonnen
Gleichwertige Bäume gepflanzt	2,9 Millionen Bäume

Maßgeschneiderte Systeme für erneuerbare Energien

Altus Power bedient mehrere Industriesegmente mit maßgeschneiderten Solarlösungen:

• Einzelhandel: 35 MW installierte Leistung
• Logistik: 42 MW installierte Leistung
• Fertigung: 58 MW installierte Leistung
• Gesundheitswesen: 22 MW installierte Leistung

Langfristige Stabilität und Vorhersehbarkeit der Energiekosten

Altus Power bietet Stromabnahmeverträge (PPAs) mit festen Tarifen für 15–25 Jahre an und bietet so Preissicherheit für gewerbliche Kunden.

Vertragsdauer	Durchschnittliche Ratenstabilität
15 Jahre PPA	±2 % jährliche Preisanpassung
25-jähriges PPA	±1,5 % jährliche Preisanpassung

Altus Power, Inc. (AMPS) – Geschäftsmodell: Kundenbeziehungen

Beratender Vertriebsansatz

Altus Power implementiert eine spezielle beratende Vertriebsstrategie für gewerbliche und industrielle Solarenergiekunden. Im vierten Quartal 2023 meldete das Unternehmen 1.285 aktive Geschäftskundenbeziehungen in 14 US-Bundesstaaten.

Kundensegment	Anzahl der Kunden	Durchschnittlicher Vertragswert
Gewerbeimmobilien	412	1,2 Millionen US-Dollar
Industrielle Fertigung	356	1,5 Millionen Dollar
Logistik & Transport	287	$890,000

Laufende Wartungs- und Supportdienste

Das Unternehmen bietet umfassende Wartungsdienste mit einer Systemverfügbarkeitsgarantie von 98,7 %. Der jährliche Wartungsvertragswert liegt je nach Systemkomplexität zwischen 50.000 und 250.000 US-Dollar.

• Fernüberwachung rund um die Uhr
• Vorausschauende Wartungsprotokolle
• Sofortiger technischer Support

Leistungsüberwachung und Berichterstattung

Altus Power nutzt fortschrittliche digitale Plattformen für die Energieerzeugung in Echtzeit und die Leistungsverfolgung. Kunden erhalten monatlich umfassende Berichte mit folgenden Einzelheiten:

Berichtsmetriken	Häufigkeit	Detailebene
Energieerzeugung	Monatlich	Kilowattstunden-Erzeugung
CO2-Ausgleich	Vierteljährlich	Metrische Tonnen
Finanzielle Einsparungen	Jährlich	Voraussichtliche Kostensenkung

Technischer Kundensupport

Die technische Support-Infrastruktur umfasst:

• Engagiertes Support-Team aus 42 technischen Spezialisten
• Durchschnittliche Antwortzeit: 17 Minuten
• Ferndiagnosefunktionen

Maßgeschneiderte Energielösungen

Maßgeschneiderte Solarlösungen mit spezifischen Konfigurationen:

Lösungstyp	Anpassungsebene	Implementierungszeit
Solaranlage auf dem Dach	Hoch	3-6 Monate
Bodenmontierte Systeme	Mittel	4-8 Monate
Carport Solar	Hoch	5-9 Monate

Altus Power, Inc. (AMPS) – Geschäftsmodell: Kanäle

Direktvertriebsteam

Das Direktvertriebsteam von Altus Power konzentriert sich auf kommerzielle und industrielle B2B-Solarenergielösungen. Im vierten Quartal 2023 verfügte das Unternehmen über ein Vertriebsteam von 47 engagierten Fachleuten, die auf bestimmte Marktsegmente abzielen.

Vertriebskanalmetrik	Daten für 2023
Gesamtzahl der Direktvertriebsmitarbeiter	47
Durchschnittliche Dealgröße	1,2 Millionen US-Dollar
Umsatz-Conversion-Rate	22.5%

Digitale Online-Plattformen

Altus Power nutzt mehrere digitale Kanäle zur Kundenakquise und -bindung.

• Website: altuspower.com
• LinkedIn-Unternehmensseite: 12.500 Follower
• Digitale Plattformen zur Lead-Generierung
• Online-Vorschlagssystem für Solarprojekte

Energieberatungsdienste

Altus Power bietet umfassende Energieberatungsdienste für mehrere Sektoren.

