TrueGreen Acquisition
10-K - Mar 24, 2022
On August 25, 2021, APA Finance, LLC, a wholly-owned subsidiary of the Company, acquired a 79 MW portfolio of twenty eight solar energy facilities operating across seven U.S. states. The portfolio ...
SE‑ClusterEnvironmental Services
Tear SheetSource: SEC EDGAR
Altus Power, Inc.
AMPSActiveCIK 1828723 · Renewables, RNG & Sustainability Infrastructure
N/A
Market data as of N/A
Financials: LTM / latest available company filings
Sources: FMP, AMPS filings, SEC EDGAR
$801
Market cap ($MM)
$1,078
Enterprise value ($MM)
$196
Revenue · LTM ($MM)
$142
EBITDA · LTM ($MM)
72%
EBITDA margin
5.5x
EV / revenue
7.6x
EV / EBITDA
NM
Net debt / EBITDA
Coverage
Coverage view
The analytical read on the name and the balance-sheet capacity behind the program.
Key points
- 01AMPS is a scaled public consolidator in Renewables & RNG, a benchmark for how the sub-sector buys, pays, and trades.
- 02The relevant peer set is AMRC, NEE, CWEN, BEP, BEPC, ORA.
Balance sheet & capacity
Indicative capacity read: public-market scale of $1.1B enterprise value against $196MM revenue.
N/A
Cash & equiv. ($MM)
N/A
Total debt ($MM)
N/A
Net debt ($MM)
NM
Net debt / EBITDA
Valuation
Where it trades against its peer set
AMPS versus the scaled public Renewables, RNG & Sustainability Infrastructure comparables.
Indexed share-price performance
AMPS versus available Renewables, RNG & Sustainability Infrastructure peers and SPY.
-50%
AMPS
N/A
Peer med.
+46%
SPY
Indexed to 100 from Feb 26, 2021 through Apr 15, 2025. Source: FMP month-end close history.
| Company | Ticker | Revenue ($MM) | EBITDA ($MM) | Margin | Market cap ($MM) | EV ($MM) | EV / rev | EV / EBITDA | Net debt / EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| Altus Power, Inc. | AMPS | $196 | $142 | 72% | $801 | $1,078 | 5.5x | 7.6x | NM |
Financials via Financial Modeling Prep (SEC-derived TTM). EV/EBITDA distribution: each dot a live peer, band = interquartile range, line = median. Impossible values (EBITDA > revenue, negative-EBITDA multiples) shown NM.
M&A program
A sustained, programmatic tuck-in cadence
AMPS's disclosed acquisition footprint and the deals behind it.
Disclosed acquisitions
23
Active years
4
Named deals
5
Avg / active year
5.8
Acq. cash outflow ($MM)
N/A
Banker read
- 01AMPS reads as a programmatic acquirer: 23 disclosed acquisitions across 4 active years, or 5.8 per active year. The chart shows activity in 4 of the last 4 visible years.
- 02In the last three years, the file shows 14 acquisitions versus 6 in the prior three; recent activity is running above the prior three-year period.
- 03Spend changes the read: $829MM of disclosed spend is concentrated in lumpy years, with FY23 the largest year at $432MM. Recent spend is above the prior three-year period.
Annual acquisitions + disclosed spend
count spend named deal
AMPS count bars show acquisition cadence; the spend line shows when the program required larger capital deployment.
Program diagnostics
Recent / prior
14 / 6
Last three years is up 133% vs prior three.
Peak count year
FY21
6 disclosed acquisitions in the peak visible year.
Recent spend
$628MM
is up 212% vs prior three; peak FY23 at $432MM.
Named evidence
5 rows
22% selected source-cited transaction coverage.
