Altus Power Gains; Buys 97MW Of Operating Solar Assets

(RTTNews) - Shares of Altus Power, Inc. (AMPS) are up more than 8% Tuesday morning.

The company today announced its decision to acquire about 97 megawatts (MW) of operating solar assets for approximately $220 million.

"Altus Power's portfolio of solar and storage assets expected to grow to approximately 466 megawatts across 22 states," the company said.

The largest of these portfolios includes 88 MW of generating assets and the acquisition is scheduled to conclude in the coming weeks.

These commercial and industrial (C&I)-scale assets include rooftop, ground and carport-mounted solar arrays and deliver clean electricity under long-term contracts to predominantly investment-grade customers, the company said.

AMPS is at $12.87 currently. It has traded in the range of $4.26-$13.12 in the last 1 year.