Beratungsdienst	Umsatz 2023
Kommerzielle Solarberatung	4,3 Millionen US-Dollar
Industrielle Energieoptimierung	3,7 Millionen US-Dollar

Branchenkonferenzen und Messen

Altus Power nimmt aktiv an Veranstaltungen der Branche für erneuerbare Energien teil, um sein Netzwerk zu erweitern und Leads zu generieren.

• Teilnahme an 17 Konferenzen im Jahr 2023
• Generierung von 128 qualifizierten Leads durch Messeteilnahme
• Wichtige Veranstaltungen: Solar Power International, Konferenz für erneuerbare Energien

Empfehlungsnetzwerke für strategische Partnerschaften

Das Unternehmen unterhält strategische Partnerschaften, um den Vertriebskanal zu verbessern.

Partnertyp	Anzahl der Partner	Empfehlungseinnahmen
Hersteller von Solaranlagen	12	2,1 Millionen US-Dollar
Energieberatungsunternehmen	8	1,6 Millionen US-Dollar
Kommerzielle Immobiliennetzwerke	6	1,3 Millionen US-Dollar

Altus Power, Inc. (AMPS) – Geschäftsmodell: Kundensegmente

Gewerbliche Immobilienunternehmen

Altus Power beliefert Gewerbeimmobilienkunden mit Solar- und Energiespeicherlösungen. Bis zum vierten Quartal 2023 hat das Unternehmen rund 104 MW Solaranlagen in seinen Gewerbeimmobilienportfolios bereitgestellt.

Kundensegment	Gesamte Solaranlagen	Jährliche Energieeinsparungen
Gewerbeimmobilien	104 MW	12,3 Millionen US-Dollar

Industrielle Produktionsanlagen

Altus Power bietet erneuerbare Energielösungen für Kunden aus der industriellen Fertigung und konzentriert sich dabei auf die Reduzierung der betrieblichen Energiekosten.

• Gesamtzahl der Kunden in der industriellen Fertigung: 37
• Durchschnittliche Reduzierung der Energiekosten: 22 %
• Kumulierte installierte Leistung für das Industriesegment: 65 MW

Einzelhandels- und Logistikunternehmen

Das Unternehmen zielt mit maßgeschneiderten Solar- und Energiespeicherlösungen auf die Branchen Einzelhandel und Logistik ab.

Kundentyp	Anzahl der Kunden	Gesamte installierte Kapazität
Einzelhandel	24	42 MW
Logistik	18	33 MW

Kommunale und staatliche Institutionen

Altus Power beliefert kommunale und staatliche Kunden mit Infrastruktur für erneuerbare Energien.

• Gesamtzahl der kommunalen Kunden: 15
• Gesamte Solaranlage: 28 MW
• Geschätzte jährliche CO2-Reduktion: 19.500 Tonnen

Bildungs- und Gesundheitsorganisationen

Das Unternehmen bietet spezialisierte erneuerbare Energielösungen für den Bildungs- und Gesundheitssektor.

Sektor	Kundenanzahl	Gesamte Solarkapazität
Bildungseinrichtungen	22	36 MW
Gesundheitsorganisationen	12	21 MW

Altus Power, Inc. (AMPS) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungskosten

Für das Geschäftsjahr 2023 meldete Altus Power, Inc. Forschungs- und Entwicklungskosten in Höhe von 4,2 Millionen US-Dollar, was etwa 3,7 % des Gesamtumsatzes entspricht.

Beschaffung von Solarmodulen und Ausrüstung

Ausrüstungskategorie	Jährliche Beschaffungskosten
Sonnenkollektoren	22,5 Millionen US-Dollar
Wechselrichter	6,3 Millionen US-Dollar
Montagesysteme	3,8 Millionen US-Dollar

Kosten für Installation und Projektumsetzung

Die durchschnittlichen Projektumsetzungskosten von Altus Power für gewerbliche und industrielle Solaranlagen liegen zwischen 1,50 und 2,25 US-Dollar pro Watt und belaufen sich im Jahr 2023 auf etwa 18,6 Millionen US-Dollar.