Selected transactions
| Date | Target | Segment | Consideration ($MM) | Strategic rationale | Source |
|---|---|---|---|---|---|
| Aug 25, 2021 | portfolio of twenty eight solar energy facilities | Renewables, RNG, circularity, and sustainability infrastructure | $197 | On August 25, 2021, APA Finance, LLC, a wholly-owned subsidiary of the Company, acquired a 79 MW portfolio of twenty eight solar energy facilities operating across seven U.S. st... | 10-K† |
| Dec 20, 2023 | Project Hyperion, LLC | Renewables, RNG, circularity, and sustainability infrastructure | $127 | On December 20, 2023, Altus Power, LLC, a wholly-owned subsidiary of the Company, acquired a 121 MW portfolio of 35 operating solar energy facilities located across six US state... | 10-K† |
| Nov 11, 2022 | D.E. Shaw Renewables Investments L.L.C. | Renewables, RNG, circularity, and sustainability infrastructure | $101 | On November 11, 2022, APA Finance II, LLC, a wholly-owned subsidiary of the Company, acquired a 88 MW portfolio of nineteen solar energy facilities operating across eight US sta... | 10-K† |
| Jul 13, 2023 | SRD Marshall MM, LLC | Renewables, RNG, circularity, and sustainability infrastructure | $24 | On July 13, 2023, the Company acquired a solar energy facility and a battery energy storage system located in Massachusetts with nameplate capacities of 10.3 MW and 5 MW, respec... | 10-K† |
| Oct 28, 2021 | Stellar HI Acquisition | Renewables, RNG, circularity, and sustainability infrastructure | $6 | On October 28, 2021, the Company acquired a 3.1 MW portfolio of seventeen solar projects and a 2.1 MW battery energy storage system located in Hawaii (the "Stellar HI Acquisitio... | 10-K† |
Acquisitions disclosed/extracted from SEC filings; not necessarily full M&A history. Disclosed acquisition cash outflow is cumulative "payments for acquisitions, net of cash acquired" from the 10-K cash-flow statements (a cash outflow, not deal value). Built on 10 SEC-backed facts across 3 cited filings.
Evidence
Source archive
A collapsed investigation trail for the SEC filings behind the financials, annual M&A cadence, named transactions, and management language.
Annual 10-Ks
0
Named deal filings
3
Recent SEC filings
0
Evidence clips
5
Annual 10-K M&A evidenceAccepted annual filings used for disclosed acquisition count and spend.0 rows+-
No filing source clears this category.
Named transaction source filingsFilings behind selected named-deal rows and transaction excerpts.3 rows+-
| Filing date | Form | Targets / topics | Support | Source |
|---|---|---|---|---|
| Mar 14, 2024 | 10-K | Project Hyperion, LLC; SRD Marshall MM, LLC | Named deals | SEC filing |
| Mar 30, 2023 | 10-K | D.E. Shaw Renewables Investments L.L.C. | Named deals | SEC filing |
| Mar 24, 2022 | 10-K | portfolio of twenty eight solar energy facilities; Stellar HI Acquisition | Named deals | SEC filing |
Recent SEC filingsThe latest profile filings, kept separate so someone can investigate beyond M&A.0 rows+-
No filing source clears this category.
Evidence clipsShort excerpts used on the page; expand only when you want the language.5 rows+-
Medium
Caldera Acquisition
10-K - Mar 14, 2024
On December 20, 2023, Altus Power, LLC, a wholly-owned subsidiary of the Company, acquired a 121 MW portfolio of 35 operating solar energy facilities located across six US states (the “Caldera Acqu...
DESRI II & DESRI V Acquisition
10-K - Mar 30, 2023
On November 11, 2022, APA Finance II, LLC, a wholly-owned subsidiary of the Company, acquired a 88 MW portfolio of nineteen solar energy facilities operating across eight US states. The portfolio w...
Marshall Street Acquisition
10-K - Mar 14, 2024
On July 13, 2023, the Company acquired a solar energy facility and a battery energy storage system located in Massachusetts with nameplate capacities of 10.3 MW and 5 MW, respectively, for a total ...
Stellar HI Acquisition
10-K - Mar 24, 2022
On October 28, 2021, the Company acquired a 3.1 MW portfolio of seventeen solar projects and a 2.1 MW battery energy storage system located in Hawaii (the "Stellar HI Acquisition") from a third par...
Annual M&A counts and disclosed spend are extracted from SEC acquisition disclosures and cash-flow statements; named-deal rows carry direct filing links where the filing identifies the target or consideration.