Altus Power (AMPS) 10-Q13 Nov 232023 Q3 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2023	Nov. 02, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-04321
Entity Registrant Name	ALTUS POWER, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	85-3448396
Entity Address, Address Line One	2200 Atlantic Street, Sixth Floor
Entity Address, City or Town	Stamford
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06902
City Area Code	203
Local Phone Number	698-0090
Title of 12(b) Security	Class A common stock, par value $0.0001 per share
Trading Symbol	AMPS
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Central Index Key	0001828723
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		158,989,953
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		996,188

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Operating revenues, net	$ 45,079	$ 30,438	$ 120,970	$ 74,399
Operating expenses
Cost of operations (exclusive of depreciation and amortization shown separately below)	7,825	4,488	21,382	12,842
General and administrative	8,194	6,560	23,847	19,502
Depreciation, amortization and accretion expense	13,719	7,134	38,054	20,819
Acquisition and entity formation costs	268	237	3,128	583
Loss (gain) on fair value remeasurement of contingent consideration	50	825	150	(146)
(Gain) loss on disposal of property, plant and equipment	0	(2,222)	649	(2,222)
Stock-based compensation	4,176	2,708	11,304	6,670
Total operating expenses	34,232	19,730	98,514	58,048
Operating income	10,847	10,708	22,456	16,351
Other (income) expense
Change in fair value of redeemable warrant liability	0	29,564	0	6,447
Change in fair value of Alignment Shares liability	(3,508)	72,418	(23,331)	9,367
Other expense (income), net	339	(2,267)	1,569	(2,860)
Interest expense, net	9,180	5,657	30,150	15,768
Total other expense	6,011	105,372	8,388	28,722
Income (loss) before income tax expense	4,836	(94,664)	14,068	(12,371)
Income tax benefit (expense)	1,940	(1,964)	(77)	(2,548)
Net income (loss)	6,776	(96,628)	13,991	(14,919)
Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests	1,446	352	(3,781)	(2,473)
Net income (loss) attributable to Altus Power, Inc.	$ 5,330	$ (96,980)	$ 17,772	$ (12,446)
Net income (loss) per share attributable to common stockholders
Basic (in usd per share)	$ 0.03	$ (0.63)	$ 0.11	$ (0.08)
Diluted (in usd per share)	$ 0.03	$ (0.63)	$ 0.11	$ (0.08)
Weighted average shares used to compute net income (loss) per share attributable to common stockholders
Basic (in shares)	158,719,684	154,455,228	158,687,373	153,482,503
Diluted (in shares)	160,198,154	154,455,228	160,965,682	153,482,503

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 6,776	$ (96,628)	$ 13,991	$ (14,919)
Other comprehensive income
Foreign currency translation adjustment	0	0	9	0
Unrealized gain on a cash flow hedge, net of tax	8,422	0	11,421	0
Other comprehensive income, net of tax	8,422	0	11,430	0
Total comprehensive income	15,198	(96,628)	25,421	(14,919)
Comprehensive loss attributable to the noncontrolling and redeemable noncontrolling interests	1,446	352	(3,781)	(2,473)
Comprehensive income attributable to Altus Power, Inc.	$ 13,752	$ (96,980)	$ 29,202	$ (12,446)