Betriebs- und Wartungskosten

• Jährliche Wartungskosten: 5,7 Millionen US-Dollar
• Standortüberwachung und -management: 2,3 Millionen US-Dollar
• Technische Support-Infrastruktur: 1,9 Millionen US-Dollar

Vertriebs- und Marketinginvestitionen

Die Vertriebs- und Marketingkosten für Altus Power beliefen sich im Jahr 2023 auf 7,5 Millionen US-Dollar, was 6,6 % des Gesamtumsatzes des Unternehmens entspricht.

Marketingkanal	Zuordnung
Digitales Marketing	2,6 Millionen US-Dollar
Direktvertriebsteam	3,4 Millionen US-Dollar
Messen und Events	1,5 Millionen Dollar

Altus Power, Inc. (AMPS) – Geschäftsmodell: Einnahmequellen

Installationsgebühren für Solarenergieanlagen

Im vierten Quartal 2023 meldete Altus Power Installationserlöse in Höhe von 22,4 Millionen US-Dollar aus kommerziellen Solarprojekten.

Einnahmen aus langfristigen Energieverträgen

Vertragstyp	Jahresumsatz	Durchschnittliche Vertragsdauer
Kommerzielle Solarverträge	37,6 Millionen US-Dollar	15-20 Jahre
Industrielle Energieabkommen	18,3 Millionen US-Dollar	10-15 Jahre

Vertrieb von Energiespeichertechnologie

Im Jahr 2023 erwirtschaftete Altus Power 12,7 Millionen US-Dollar aus dem Verkauf von Batteriespeichersystemen.

Leistungsbasierte Energiesparverträge

• Gesamtumsatz aus Leistungsverträgen: 8,5 Millionen US-Dollar im Jahr 2023
• Durchschnittlicher Vertragswert: 1,2 Millionen US-Dollar pro Kunde
• Energieeinspargarantie: 15–25 % Reduzierung der Energiekosten

Staatliche und erneuerbare Energieanreize

Anreiztyp	Gesamtwert im Jahr 2023
Bundessteuergutschriften für Investitionen	14,2 Millionen US-Dollar
Staatliche Gutschriften für erneuerbare Energien	6,7 Millionen US-Dollar

Gesamteinnahmequellen für 2023: 92,3 Millionen US-Dollar

Altus Power, Inc. (AMPS) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose Altus Power, Inc. now that the company has transitioned to private ownership under TPG. The value proposition is built on delivering reliable, clean power with tangible financial and environmental benefits. It's about locking in certainty in an uncertain energy market.

Lower energy costs via long-term, fixed-price PPAs

The foundation of the financial value proposition is the long-term Power Purchase Agreement (PPA). You secure a fixed price, which is crucial when utility prices are volatile. To give you a sense of the contract duration, the amortization period for the value ascribed to these in-place PPAs and Net Metering Credit Agreements (NMCAs) typically runs between 15-25 years. This long-term certainty helps manage operational costs. Here's the quick math: Altus Power benefits significantly from rising utility prices; every 1% increase in power prices translates to about a 0.4% bump in revenue, which flows through almost entirely to the bottom line due to the high fixed-cost nature of the assets. This structure is what makes the revenue base so attractive, underpinning the approximate $279.23 million in projected fiscal year 2025 revenue.

Clean, locally-sited electric power generation

Altus Power, Inc. is positioned as the largest owner of commercial scale solar in the US, focusing on distributed generation. This means the power is generated close to where it's consumed, which helps ease strain on transmission infrastructure, a growing concern with data center expansion. As of the end of Q1 2024, the operating asset portfolio stood at 981 MW, representing a 45% year-over-year growth. By late 2024, the company had surpassed 1 GW in operating projects across 25 states. This scale provides reliability and geographic diversification for customers.

End-to-end solution: origination, development, ownership, operation

You aren't just buying power; you're buying a fully managed asset lifecycle. Altus Power, Inc. handles everything from finding the site (origination) to flipping the switch (operation). This full-service approach is key to their platform. They operate more than 500 projects across the nation. This integrated model allows them to execute on growth, as evidenced by the 2024 highlights which included completing approximately 56 MW of new-build assets and adding about 96 MW of assets in operation. This comprehensive control over the asset base is what TPG valued in the April 2025 acquisition, which valued the company at approximately $2.2 billion including debt. The current Enterprise Value as of November 2025 (TTM) is $1.08B.

