Altus Power, Inc. (AMPS): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage en évolution rapide des énergies renouvelables, Altus Power, Inc. (AMPS) apparaît comme une force transformatrice, réinventez la façon dont les entreprises peuvent exploiter des solutions de puissance durables. En intégrant stratégiquement les technologies solaires avancées, les modèles de financement innovants et les services complets de gestion de l'énergie, cette entreprise dynamique ne vend pas seulement des installations solaires - ils offrent une approche holistique de l'énergie propre qui promet des coûts réduits, une durabilité environnementale améliorée et à long terme Résilience économique pour les clients commerciaux et industriels dans divers secteurs.

Altus Power, Inc. (AMPS) - Modèle commercial: partenariats clés

Partenariats stratégiques avec les fabricants de panneaux solaires

Altus Power a établi des partenariats avec les fabricants de panneaux solaires suivants:

Fabricant	Détails du partenariat	Volume de l'offre annuelle
First Solar, Inc.	Contrat d'approvisionnement du module solaire à long terme	75 MW par an
Canadian Solar Inc.	Contrat d'approvisionnement en panneau photovoltaïque	50 MW par an

Collaborations avec des propriétaires fonciers commerciaux et industriels

Les partenariats principaux des propriétaires de biens d'Altus Power comprennent:

• Arrêt & Acheter la chaîne de supermarchés - 23 installations solaires sur le toit
• Centres de logistique Amazon - 7 projets solaires distribués
• United Natural Foods, Inc. - 12 sites de production distribuée

Relations avec les entreprises de services publics et les opérateurs de réseau énergétique

Accords d'interconnexion avec les services publics régionaux:

Entreprise de services publics	Couverture de l'État	Capacité d'interconnexion
Énergie eversource	Connecticut, Massachusetts	35 MW
Réseau national	New York, Rhode Island	25 MW

Partenariats financiers avec les banques et les sociétés d'investissement

Détails actuels du partenariat financier:

• Goldman Sachs - 150 millions de dollars facilité de crédit
• Morgan Stanley - Contrat de financement du projet de 75 millions de dollars
• KeyBank - 100 millions de dollars de ligne d'investissement en énergies renouvelables

Fournisseurs de services de technologie et d'ingénierie

Partenariats de technologie et d'ingénierie clés:

Fournisseur	Type de service	Valeur du contrat annuel
Schneider Electric	Systèmes de gestion de l'énergie	2,5 millions de dollars
ABB LTD	Technologie de l'onduleur solaire	1,8 million de dollars

Altus Power, Inc. (AMPS) - Modèle d'entreprise: activités clés

Développer et installer des systèmes d'énergie solaire

Depuis le quatrième trimestre 2023, Altus Power a déployé 241,8 MW des systèmes d'énergie solaire sur divers sites commerciaux et industriels.

Type de système solaire	Installations totales	Couverture géographique
Solaire sur le toit	126 installations	Nord-Est des États-Unis
Solaire au sol	54 installations	Plusieurs États

Fournir des solutions d'énergie propre pour les clients commerciaux et industriels

Altus Power sert 274 clients commerciaux et industriels dans divers secteurs.

• Installations de vente au détail
• Usines de fabrication
• Complexes d'entreposage
• Infrastructure municipale

Gérer et maintenir une infrastructure d'énergie solaire

Budget annuel de maintenance des infrastructures: 6,3 millions de dollars pour 2024.

Activité d'entretien	Fréquence	Coût moyen
Nettoyage des panneaux	Trimestriel	0,02 $ / watt
Surveillance des performances du système	Continu	1,2 million de dollars par an

Développer des technologies de stockage d'énergie

Capacité de stockage d'énergie actuelle: 72,5 MWh à travers les systèmes déployés.

• Systèmes de batterie lithium-ion
• Solutions de stockage à l'échelle de la grille
• Stockage en arrière

Exécution du financement du projet d'énergie renouvelable

Financement total du projet en 2023: 187,4 millions de dollars.