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 68,184	$ 193,016
Current portion of restricted cash	3,802	2,404
Accounts receivable, net	23,385	13,443
Other current assets	2,686	6,206
Total current assets	98,057	215,069
Restricted cash, noncurrent portion	12,002	3,978
Property, plant and equipment, net	1,447,711	1,005,147
Intangible assets, net	47,103	47,627
Operating lease asset	152,865	94,463
Derivative assets	19,071	3,953
Other assets	7,630	6,651
Total assets	1,784,439	1,376,888
Current liabilities:
Accounts payable	4,985	2,740
Construction payable	10,791	9,038
Interest payable	8,495	4,436
Purchase price payable, current	22,495	12,077
Current portion of long-term debt, net	34,111	29,959
Operating lease liability, current	3,670	3,339
Contract liability, current	3,377	2,590
Total current liabilities	96,600	68,228
Alignment Shares liability	42,803	66,145
Long-term debt, net of unamortized debt issuance costs and current portion	908,034	634,603
Intangible liabilities, net	14,043	12,411
Purchase price payable, noncurrent	0	6,940
Asset retirement obligations	14,427	9,575
Operating lease liability, noncurrent	158,430	94,819
Contract liability, noncurrent	6,075	5,397
Deferred tax liabilities, net	14,426	11,011
Other long-term liabilities	2,928	4,700
Total liabilities	1,257,766	913,829
Commitments and contingent liabilities (Note 11)
Redeemable noncontrolling interests	23,601	18,133
Stockholders' equity
Common stock $0.0001 par value; 988,591,250 shares authorized as of September 30, 2023, and December 31, 2022; 158,989,953 and 158,904,401 shares issued and outstanding as of September 30, 2023, and December 31, 2022	16	16
Additional paid-in capital	482,634	470,004
Accumulated deficit	(28,147)	(45,919)
Accumulated other comprehensive income	11,430	0
Total stockholders' equity	465,933	424,101
Noncontrolling interests	37,139	20,825
Total equity	503,072	444,926
Total liabilities, redeemable noncontrolling interests, and equity	1,784,439	1,376,888
Related Party
Current liabilities:
Other current liabilities	53	112
Nonrelated Party
Current liabilities:
Other current liabilities	$ 8,623	$ 3,937

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Common stock, par value (in usd per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	988,591,250	988,591,250
Common stock, issued (in shares)	158,989,953	158,904,401
Common stock, outstanding (in shares)	158,989,953	158,904,401
Assets of consolidated VIEs, included in total assets above:
Current portion of restricted cash	$ 3,802,000	$ 2,404,000
Accounts receivable, net	23,385,000	13,443,000
Other current assets	2,686,000	6,206,000
Restricted cash, noncurrent portion	12,002,000	3,978,000
Property, plant and equipment, net	1,447,711,000	1,005,147,000
Intangible assets, net	47,103,000	47,627,000
Operating lease asset	152,865,000	94,463,000
Other assets	7,630,000	6,651,000
Total assets of consolidated VIEs	1,784,439,000	1,376,888,000
Liabilities of consolidated VIEs, included in total liabilities above:
Accounts payable	4,985,000	2,740,000
Construction payable	10,791,000	9,038,000
Purchase price payable, current	22,495,000	12,077,000
Operating lease liability, current	3,670,000	3,339,000
Current portion of long-term debt, net	34,111,000	29,959,000
Contract liability, current	3,377,000	2,590,000
Long-term debt, less current portion	908,034,000	634,603,000
Intangible liabilities, net	14,043,000	12,411,000
Asset retirement obligations	14,427,000	9,575,000
Operating lease liability, noncurrent	158,430,000	94,819,000
Contract liability, noncurrent		0
Other long-term liabilities	2,928,000	4,700,000
Total liabilities of consolidated VIEs	1,257,766,000	913,829,000
Variable Interest Entity, Primary Beneficiary
Assets of consolidated VIEs, included in total assets above:
Cash	13,891,000	11,652,000
Current portion of restricted cash	1,037,000	1,152,000
Accounts receivable, net	11,782,000	2,952,000
Other current assets	267,000	678,000
Restricted cash, noncurrent portion	3,019,000	1,762,000
Property, plant and equipment, net	725,799,000	401,711,000
Intangible assets, net	5,997,000	5,308,000
Operating lease asset	60,288,000	36,211,000
Other assets	2,058,000	591,000
Total assets of consolidated VIEs	824,138,000	462,017,000
Liabilities of consolidated VIEs, included in total liabilities above:
Accounts payable	754,000	454,000
Construction payable	4,362,000	0
Purchase price payable, current	219,000	0
Operating lease liability, current	1,333,000	2,742,000
Current portion of long-term debt, net	3,022,000	2,336,000
Contract liability, current	484,000	0
Other current liabilities	384,000	199,000
Long-term debt, less current portion	39,143,000	33,332,000
Intangible liabilities, net	2,076,000	1,899,000
Asset retirement obligations	7,990,000	4,438,000
Operating lease liability, noncurrent	63,197,000	33,204,000
Contract liability, noncurrent	3,985,000	0
Other long-term liabilities	1,771,000	565,000
Total liabilities of consolidated VIEs	$ 128,720,000	$ 79,169,000