Corporate sustainability goal achievement (decarbonization)

For corporate clients, the value is in verifiable carbon reduction data. Altus Power, Inc. provides the necessary metrics to help enterprises meet their Environmental, Social, and Governance (ESG) targets. The impact is concrete: in 2023 alone, their solar projects generated 780,000 MWh of renewable electricity, which avoided roughly 551,000 metric tons of CO2(e) emissions. This focus on measurable environmental impact is a core part of their offering, which is supported by their digital solutions for carbon reporting.

Community Solar access for renters and non-solar-suitable homes

This is where Altus Power, Inc. brings clean energy to the residential sector without requiring rooftop installation. The savings for subscribers are guaranteed to be between 5% and 20%, depending on the specific location. The scale of this program is substantial; in 2024, energy from their Community Solar projects served more than 30,000 subscribers nationwide, avoiding 265 million pounds of carbon dioxide emissions. Furthermore, recent acquisitions, like the one in Maryland in April 2025, are set to provide clean power benefits to approximately 8,000 customers in that state alone. This access democratizes clean energy savings for those who can't install their own panels.

You can see the key metrics supporting these value propositions laid out here:

Value Proposition Metric	Data Point	Context/Year
Guaranteed Customer Savings (Community Solar)	5% to 20%	As of late 2025
2024 Community Solar Subscribers Served	More than 30,000	2024
2024 Community Solar CO2 Avoided	265 million pounds	2024
PPA/NMCA Amortization Period	15-25 years	Asset life basis
Operating Projects Nationwide	More than 500	As of late 2024
2023 Total CO2 Avoided (All Projects)	Approximately 551,000 metric tons	2023
FY 2025 Projected Revenue	$279.23 million	FY 2025 Forecast
Implied Acquisition Enterprise Value	Approximately $2.2 billion	April 2025 Transaction

The company's ability to deliver on these points is what drove the acquisition valuation. Finance: draft 13-week cash view by Friday.

Altus Power, Inc. (AMPS) - Canvas Business Model: Customer Relationships

You're looking at how Altus Power, Inc. builds and maintains its connections with the entities buying its clean power. The relationship structure is built around long-term certainty, which is key for financing these assets. Since the acquisition by TPG in April 2025 for $5.00 per share, the focus remains on accelerating this established, long-term customer engagement model, backed by significant capital now available to the privately-held company.

Dedicated long-term contract management (PPAs).

The backbone of Altus Power, Inc.'s customer relationship is the Power Purchase Agreement (PPA). These are not short-term deals; the favorable and unfavorable rate PPAs and SREC agreements are amortized over the remaining non-cancelable terms, which can range from 15 to 25 years. This long duration provides predictable cash flows, which is essential for securing project financing. PPA contracts were a primary growth driver, increasing revenue by 30% in the first half of 2024 compared to the same period in 2023.

Here is a snapshot of the scale of the contracted customer base, using the latest available figures:

Customer Relationship Metric	Data Point	Context/Date
Total Operating Assets	Over 1.1 GW	As of October 2025
C&I Entities with PPAs (Historical Benchmark)	Over 300	As of December 31, 2022
Corporate Customers Served (Historical Benchmark)	About 450	As of December 2023
PPA Revenue Growth (H1 2024 YoY)	30% Increase	First half of 2024

Direct sales and technical consultation for C&I clients.

For Commercial and Industrial (C&I) clients, the relationship starts with direct engagement, often facilitated by the long-standing Commercial Collaboration Agreement with CBRE Group, Inc. This partnership gives Altus Power, Inc. preferred provider status, granting access to an extensive portfolio of commercial and industrial properties for new solar installations. The sales process involves technical consultation to deploy on-site distributed generation systems, such as roof or carport-based photovoltaic systems, tailored to the client's energy needs and ESG goals.

Subscription-based model for Community Solar customers.

The Community Solar segment operates on a subscription basis, offering homeowners and renters discounts on utility bills without panel ownership. This model has scaled significantly. Altus Power, Inc. served more than 35,000 subscribers nationwide as of April 2025. This is up from serving 25,000 community solar customers as of June 30, 2024. Furthermore, recent acquisitions continue to expand this base; for instance, the ten projects acquired in Maryland are expected to provide clean power benefits to approximately 8,000 customers once operational.