Source de financement	Montant	Pourcentage
Investisseurs institutionnels	112,4 millions de dollars	60%
Obligations vertes	45,6 millions de dollars	24%
Capital-investissement	29,4 millions de dollars	16%

Altus Power, Inc. (AMPS) - Modèle d'entreprise: Ressources clés

Panneaux solaires avancés et technologies de stockage d'énergie

Altus Power maintient un portefeuille de 48 MW de projets de stockage solaire et d'énergie sur divers sites commerciaux et industriels. L'infrastructure technologique de l'entreprise comprend:

Catégorie de technologie	Détails spécifiques	Échelle de déploiement
Technologie du panneau solaire	Modules photovoltaïques à haute efficacité	Capacité installée de 48 MW
Systèmes de stockage d'énergie	Technologie de batterie lithium-ion	Plusieurs sites commerciaux

Expertise en génie technique

L'équipe d'ingénierie d'Altus Power comprend des professionnels avec des arrière-plans spécialisés:

• Expérience d'ingénierie moyenne: plus de 12 ans
• Spécialisé dans les infrastructures d'énergie renouvelable
• Expertise dans les systèmes de stockage solaire et de batterie

Équipe de gestion expérimentée

Poste de direction	Contexte professionnel	Années d'expérience
PDG	Investissement d'infrastructure énergétique	20 ans et plus
Directeur financier	Services financiers et énergies renouvelables	15 ans et plus

Capacités de capital financier et d'investissement

Mesures financières auprès du quatrième trimestre 2023:

• Actif total: 341,7 millions de dollars
• Revenu total: 89,4 millions de dollars
• Equivalents en espèces et en espèces: 37,2 millions de dollars

Logiciel propriétaire pour la gestion de l'énergie

Capacité logicielle	Fonctionnalité	Métriques de performance
Plate-forme de surveillance de l'énergie	Suivi des performances en temps réel	99,8% de disponibilité du système
Système de maintenance prédictive	Algorithmes diagnostiques automatisés	Réduit les coûts de maintenance de 22%

Altus Power, Inc. (AMPS) - Modèle d'entreprise: propositions de valeur

Solutions d'énergie durable et propre pour les entreprises

ALTUS Power a généré 102,1 millions de dollars de revenus pour l'exercice 2022, avec 100% de leur portefeuille axé sur les solutions de stockage solaire et industrielles commerciales et industrielles.

Type de solution d'énergie	Capacité	Génération annuelle
Solaire commercial	197 MW	242 000 MWh
Stockage d'énergie	50 MW	120 000 MWh

Réduction des coûts énergétiques pour les clients commerciaux

Les solutions solaires d'Altus Power offrent une réduction moyenne des coûts de 20 à 30% pour les clients commerciaux.

• Économies de clients typiques: 250 000 $ - 750 000 $ par an
• Réduction des coûts d'électricité: 15-25 cents par kWh

Empreinte carbone plus faible et impact environnemental

Métrique environnementale	Impact annuel
Les émissions de CO2 évitées	175 000 tonnes métriques
Des arbres équivalents plantés	2,9 millions d'arbres

Systèmes d'énergie renouvelable personnalisés

Altus Power dessert plusieurs segments de l'industrie avec des solutions solaires sur mesure:

• Retail: 35 MW Capacité installée
• Logistique: 42 MW Capacité installée
• Fabrication: 58 MW Capacité installée
• Santé: 22 MW Capacité installée

Stabilité et prévisibilité des coûts énergétiques à long terme

Altus Power propose des accords d'achat d'électricité (APP) avec des tarifs fixes pendant 15-25 ans, fournissant une certitude des prix aux clients commerciaux.

Durée du contrat	Stabilité moyenne des taux
PPA de 15 ans	± 2% ajustement des prix annuels
PPA de 25 ans	± 1,5% ajustement des prix annuels

Altus Power, Inc. (AMPS) - Modèle d'entreprise: relations avec les clients

Approche de vente consultative

Altus Power met en œuvre une stratégie de vente consultative spécialisée ciblant les clients commerciaux et industriels d'énergie solaire. Au quatrième trimestre 2023, la société a signalé 1 285 relations avec les clients commerciaux actifs dans 14 États américains.

