Altus Power, Inc. (AMPS): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama de energía renovable en rápida evolución, Altus Power, Inc. (AMP) emerge como una fuerza transformadora, reinventando cómo las empresas pueden aprovechar las soluciones de energía sostenible. Al integrar estratégicamente las tecnologías solares avanzadas, los modelos de financiamiento innovadores y los servicios integrales de gestión de energía, esta compañía dinámica no solo vende instalaciones solares, sino que ofrecen un enfoque holístico para la energía limpia que promete costos reducidos, sostenibilidad ambiental mejorada y a largo plazo Resiliencia económica para clientes comerciales e industriales en diversos sectores.

Altus Power, Inc. (AMP) - Modelo de negocio: asociaciones clave

Asociaciones estratégicas con fabricantes de paneles solares

Altus Power ha establecido asociaciones con los siguientes fabricantes de paneles solares:

Fabricante	Detalles de la asociación	Volumen de suministro anual
First Solar, Inc.	Acuerdo de suministro de módulo solar a largo plazo	75 MW por año
Canadian Solar Inc.	Contrato de adquisición de panel fotovoltaico	50 MW por año

Colaboraciones con propietarios comerciales e industriales

Las asociaciones de propietarios clave de Altus Power incluyen:

• Detener & Cadena de supermercados de la tienda - 23 instalaciones solares en la azotea
• Centros de logística de Amazon: 7 proyectos solares distribuidos
• United Natural Foods, Inc. - 12 sitios de generación distribuida

Relaciones con compañías de servicios públicos y operadores de red de energía

Acuerdos de interconexión con utilidades regionales:

Empresa de servicios públicos	Cobertura estatal	Capacidad de interconexión
Eversource Energy	Connecticut, Massachusetts	35 MW
Cuadrícula nacional	Nueva York, Rhode Island	25 MW

Asociaciones financieras con bancos y empresas de inversión

Detalles actuales de la asociación financiera:

• Goldman Sachs - Capacidad de crédito de $ 150 millones
• Morgan Stanley - Acuerdo de financiamiento del proyecto de $ 75 millones
• KeyBank - Línea de inversión de energía renovable de $ 100 millones

Proveedores de servicios de tecnología e ingeniería

Asociaciones clave de tecnología e ingeniería:

Proveedor	Tipo de servicio	Valor anual del contrato
Schneider Electric	Sistemas de gestión de energía	$ 2.5 millones
ABB LTD	Tecnología del inversor solar	$ 1.8 millones

Altus Power, Inc. (AMP) - Modelo de negocio: actividades clave

Desarrollar e instalar sistemas de energía solar

A partir del cuarto trimestre de 2023, Altus Power se ha desplegado 241.8 MW de sistemas de energía solar en varios sitios comerciales e industriales.

Tipo de sistema solar	Instalaciones totales	Cobertura geográfica
Solar en la azotea	126 instalaciones	Nordeste de los Estados Unidos
Solar de montaje en el suelo	54 instalaciones	Múltiples estados

Proporcionar soluciones de energía limpia para clientes comerciales e industriales

Altus Power sirve 274 clientes comerciales e industriales en varios sectores.

• Instalaciones minoristas
• Plantas de fabricación
• Complejos de almacenamiento
• Infraestructura municipal

Gestión y mantenimiento de la infraestructura de energía solar

Presupuesto anual de mantenimiento de la infraestructura: $ 6.3 millones para 2024.

Actividad de mantenimiento	Frecuencia	Costo promedio
Limpieza de paneles	Trimestral	$ 0.02/vatio
Monitoreo del rendimiento del sistema	Continuo	$ 1.2 millones anualmente

Desarrollo de tecnologías de almacenamiento de energía

Capacidad actual de almacenamiento de energía: 72.5 MWh a través de sistemas implementados.

• Sistemas de batería de iones de litio
• Soluciones de almacenamiento a escala de cuadrícula
• Almacenamiento detrás del metro

Ejecución del financiamiento del proyecto de energía renovable

Financiamiento total de proyectos en 2023: $ 187.4 millones.

