Altus Power Inc has commenced a strategic review aimed at enhancing shareholder value and improving capital access. This evaluation is led by the company's board of directors with guidance from Moelis & Company LLC and Latham & Watkins, expected to conclude in the first half of 2025.
In a statement, the Stamford, Connecticut-based clean electricity provider expressed uncertainty about the potential outcomes of the review, emphasizing the current disparity between its share price and intrinsic value.
Christine Detrick, board chair, indicated that exploring alternative ownership structures could be a prudent step to maximize value for stakeholders.
The company reaffirmed its 2024 fiscal guidance, projecting revenues between USD 196 million and USD 201 million and adjusted EBITDA of USD 111 million to USD 115 million.
In the second quarter, Altus Power reported a 13% year-on-year revenue increase to USD 52.5 million and a 2% rise in EBITDA to USD 31.2 million.
As of June 30, Altus Power's long-term net debt reached USD 1.18 billion, with a current portion of approximately USD 73.6 million, marking an increase from USD 39.6 million the previous year. The company operates a portfolio exceeding 1 GW across more than 500 projects in 25 states.
Altus Power's shares fell 4.13% to USD 3.02 on Tuesday, reflecting a market capitalization of around USD 483 million.