Segment de clientèle	Nombre de clients	Valeur du contrat moyen
Immobilier commercial	412	1,2 million de dollars
Fabrication industrielle	356	1,5 million de dollars
Logistique & Transport	287	$890,000

Services de maintenance et de soutien continus

La société fournit des services de maintenance complets avec une garantie de disponibilité du système de 98,7%. La valeur du contrat de maintenance annuel varie de 50 000 $ à 250 000 $ selon la complexité du système.

• Surveillance à distance 24/7
• Protocoles de maintenance prédictive
• Réponse immédiate Support technique

Surveillance et rapport des performances

Altus Power utilise des plates-formes numériques avancées pour la production d'énergie en temps réel et le suivi des performances. Les clients reçoivent des rapports complets mensuels détaillant:

Reporter des mesures	Fréquence	Niveau de détail
Production d'énergie	Mensuel	Génération de kilowattheurs
Décalage de carbone	Trimestriel	Tonnes métriques
Épargne financière	Annuellement	Réduction des coûts prévus

Support client technique

L'infrastructure de soutien technique comprend:

• Équipe de support dédiée de 42 spécialistes techniques
• Temps de réponse moyen: 17 minutes
• Capacités de diagnostic à distance

Solutions d'énergie sur mesure

Solutions solaires personnalisées avec des configurations spécifiques:

Type de solution	Niveau de personnalisation	Temps de mise en œuvre
Solaire sur le toit	Haut	3-6 mois
Systèmes de montage au sol	Moyen	4-8 mois
Solaire d'auto	Haut	5-9 mois

Altus Power, Inc. (AMPS) - Modèle d'entreprise: canaux

Équipe de vente directe

L'équipe de vente directe d'Altus Power se concentre sur les solutions d'énergie solaire commerciale et industrielle B2B. Au quatrième trimestre 2023, la société a signalé une équipe de vente de 47 professionnels dévoués ciblant des segments de marché spécifiques.

Métrique du canal de vente	2023 données
Représentants totaux des ventes directes	47
Taille moyenne de l'accord	1,2 million de dollars
Taux de conversion des ventes	22.5%

Plateformes numériques en ligne

Altus Power utilise plusieurs canaux numériques pour l'acquisition et l'engagement des clients.

• Site Web: Altuspower.com
• Page de l'entreprise LinkedIn: 12 500 abonnés
• Plates-formes de génération de leads numériques
• Système de proposition de projet solaire en ligne

Services de conseil en énergie

Altus Power fournit des services de conseil en énergie complet dans plusieurs secteurs.

Service de conseil	Revenus de 2023
Conseil solaire commercial	4,3 millions de dollars
Optimisation de l'énergie industrielle	3,7 millions de dollars

Conférences et salons commerciaux de l'industrie

Altus Power participe activement aux événements de l'industrie des énergies renouvelables pour étendre le réseau et générer des prospects.

• Assisté à 17 conférences en 2023
• Généré 128 pistes qualifiées par la participation des salons commerciaux
• Événements clés: Solar Power International, Conférence des énergies renouvelables

Réseaux de référence de partenariat stratégique

La société maintient des partenariats stratégiques pour améliorer la distribution des canaux.

Type de partenaire	Nombre de partenaires	Revenus de référence
Fabricants d'équipements solaires	12	2,1 millions de dollars
Sociétés de conseil en énergie	8	1,6 million de dollars
Réseaux immobiliers commerciaux	6	1,3 million de dollars

Altus Power, Inc. (AMPS) - Modèle d'entreprise: segments de clientèle

Sociétés immobilières commerciales

Altus Power dessert des clients immobiliers commerciaux avec des solutions de stockage solaire et d'énergie. Au quatrième trimestre 2023, la société a déployé environ 104 MW d'actifs solaires sur des portefeuilles immobiliers commerciaux.