Fuente de financiamiento	Cantidad	Porcentaje
Inversores institucionales	$ 112.4 millones	60%
Enlaces verdes	$ 45.6 millones	24%
Capital privado	$ 29.4 millones	16%

Altus Power, Inc. (AMP) - Modelo de negocio: recursos clave

Panel solar avanzado y tecnologías de almacenamiento de energía

Altus Power mantiene una cartera de 48 MW de proyectos de almacenamiento solar y de energía en varios sitios comerciales e industriales. La infraestructura tecnológica de la compañía incluye:

Categoría de tecnología	Detalles específicos	Escala de implementación
Tecnología de panel solar	Módulos fotovoltaicos de alta eficiencia	Capacidad instalada de 48 MW
Sistemas de almacenamiento de energía	Tecnología de batería de iones de litio	Múltiples sitios comerciales

Experiencia en ingeniería técnica

El equipo de ingeniería de Altus Power comprende profesionales con antecedentes especializados:

• Experiencia promedio de ingeniería: más de 12 años
• Especializado en infraestructura de energía renovable
• Experiencia en sistemas de almacenamiento solar y de baterías

Equipo de gestión experimentado

Posición de liderazgo	Antecedentes profesionales	Años de experiencia
CEO	Inversión de infraestructura energética	Más de 20 años
director de Finanzas	Servicios financieros y energía renovable	Más de 15 años

Capacidades de capital financiero y de inversión

Métricas financieras a partir del cuarto trimestre 2023:

• Activos totales: $ 341.7 millones
• Ingresos totales: $ 89.4 millones
• Equivalentes en efectivo y efectivo: $ 37.2 millones

Software patentado para la gestión de la energía

Capacidad de software	Funcionalidad	Métricas de rendimiento
Plataforma de monitoreo de energía	Seguimiento de rendimiento en tiempo real	99.8% de tiempo de actividad del sistema
Sistema de mantenimiento predictivo	Algoritmos de diagnóstico automatizados	Reduce los costos de mantenimiento en un 22%

Altus Power, Inc. (AMP) - Modelo de negocio: propuestas de valor

Soluciones de energía sostenible y limpia para empresas

Altus Power generó $ 102.1 millones en ingresos para el año fiscal 2022, con el 100% de su cartera enfocada en soluciones de almacenamiento solar y de energía comercial e industrial.

Tipo de solución de energía	Capacidad	Generación anual
Solar comercial	197 MW	242,000 MWh
Almacenamiento de energía	50 MW	120,000 MWh

Costos de energía reducidos para clientes comerciales

Las soluciones solares de Altus Power proporcionan una reducción promedio de costos del 20-30% para los clientes comerciales.

• Ahorro típico del cliente: $ 250,000 - $ 750,000 anualmente
• Reducción de costos de electricidad: 15-25 centavos por kWh

Huella de carbono inferior e impacto ambiental

Métrica ambiental	Impacto anual
Emisiones de CO2 evitadas	175,000 toneladas métricas
Árboles equivalentes plantados	2.9 millones de árboles

Sistemas de energía renovable personalizadas

Altus Power atiende a múltiples segmentos de la industria con soluciones solares a medida:

• Minorista: Capacidad instalada de 35 MW
• Logística: Capacidad instalada de 42 MW
• Fabricación: 58 MW Capacidad instalada
• Salud: 22 MW Capacidad instalada

Estabilidad y previsibilidad del costo de energía a largo plazo

Altus Power ofrece acuerdos de compra de energía (PPA) con tarifas fijas durante 15-25 años, proporcionando certeza de precios para los clientes comerciales.

Duración del contrato	Estabilidad de la tasa promedio
PPA de 15 años	± 2% de ajuste anual de precios
PPA de 25 años	± 1.5% Ajuste anual de precios

Altus Power, Inc. (AMP) - Modelo de negocio: relaciones con los clientes

Enfoque de ventas consultivas

Altus Power implementa una estrategia de ventas consultiva especializada dirigida a clientes de energía solar comercial e industrial. A partir del cuarto trimestre de 2023, la compañía reportó 1,285 relaciones activas de clientes comerciales en 14 estados de EE. UU.