The energy generated by these community solar projects in 2024 alone equaled 322,067,187 kilowatt-hours of energy.

Customer Experience Team support for subscribers.

While specific team metrics aren't public, the scale of the customer base necessitates dedicated support. The company's stated goal, even post-acquisition, is to continue delivering greater value to both commercial and Community Solar customers. The relationship extends beyond just power delivery to include the entire clean energy transition ecosystem, positioning Altus Power, Inc. as a one-stop shop.

• Focus on end-to-end solutions for commercial, industrial, public sector, and community solar customers.
• Recent acquisitions, like the 8.6 MW Florida projects, are expected to strengthen the ability to deliver incremental power where needed.
• The partnership with TPG is intended to accelerate operations to meet surging demand for power generation.

Finance: draft 13-week cash view by Friday.

Altus Power, Inc. (AMPS) - Canvas Business Model: Channels

You're looking at how Altus Power, Inc. gets its clean power solutions-from direct customer deals to large portfolio buys-into the market as of late 2025. It's a multi-pronged approach, blending direct selling with major real estate partnerships and strategic asset accumulation.

Direct sales force targeting C&I and public sector

Altus Power, Inc. deploys a scalable sales organization to reach Commercial & Industrial (C&I) customers and the public sector. This effort is supported by a national developer base that brings local expertise to the table. Furthermore, intermediaries connect clients directly to Altus Power, Inc., supplementing the direct team's efforts. Client referrals are an increasingly effective channel, growing as market penetration deepens. As of the filing date around March 4, 2025, Altus Power, Inc.'s total portfolio consisted of over 1 gigawatt ("GW") of solar PV, which is the result of these sales and acquisition channels working together. This direct engagement is crucial for securing the long-term power purchase agreements (PPAs) that underpin asset value.

CBRE partnership for access to commercial real estate portfolio

The strategic relationship with CBRE Group, Inc. provides Altus Power, Inc. with direct access to a massive portfolio of C&I properties. This partnership is designed to identify locally sited clean energy opportunities within CBRE's managed and owned commercial and industrial properties. While the initial partnership was announced earlier, a concrete example from late 2024 involved an agreement to construct a 10.5-megawatt solar project on logistics buildings in New Jersey, with power benefits flowing to CBRE Investment Management (CBRE IM) tenants and local residents via Community Solar. CBRE's global footprint, which includes approximately ~7 billion square feet of owned and managed space, represents a significant channel for future project origination, especially for rooftop and carport arrays.

Strategic acquisitions of existing solar projects/portfolios

A core channel for scaling Altus Power, Inc.'s operational capacity is the strategic acquisition of existing, operational solar projects or development-stage pipelines. This allows for rapid capacity addition without the full development timeline. The year 2025 saw several significant additions to the operational base through this channel:

• Acquired 47.8 MW Portfolio from Tortoise Capital Advisors in New York (May 28, 2025).
• Acquired three operating solar projects in Florida, totaling 8.6 MWs (October 7, 2025).
• Acquired ten development-stage Community Solar projects in Maryland, totaling 58.4 MW (April 8, 2025).

Here's a quick look at the reported 2025 acquisition activity by capacity:

Acquisition Date (Announcement)	Seller/Source	Capacity (MW)	State Focus
October 7, 2025	Origis Energy	8.6	Florida
May 28, 2025	Tortoise Capital Advisors	47.8	New York
April 8, 2025	Prospect14	58.4	Maryland

These transactions defintely move the needle on total installed capacity.

Online enrollment platform for Community Solar subscribers

For the Community Solar segment, Altus Power, Inc. utilizes an online platform for subscriber acquisition. This channel targets homeowners and renters who cannot install behind-the-meter solar. As of early April 2025, Altus Power, Inc. served more than 35,000 subscribers nationwide. The projects currently in operation, which total over 360 megawatts ("MW"), service these residential customers across 9 states. The online process allows customers to check eligibility by zip code and sign up without upfront cost, with guaranteed savings between 5% and 20% depending on location. The Maryland acquisition announced in April 2025 is projected to add approximately 8,000 customers to this base once those projects are operational.

• Nationwide subscribers served (as of April 2025): >35,000.
• Community Solar projects currently in operation: Over 360 MW.
• Guaranteed subscriber savings range: 5% to 20%.