Segment de clientèle	Installations solaires totales	Économies d'énergie annuelles
Immobilier commercial	104 MW	12,3 millions de dollars

Installations de fabrication industrielle

Altus Power fournit des solutions d'énergie renouvelable pour les clients de fabrication industrielle, en se concentrant sur la réduction des coûts énergétiques opérationnels.

• Clients de fabrication industrielle totale: 37
• Réduction moyenne des coûts d'énergie: 22%
• Capacité installée cumulée pour le segment industriel: 65 MW

Business de vente au détail et de logistique

La société cible les secteurs de la vente au détail et de la logistique avec des solutions de stockage solaire et d'énergie personnalisées.

Type de client	Nombre de clients	Capacité installée totale
Vente au détail	24	42 MW
Logistique	18	33 MW

Institutions municipales et gouvernementales

Altus Power sert des clients municipaux et gouvernementaux atteints d'infrastructures d'énergie renouvelable.

• Clients municipaux totaux: 15
• Installation solaire agrégée: 28 MW
• Réduction annuelle du carbone estimée: 19 500 tonnes métriques

Organisations éducatives et de soins de santé

L'entreprise propose des solutions spécialisées en énergies renouvelables pour les secteurs de l'éducation et des soins de santé.

Secteur	Compte de clientèle	Capacité solaire totale
Établissements d'enseignement	22	36 MW
Organisations de soins de santé	12	21 MW

Altus Power, Inc. (AMPS) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, Altus Power, Inc. a déclaré des frais de recherche et de développement de 4,2 millions de dollars, ce qui représente environ 3,7% des revenus totaux.

Approvisionnement en panneau solaire et en équipement

Catégorie d'équipement	Coût d'achat annuel
Panneaux solaires	22,5 millions de dollars
Onduleur	6,3 millions de dollars
Systèmes de montage	3,8 millions de dollars

Coûts d'installation et de mise en œuvre du projet

Les coûts moyens de mise en œuvre du projet d'Altus Power pour les installations solaires commerciaux et industriels se situent entre 1,50 $ et 2,25 $ par Watt, totalisant environ 18,6 millions de dollars en 2023.

Frais opérationnels et d'entretien

• Coûts de maintenance annuels: 5,7 millions de dollars
• Surveillance et gestion du site: 2,3 millions de dollars
• Infrastructure de support technique: 1,9 million de dollars

Investissements de vente et de marketing

Les dépenses de vente et de marketing pour Altus Power en 2023 étaient de 7,5 millions de dollars, ce qui représente 6,6% du total des revenus de l'entreprise.

Canal de marketing	Allocation
Marketing numérique	2,6 millions de dollars
Équipe de vente directe	3,4 millions de dollars
Salons et événements	1,5 million de dollars

Altus Power, Inc. (AMPS) - Modèle d'entreprise: Strots de revenus

Frais d'installation du système d'énergie solaire

Au quatrième trimestre 2023, Altus Power a rapporté des revenus d'installation de 22,4 millions de dollars provenant de projets solaires commerciaux.

Revenus de contrats énergétiques à long terme

Type de contrat	Revenus annuels	Durée du contrat moyen
Contrats solaires commerciaux	37,6 millions de dollars	15-20 ans
Accords énergétiques industriels	18,3 millions de dollars	10-15 ans

Ventes de technologies de stockage d'énergie

En 2023, Altus Power a généré 12,7 millions de dollars à partir des ventes de systèmes de stockage de batterie.

Contrats d'économie d'énergie basés sur les performances

• Revenus totaux de contrat de performance: 8,5 millions de dollars en 2023
• Valeur du contrat moyen: 1,2 million de dollars par client
• Garantie d'épargne énergétique: 15-25% de réduction des coûts énergétiques

Incitations au gouvernement et aux énergies renouvelables

Type d'incitation	Valeur totale en 2023
Crédits d'impôt fédéral d'investissement	14,2 millions de dollars
État des crédits d'énergie renouvelable	6,7 millions de dollars

Total des sources de revenus pour 2023: 92,3 millions de dollars

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.