Segmento de clientes	Número de clientes	Valor de contrato promedio
Inmobiliario comercial	412	$ 1.2 millones
Fabricación industrial	356	$ 1.5 millones
Logística & Transporte	287	$890,000

Servicios continuos de mantenimiento y soporte

La compañía proporciona servicios de mantenimiento integrales con una garantía de tiempo de actividad del sistema del 98.7%. El valor de contrato de mantenimiento anual varía de $ 50,000 a $ 250,000 dependiendo de la complejidad del sistema.

• Monitoreo remoto 24/7
• Protocolos de mantenimiento predictivo
• Soporte técnico de respuesta inmediata

Monitoreo e informes del rendimiento

Altus Power utiliza plataformas digitales avanzadas para la generación de energía en tiempo real y el seguimiento de rendimiento. Los clientes reciben informes integrales mensuales detallados:

Métricas de informes	Frecuencia	Nivel de detalle
Producción de energía	Mensual	Generación de kilovatios
Compensación de carbono	Trimestral	Toneladas métricas
Ahorros financieros	Anualmente	Reducción de costos proyectados

Atención al cliente técnica

La infraestructura de soporte técnico incluye:

• Equipo de apoyo dedicado de 42 especialistas técnicos
• Tiempo de respuesta promedio: 17 minutos
• Capacidades de diagnóstico remoto

Soluciones de energía a medida

Soluciones solares personalizadas con configuraciones específicas:

Tipo de solución	Nivel de personalización	Tiempo de implementación
Solar en la azotea	Alto	3-6 meses
Sistemas de montaje en el suelo	Medio	4-8 meses
Talla solar	Alto	5-9 meses

Altus Power, Inc. (AMP) - Modelo de negocio: canales

Equipo de ventas directas

El equipo de ventas directas de Altus Power se centra en las soluciones de energía solar comercial e industrial B2B. A partir del cuarto trimestre de 2023, la compañía informó un equipo de ventas de 47 profesionales dedicados dirigidos a segmentos de mercado específicos.

Métrico de canal de ventas	2023 datos
Representantes de ventas directas totales	47
Tamaño de trato promedio	$ 1.2 millones
Tasa de conversión de ventas	22.5%

Plataformas digitales en línea

Altus Power utiliza múltiples canales digitales para la adquisición y participación del cliente.

• Sitio web: Altuspower.com
• Página de la empresa de LinkedIn: 12,500 seguidores
• Plataformas de generación de leads digitales
• Sistema de propuestas de proyectos solares en línea

Servicios de consultoría de energía

Altus Power ofrece servicios integrales de consultoría de energía en múltiples sectores.

Servicio de consultoría	2023 ingresos
Consultoría solar comercial	$ 4.3 millones
Optimización de energía industrial	$ 3.7 millones

Conferencias de la industria y ferias comerciales

Altus Power participa activamente en eventos de la industria de energía renovable para expandir la red y generar clientes potenciales.

• Asistió a 17 conferencias en 2023
• Generó 128 clientes potenciales calificados a través de la participación de la feria comercial
• Eventos clave: Solar Power International, conferencia de energía renovable

Redes de referencia de asociación estratégica

La compañía mantiene asociaciones estratégicas para mejorar la distribución de canales.

Tipo de socio	Número de socios	Ingreso de referencia
Fabricantes de equipos solares	12	$ 2.1 millones
Empresas de consultoría de energía	8	$ 1.6 millones
Redes de bienes raíces comerciales	6	$ 1.3 millones

Altus Power, Inc. (AMP) - Modelo de negocio: segmentos de clientes

Empresas de bienes raíces comerciales

Altus Power atiende a clientes de bienes raíces comerciales con soluciones de almacenamiento de energía solar y energía. A partir del cuarto trimestre de 2023, la compañía ha desplegado aproximadamente 104 MW de activos solares en carteras de bienes raíces comerciales.