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Equity (unaudited) - USD ($) $ in Thousands	Total	Public And Placement Warrants	Class A Common Stock	Total Stockholders' Equity	Total Stockholders' Equity Public And Placement Warrants	Total Stockholders' Equity Class A Common Stock	Common Stock	Common Stock Public And Placement Warrants	Common Stock Class A Common Stock	Additional Paid-in Capital	Additional Paid-in Capital Public And Placement Warrants	Additional Paid-in Capital Class A Common Stock	Accumulated Other Comprehensive (Loss) Income	Accumulated Deficit	Non Controlling Interests
Beginning balance (in shares) at Dec. 31, 2021							153,648,830
Beginning balance at Dec. 31, 2021	$ 326,011			$ 304,918			$ 15			$ 406,259			$ 0	$ (101,356)	$ 21,093
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	6,670			6,670						6,670
Cash distributions to noncontrolling interests	(1,188)														(1,188)
Cash contributions from noncontrolling interests	2,133														2,133
Equity issuance costs	(712)			(712)						(712)
Conversion of convertible securities (in shares)								1,111,243	2,021
Conversion of convertible securities		$ 7,779	$ 15		$ 7,779	$ 15					$ 7,779	$ 15
Exercised warrants (in shares)							2,934,466
Exercised warrants	35,859			35,859			$ 1			35,858
Other comprehensive income	0
Net income (loss)	(15,349)			(12,446)										(12,446)	(2,903)
Ending balance (in shares) at Sep. 30, 2022							157,696,560
Ending balance at Sep. 30, 2022	361,218			342,083			$ 16			455,869			0	(113,802)	19,135
Beginning balance (in shares) at Jun. 30, 2022							154,718,268
Beginning balance at Jun. 30, 2022	418,720			400,025			$ 15			416,832			0	(16,822)	18,695
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	2,708			2,708						2,708
Cash distributions to noncontrolling interests	(522)														(522)
Cash contributions from noncontrolling interests	1,069														1,069
Conversion of convertible securities (in shares)								43,826
Conversion of convertible securities		$ 471			$ 471						$ 471
Exercised warrants (in shares)							2,934,466
Exercised warrants	35,859			35,859			$ 1			35,858
Other comprehensive income	0
Net income (loss)	(97,087)			(96,980)										(96,980)	(107)
Ending balance (in shares) at Sep. 30, 2022							157,696,560
Ending balance at Sep. 30, 2022	$ 361,218			342,083			$ 16			455,869			0	(113,802)	19,135
Beginning balance (in shares) at Dec. 31, 2022	158,904,401						158,904,401
Beginning balance at Dec. 31, 2022	$ 444,926			424,101			$ 16			470,004			0	(45,919)	20,825
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation (in shares)							83,541
Stock-based compensation	11,245			11,245						11,245
Cash distributions to noncontrolling interests	(1,577)														(1,577)
Cash contributions from noncontrolling interests	8,347														8,347
Conversion of convertible securities (in shares)									2,011
Conversion of convertible securities			$ 11			$ 11						$ 11
Noncontrolling interests assumed through acquisitions	13,500														13,500
Redemption of redeemable non-controlling interests	1,374			1,374						1,374
Other comprehensive income	11,430			11,430									11,430
Net income (loss)	$ 13,816			17,772										17,772	(3,956)
Ending balance (in shares) at Sep. 30, 2023	158,989,953						158,989,953
Ending balance at Sep. 30, 2023	$ 503,072			465,933			$ 16			482,634			11,430	(28,147)	37,139
Beginning balance (in shares) at Jun. 30, 2023							158,989,953
Beginning balance at Jun. 30, 2023	482,451			448,005			$ 16			478,458			3,008	(33,477)	34,446
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	4,176			4,176						4,176
Cash distributions to noncontrolling interests	(562)														(562)
Cash contributions from noncontrolling interests	2,073														2,073
Other comprehensive income	8,422			8,422									8,422
Net income (loss)	$ 6,512			5,330										5,330	1,182
Ending balance (in shares) at Sep. 30, 2023	158,989,953						158,989,953
Ending balance at Sep. 30, 2023	$ 503,072			$ 465,933			$ 16			$ 482,634			$ 11,430	$ (28,147)	$ 37,139

