Altus Power, Inc. (NYSE:AMPS) Q1 2024 Earnings Call Transcript

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Chris Souther : And then maybe just I appreciate the slide on the seasonality of the business. Is this an illustrative like attic portfolio? Or have you guys baked in at that you’ve typically as far as the revenue distribution?

Dustin Weber: Chris, this is Dustin. So yes, we put out the ranges by quarter for revenue. This is meant to reflect a historic range of where things have fallen out in the past. So of course, that incorporates both seasonality from, as you put it, a static pool of assets as well as revenue from new assets that are added, which, of course, in any given year, as we add assets throughout the year, they’re going to those that are in earlier are going to contribute more to the full year revenue. And so the ranges that we put out are historical, but I think they can also be thought of as encompassing what we think a full year should look like.

Operator: Your next question comes from the line of Tate Sullivan from Maxim Group.

Tate Sullivan : Tate H. Sullivan Maxim Group LLC, Research Division – MD & Senior Industrials Analyst You mentioned on the progress update with the pipeline and understand your comments about reviewing it, but you do identify some opportunities with CBRE properties. Are you also working with partner Blackstone on any opportunities with their portfolio of companies? Or is most of the work with them on the access to financing.

Gregg Felton: So we have historically built assets for the Blackstone portfolio, particularly on the industrial rooftops. I’d say that our focus in terms of development activity has been oriented to working closely with CBRE to focus, frankly, on expansion of the customer base across the country and really look for the opportunity to engage in programmatic development. And as I mentioned, we are eager to find an increased pace and velocity of those opportunities, but CBRE has been an active partner, and we’ll be working closely with them as we continue to review avenues to increase the pace.

Tate Sullivan : And then following up on the community solar opportunity as part of the pipeline review, do you look at your community solar opportunity set related to your existing portfolio as well? Or will the growth mostly depend on new projects?

Gregg Felton: So we have a good chunk of our existing asset base that serves community solar customers today. And the predominance, again, of those contracts are the variable rate profile, which benefit from rising retail power prices. I think the 24,000 number that we captured and on Slide 5, we also show the 290 megawatts out of our 981 megawatts are serving community solar customers. But it’s also a big pipeline opportunity. The prime example that we use are sites where there isn’t demand on site. You can think of an industrial rooftop without the necessary demand inside the building, consistent with what that rooftop could support by way of generation or another example could be building on a landfill that might be capped where it’s an excellent use case to build solar on a cap landfill.

But obviously, there may not be demand at that landfill. So you’re thinking about community solar applications. So we’re looking at all of those types of opportunities. And of course, it’s a state-by-state analysis.

Operator: And speakers, we don’t have any questions on the line now. With that, ladies and gentlemen, this concludes today’s conference call. Thank you for your participation. You may now disconnect.

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