Segmento de clientes	Instalaciones solares totales	Ahorro anual de energía
Inmobiliario comercial	104 MW	$ 12.3 millones

Instalaciones de fabricación industrial

Altus Power proporciona soluciones de energía renovable para clientes de fabricación industrial, centrándose en reducir los costos de energía operativa.

• Clientes de fabricación industrial total: 37
• Reducción promedio de costos de energía: 22%
• Capacidad instalada acumulada para segmento industrial: 65 MW

Negocios minoristas y de logística

La compañía se dirige a los sectores minoristas y de logística con soluciones personalizadas de almacenamiento de energía solar y energía.

Tipo de cliente	Número de clientes	Capacidad instalada total
Minorista	24	42 MW
Logística	18	33 MW

Instituciones municipales y gubernamentales

Altus Power sirve a clientes municipales y gubernamentales con infraestructura de energía renovable.

• Total de clientes municipales: 15
• Instalación solar agregada: 28 MW
• Reducción estimada de carbono anual: 19,500 toneladas métricas

Organizaciones educativas y de salud

La compañía ofrece soluciones especializadas de energía renovable para sectores educativos y de atención médica.

Sector	Recuento de clientes	Capacidad solar total
Instituciones educativas	22	36 MW
Organizaciones de atención médica	12	21 MW

Altus Power, Inc. (AMP) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, Altus Power, Inc. reportó gastos de investigación y desarrollo de $ 4.2 millones, lo que representa aproximadamente el 3.7% de los ingresos totales.

Panel solar y adquisición de equipos

Categoría de equipo	Costo de adquisición anual
Paneles solares	$ 22.5 millones
Inversores	$ 6.3 millones
Sistemas de montaje	$ 3.8 millones

Costos de implementación de instalación y proyecto

Los costos promedio de implementación del proyecto de Altus Power para instalaciones solares comerciales e industriales oscilan entre $ 1.50 y $ 2.25 por vatio, por un total de aproximadamente $ 18.6 millones en 2023.

Gastos operativos y de mantenimiento

• Costos de mantenimiento anual: $ 5.7 millones
• Monitoreo y gestión del sitio: $ 2.3 millones
• Infraestructura de soporte técnico: $ 1.9 millones

Inversiones de ventas y marketing

Los gastos de ventas y marketing para Altus Power en 2023 fueron de $ 7.5 millones, lo que representa el 6.6% de los ingresos totales de la compañía.

Canal de marketing	Asignación
Marketing digital	$ 2.6 millones
Equipo de ventas directas	$ 3.4 millones
Ferias y eventos comerciales	$ 1.5 millones

Altus Power, Inc. (AMP) - Modelo de negocio: flujos de ingresos

Tarifas de instalación del sistema de energía solar

A partir del cuarto trimestre de 2023, Altus Power reportó ingresos por instalación de $ 22.4 millones de proyectos solares comerciales.

Ingresos del contrato de energía a largo plazo

Tipo de contrato	Ingresos anuales	Duración promedio del contrato
Contratos solares comerciales	$ 37.6 millones	15-20 años
Acuerdos de energía industrial	$ 18.3 millones	10-15 años

Ventas de tecnología de almacenamiento de energía

En 2023, Altus Power generó $ 12.7 millones a partir de las ventas del sistema de almacenamiento de baterías.

Contratos de ahorro de energía basados ​​en el rendimiento

• Ingresos del contrato de rendimiento total: $ 8.5 millones en 2023
• Valor promedio del contrato: $ 1.2 millones por cliente
• Garantía de ahorro de energía: reducción del 15-25% en los costos de energía

Incentivos gubernamentales y de energía renovable

Tipo de incentivo	Valor total en 2023
Créditos fiscales de inversión federales	$ 14.2 millones
Créditos estatales de energía renovable	$ 6.7 millones

Flujos de ingresos totales para 2023: $ 92.3 millones

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.