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities
Net income (loss)	$ 13,991	$ (14,919)
Adjustments to reconcile net income (loss) to net cash from operating activities:
Depreciation, amortization and accretion	38,054	20,819
Non-cash lease expense	467	0
Deferred tax expense	67	2,370
Amortization of debt discount and financing costs	2,657	2,151
Change in fair value of redeemable warrant liability	0	6,447
Change in fair value of Alignment Shares liability	(23,331)	9,367
Remeasurement of contingent consideration	150	(146)
Loss (gain) on disposal of property, plant and equipment	649	(2,222)
Stock-based compensation	11,245	6,670
Other	243	(171)
Changes in assets and liabilities, excluding the effect of acquisitions
Accounts receivable	(5,668)	(6,405)
Due to related parties	(59)	0
Derivative assets	(52)	(2,387)
Other assets	3,236	2,927
Accounts payable	2,245	(1,209)
Interest payable	4,059	(2)
Contract liability	346	0
Other liabilities	797	1,549
Net cash provided by operating activities	49,096	24,839
Cash flows used for investing activities
Capital expenditures	(89,344)	(35,670)
Payments to acquire renewable energy businesses, net of cash and restricted cash acquired	(313,292)	0
Payments to acquire renewable energy facilities from third parties, net of cash and restricted cash acquired	(28,259)	(13,342)
Proceeds from disposal of property, plant and equipment	2,350	3,605
Other	0	496
Net cash used for investing activities	(428,545)	(44,911)
Cash flows used for financing activities
Proceeds from issuance of long-term debt	311,642	0
Repayment of long-term debt	(41,900)	(13,301)
Payment of debt issuance costs	(2,969)	(68)
Payment of deferred purchase price payable	(4,531)	0
Payment of equity issuance costs	0	(744)
Payment of contingent consideration	0	(72)
Cash proceeds from public warrant exercise	0	19
Contributions from noncontrolling interests	8,347	3,220
Redemption of redeemable noncontrolling interests	(3,224)	0
Distributions to noncontrolling interests	(3,326)	(1,914)
Net cash provided by (used for) financing activities	264,039	(12,860)
Net decrease in cash, cash equivalents, and restricted cash	(115,410)	(32,932)
Cash, cash equivalents, and restricted cash, beginning of period	199,398	330,321
Cash, cash equivalents, and restricted cash, end of period	83,988	297,389
Supplemental cash flow disclosure
Cash paid for interest	25,107	14,927
Cash paid for taxes	85	99
Non-cash investing and financing activities
Asset retirement obligations	4,291	276
Debt assumed through acquisitions	7,883	11,948
Noncontrolling interest assumed through acquisitions	13,500	2,125
Redeemable noncontrolling interest assumed through acquisitions	11,341	0
Acquisitions of property and equipment included in construction payable	1,730	0
Acquisitions of property, plant and equipment included in other current liabilities	0	4,004
Conversion of Alignment Shares into common stock	11	15
Deferred purchase price payable	7,606	0
Construction loan conversion	0	(4,186)
Term loan conversion	0	4,186
Exchange of warrants into common stock	0	7,779
Warrants exercised on a cashless basis	$ 0	$ 35,858

General

General	9 Months Ended
General	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
General	General Company Overview Altus Power, Inc., a Delaware corporation (the “ Company ” or " Altus Power "), headquartered in Stamford, Connecticut, develops, owns, constructs and operates large-scale roof, ground and carport-based photovoltaic solar energy generation and storage systems, for the purpose of producing and selling electricity to credit worthy counterparties, including commercial and industrial, public sector and community solar customers, under long-term contracts. The solar energy facilities are owned by the Company in project-specific limited liability companies (the “ Solar Facility Subsidiaries ”). On December 9, 2021 (the " Closing Date "), CBRE Acquisition Holdings, Inc. (" CBAH "), a special purpose acquisition company, consummated the business combination pursuant to the terms of the business combination agreement entered into on July 12, 2021 (the " Business Combination Agreement "), whereby, among other things, CBAH Merger Sub I, Inc. (" First Merger Sub ") merged with and into Altus Power, Inc. (f/k/a Altus Power America, Inc.) (" Legacy Altus ") with Legacy Altus continuing as the surviving corporation, and immediately thereafter Legacy Altus merged with and into CBAH Merger Sub II, Inc. (" Second Merger Sub ") with Second Merger Sub continuing as the surviving entity and as a wholly owned subsidiary of CBAH (together with the merger with the First Merger Sub, the “ Merger ”). In connection with the closing of the Merger, CBAH changed its name to "Altus Power, Inc." and Second Merger Sub (after merger with Legacy Altus) changed its name to "Altus Power, LLC."