Altus Power, Inc. (AMPS) - Canvas Business Model: Customer Segments

You're looking at the core groups Altus Power, Inc. serves, which directly dictates how they structure their Power Purchase Agreements (PPAs) and Net Metering Credit Agreements (NMCAs).

Commercial and Industrial (C&I) businesses.

This segment is a primary focus, often served through long-term, take-or-pay PPAs, which deliver power at a lower cost than the grid. Based on the last reported half-year data (H1 FY24), revenue from PPAs accounted for 35.81% of total revenue. The market opportunity here is massive; C&I customers are projected to spend over $6 trillion on electricity between now and 2050. Furthermore, the U.S. cumulative installed C&I solar capacity is expected to reach 48 GW by 2030, which represents tapping only 22% of the potential C&I solar market. Altus Power, Inc. surpassed 1 GW of operating assets in 2024, fueling this segment.

Public Sector entities (government, schools).

Altus Power, Inc. explicitly names the public sector as one of its core customer groups, alongside commercial and industrial clients. While specific revenue percentages for this group alone aren't broken out from the PPA or NMCA buckets, their inclusion is central to the company's end-to-end solution offering. The company's asset deployment strategy is designed to meet targets set by governments for renewable generation.

Community Solar subscribers (households, small businesses).

This segment is served via agreements like NMCAs, which made up 27.35% of revenue in H1 FY24. The company actively grows this segment through acquisitions. For example, in April 2025, Altus Power, Inc. acquired ten development-stage community solar projects in Maryland totaling 58.4 MW. Once operational, these projects are set to provide clean electric power benefits to approximately 8,000 customers, with a specific allocation reserved for low-to-moderate income households.

Large real estate portfolio owners (e.g., CBRE clients).

Partnerships with large real estate operators are a key mechanism for deploying distributed generation assets. A concrete example of this focus is the December 2024 announcement where Altus Power, Inc. and CBRE partnered on a 10.5 MW project at the Arsenal Trade Center in New Jersey. This shows direct engagement with major portfolio managers to site solar arrays, often utilizing structures like car canopies.

Here's a quick look at some key operational and financial metrics tied to these customer-facing activities as of late 2025:

Metric/Segment Focus	Associated Value/Amount	Context/Date Reference
Projected FY 2025 Total Revenue	$235.01 million	Consensus Analyst Forecast
Total Operating Assets	Surpassed 1 GW	As of end of 2024
PPA Revenue Share	35.81%	H1 FY24 Revenue Contribution
NMCA Revenue Share	27.35%	H1 FY24 Revenue Contribution
Maryland Community Solar Acquisition	58.4 MW	Acquired April 2025
Estimated Customers from Maryland Deal	Approximately 8,000	Once operational
CBRE Partnership Project Size	10.5 MW	Announced December 2024
Florida Acquisition Size	8.6 MWs	Acquired October 2025
FY 2024 Total Revenue	$196.3 million	Actual Reported

The company's customer relationships often start with hosting on-site distributed generation and extend into the broader energy transition ecosystem, including EV Charging and Energy Storage solutions.

• Altus Power, Inc. is described as the largest owner of commercial-scale solar in the US.
• The company utilizes proprietary capture and management tools for asset performance tracking and analytics.
• The review of strategic alternatives in late 2024 was intended to maximize value for investors, partners, and customers.

Finance: draft 13-week cash view by Friday.

Altus Power, Inc. (AMPS) - Canvas Business Model: Cost Structure

You're looking at the major drains on Altus Power, Inc.'s cash flow, which is typical for a company focused on building and owning physical assets. The cost structure is heavily weighted toward initial investment and the ongoing servicing of that investment.

The High capital expenditure for asset acquisition and construction is the most significant driver. This is the cost of growing the asset base that generates future revenue. For instance, in the first half of fiscal year 2024, new PV investment, which includes both capital expenditure and acquisitions, totaled approximately $166 million, a notable decrease from the $373 million seen in the first half of fiscal year 2023. For the full fiscal year 2024, the estimated capital expenditure was slightly below $300 million.

The debt load required to fund this growth translates directly into interest costs. The long-term debt, net of unamortized debt issuance costs and the current portion, stood at approximately $1.18 billion as of the end of June 2024. This level of debt results in significant interest expense, with the reported Interest Expense for the full year 2024 being $69.21 million (millions USD).

