Law to accelerate and expand the market opportunity for commercial-scale solar and battery storage across the nation
STAMFORD, Conn.–(BUSINESS WIRE)–Altus Power, Inc. (NYSE: AMPS) (“Altus Power” or the “Company”), the premier independent developer, owner and operator of commercial-scale solar facilities, today issued a statement in support of the Inflation Reduction Act, recently signed into law by President Biden. Altus expects to utilize many of the provisions included in the new law. In addition, Altus Power believes the law provides significant indirect benefits to its business by incentivizing investment in domestic solar generation and battery storage supply chains, providing the potential for U.S. manufacturing to compete with offshore production.
“Our industry can now further strengthen investments in new solar, battery storage and EV charging thanks to the direct and long-term support provided by the Inflation Reduction Act,” commented Lars Norell, Altus Power’ Co-Chief Executive Officer. “We welcome the Act’s focus on domestic clean energy manufacturing and look forward to increased opportunities to purchase components for our solar assets domestically.”
Gregg Felton, Altus Power’s Co-Chief Executive Officer added, “We believe this law will significantly enhance the economic advantage of our renewable energy solutions for our customers and thereby substantially expand our addressable market opportunity.”
Altus Power highlights the following provisions as most significant to its opportunity set:
- Ten-year extension Investment Tax Credit (ITC) for solar, increased from 26% up to 30% of project costs
- New ten-year ITC for battery storage will accelerate adoption significantly
- Additional 20% ITC available for community solar projects serving at least 50% low-to-moderate income customers
- Additional 10% ITC available for projects built with at least 40% domestic content (rising to 55% starting in 2027)
- Interconnection costs now included in ITC-eligible project basis
About Altus Power, Inc.
Altus Power, based in Stamford, Connecticut, is the premier commercial-scale clean electrification company, serving commercial, industrial, public sector and community solar customers with an end-to-end solution. Altus Power originates, develops, owns and operates locally sited solar generation, energy storage, and EV charging infrastructure across 18 states from Vermont to Hawaii. Visit www.altuspower.com to learn more.
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Such forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Altus Power’s control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. These risks, uncertainties, assumptions and other important factors include, but are not limited to: (1) the ability of Altus Power to maintain its listing on the New York Stock Exchange; (2) the ability to recognize the anticipated benefits of the recently completed business combination and related transactions, which may be affected by, among other things, competition, the ability of Altus Power to grow and manage growth profitably, maintain relationships with customers, business partners, suppliers and agents and retain its management and key employees; (3) changes in applicable laws or regulations; (4) the possibility that Altus Power may be adversely affected by other economic, business, regulatory and/or competitive factors; and (5) the impact of COVID-19, inflationary pressures, and supply chain issues on Altus Power’s business.
Additional factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements can be found under the heading “Risk Factors” in Altus Power’s Form 10-K filed with the Securities and Exchange Commission on March 24th, 2022, as well as the other information we file with the Securities and Exchange Commission. New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect us. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made and the information and assumptions underlying such statement as we know it and on the date such statement was made, and Altus Power undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, changes in expectations, future events or otherwise.
This press release is not intended to be all-inclusive or to contain all the information that a person may desire in considering an investment in Altus Power and is not intended to form the basis of an investment decision in Altus Power. All subsequent written and oral forward-looking statements concerning Altus Power or other matters and attributable to Altus Power or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above.
Chris Shelton, Head of IR
Caldwell Bailey, ICR, Inc.