Altus Power Announces Acquisition of 84MW Portfolio from Vitol, Adding Thousands of Customers in New York, New Jersey, and Maine

Stamford, Conn.- January 31, 2024 – Altus Power (NYSE: AMPS), the leading commercial-scale provider  of clean electric power, today announced the signing and closing of approximately 84 MWs of  commercial-scale solar arrays from Vitol, the largest independent energy trader globally, for total proceeds of approximately $118 million. The acquisition adds thousands of new long-term Community  Solar, school district and other enterprise customers served by a mix of rooftop, ground and carport arrays to Altus Power’s strong customer base across the Northeast, notably in New York, New Jersey and Maine.

“We’re proud of our robust pipeline that is adding Community Solar subscribers, school districts and other enterprises to Altus Power’s growing customer base. Our expansion in the Northeast offers additional  scale in these markets and allows us to continue to enhance the services that we offer our customers,”  said Gregg Felton, co-CEO and co-founder, Altus Power. “This bilateral acquisition kicks off what we  expect to be a long-term strategic partnership with Vitol, a world-class leader in energy asset  management, and we look forward to expanding our relationship through future development assets.”

“Altus Power has an excellent reputation as a trusted and successful operator of solar assets,” said David Munsky, President of VC Renewables LLC, a wholly-owned subsidiary of Vitol. “We are pleased to be  transferring this portfolio to such a well-respected company. Vitol continues to be committed to building its renewable power portfolio with a focus on larger utility scale projects as part of its commitment to the  energy transition.”

Altus Power already has a significant customer presence in the Northeast. The additional assets will  leverage the company’s platform to efficiently serve its customers in the market at scale and allow for  increased engagement with both corporate and Community Solar clients. The clean electric power  generated by the new assets will:

• Benefit nearly 2,000 Community Solar subscribers
• Serve an additional 20 municipal, education and enterprise clients
• Result in the carbon avoidance of more than 69,000 metric tons of CO2 annually, the equivalent

of keeping more than 15,000 gas-powered vehicles off the road.

The acquisition was closed using cash on hand and Altus expects to expand its funding facility with Blackstone in the near term to secure long-term financing.

Altus Power’s portfolio across 25 states serves enterprises committed to achieving carbon reduction  goals, anchored by the company’s distributed solar arrays. As one of the pioneers of Community Solar, Altus Power currently serves more than 20,000 subscribers nationwide. Community Solar provides  homeowners and renters of diverse income brackets access to the benefits of clean energy savings  without requiring customers to provide their roofs for the installation of solar panels.