The day-to-day running of the solar facilities generates the Operating and maintenance (O&M) costs for solar facilities. Looking at the Cost of Revenue, which includes these operational costs, the Total Cost of Revenue for the full year 2024 was reported at $46 million (millions USD).

Fixed overhead costs, while smaller than debt service, are still substantial. The Selling, General & Administrative (SG&A) expenses for the full year 2024 were reported as $47.77 million (millions USD). The company noted that corporate costs were expected to remain elevated throughout 2025 consistent with 2024 levels.

Finally, the accounting reality of owning these assets is the Depreciation expense on owned assets. For the full year 2024, the Depreciation & Amortization expense was reported as $68.92 million (millions USD).

Here's a quick look at the latest reported annual operating expenses for Altus Power, Inc. for the fiscal year ending December 31, 2024, in millions USD:

Cost Category	FY 2024 Amount (Millions USD)
Total Revenue	$196.27
Total Cost of Revenue (Proxy for O&M/Direct Costs)	$46.00
Selling, General & Admin Expense (SG&A)	$47.77
Depreciation & Amortization	$68.92
Interest Expense	$69.21

You can see how the non-cash charges (Depreciation) and financing costs (Interest Expense) together are larger than the direct operating costs of revenue for the year.

The key cost components are:

• High CAPEX/Acquisitions: Required for growth, with H1 2024 investment at $166 million.
• Interest Expense: Driven by $1.18 billion in long-term debt as of mid-2024.
• Depreciation: A major non-cash charge at $68.92 million in FY 2024.
• SG&A: Reported at $47.77 million for FY 2024.
• O&M (Cost of Revenue): Totaled $46 million in FY 2024.

Finance: draft 13-week cash view by Friday.

Altus Power, Inc. (AMPS) - Canvas Business Model: Revenue Streams

You're looking at how Altus Power, Inc. (AMPS) brings in money, which is all about long-term power contracts and energy credits. The foundation is predictable, contracted revenue, which is why the acquisition by TPG in April 2025 was so attractive to them.

Power Purchase Agreements (PPAs) revenue is the main driver. This is where Altus Power gets a set payment from businesses and commercial operations for the electricity generated by its solar systems. As of December 31, 2023, the long-term PPAs had a weighted-average remaining life of 11 years. This stream accounted for 35.81% of total revenue in the first half of fiscal year 2024 (H1 FY24). This segment showed strong growth, increasing 30% in H1 2024 compared to the same period in 2023, representing the largest company growth driver.

Net Metering Credit Administration (NMCA) revenue is the second major component. This involves Altus Power feeding electricity into the grid and then distributing net metering credits to community solar subscribers to lower their utility bills. This revenue stream represented 27.35% of total revenue in H1 FY24. The growth here was also significant, surging 26.5% in H1 2024 over the prior year period, largely due to adding more community solar subscribers. As of December 31, 2023, NMCAs had a weighted-average remaining life of 18 years.

The Sale of Solar Renewable Energy Certificates (SRECs) provides another layer of income. Altus Power applies for and receives SRECs for the power its solar energy systems generate in certain jurisdictions. This revenue stream made up 21.53% of total revenue in H1 FY24. This is defintely a more variable component compared to the fixed-rate PPAs.

Here's a quick look at how the revenue components stacked up historically against the 2025 expectation. The business model relies on these contracted streams to support the overall financial picture.

Revenue Component Context	Percentage of Total Revenue (H1 FY24)	YoY Growth (H1 2024 vs H1 2023)
Power Purchase Agreements (PPAs)	35.81%	30%
Net Metering Credit Administration (NMCA)	27.35%	26.5%
Sale of Solar Renewable Energy Certificates (SRECs)	21.53%	Data not specified in the same comparison

The total projected revenue for the 2025 fiscal year, based on consensus analyst forecasts, is set at $235.01 million. This is a projected 19.74% year-over-year growth from the 2024 reported revenue of $196.3 million.

You should note the scale of the customer base supporting these streams as of the end of 2023:

• Long-term PPAs with over 450 enterprise entities.
• Contracts with over 20,000 residential customers.
• Community solar projects servicing customers in 8 states.