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
Significant Accounting Policies	Sep. 30, 2023
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Presentation and Principles of Consolidation The Company prepares its unaudited condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“ U.S. GAAP ”) and regulations of the U.S. Securities and Exchange Commission (" SEC ") for interim financial reporting. The Company’s condensed consolidated financial statements include the results of wholly-owned and partially-owned subsidiaries in which the Company has a controlling interest. All intercompany balances and transactions have been eliminated in consolidation. Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2022, filed with the Company’s 2022 annual report on Form 10-K on March 30, 2023, and the related notes which provide a more complete discussion of the Company’s accounting policies and certain other information. The information as of December 31, 2022, included in the condensed consolidated balance sheets was derived from the Company’s audited consolidated financial statements. The condensed consolidated financial statements were prepared on the same basis as the audited consolidated financial statements and reflect all adjustments, including normal recurring adjustments, which are, in the opinion of management, necessary for a fair statement of the Company’s financial position as of September 30, 2023, and the results of operations and cash flows for the three and nine months ended September 30, 2023, and 2022. The results of operations for the three and nine months ended September 30, 2023, are not necessarily indicative of the results that may be expected for the full year or any other future interim or annual period. Reclassifications Certain prior year amounts have been reclassified for consistency with the current year financial statement presentation. Such reclassifications have no impact on previously reported net income, stockholders' equity, or cash flows. For the year ended December 31, 2022, $2.6 million was reclassified from other current liabilities to contract liability, current on the condensed consolidated balance sheet. This change had no impact on total current liabilities reported in the consolidated balance sheet. Further, for the nine months ended September 30, 2022, $2.4 million was reclassified from unrealized gain on interest rate swaps in the adjustments to reconcile net income to net cash from operating activities section of the condensed consolidated statements of cash flows to derivative assets in the changes in assets, and liabilities, excluding the effect of acquisitions section of the condensed consolidated cash flows. This change had no impact on cash provided by operating activities in the consolidated statement of cash flows. Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates. In recording transactions and balances resulting from business operations, the Company uses estimates based on the best information available. Estimates are used for such items as the fair value of net assets acquired in connection with accounting for business combinations, the useful lives of the solar energy facilities, and inputs and assumptions used in the valuation of asset retirement obligations (“ AROs ”), contingent consideration, derivative instruments, and Class B common stock, par value $0.0001 per share (" Alignment Shares "). Segment Information Operating segments are defined as components of a company about which separate financial information is available that is evaluated regularly by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company’s chief operating decision makers are the co-chief executive officers. Based on the financial information presented to and reviewed by the chief operating decision makers in deciding how to allocate the resources and in assessing the performance of the Company, the Company has determined it operates as a single operating segment and has one reportable segment, which includes revenue under power purchase agreements, revenue from net metering credit agreements, solar renewable energy credit revenue, rental income, performance based incentives and other revenue. The Company’s principal operations, revenue and decision-making functions are located in the United States. Cash, Cash Equivalents, and Restricted Cash Cash and cash equivalents includes all cash balances on deposit with financial institutions and readily marketable securities with original maturity dates of three months or less at the time of acquisition and are denominated in U.S. dollars. Pursuant to the budgeting process, the Company maintains certain cash and cash equivalents on hand for possible equipment replacement related costs. The Company records cash that is restricted as to withdrawal or use under the terms of certain contractual agreements as restricted cash. Restricted cash is included in current portion of restricted cash and restricted cash, noncurrent portion on the condensed consolidated balance sheets and includes cash held with financial institutions for cash collateralized letters of credit pursuant to various financing and construction agreements. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets. Cash, cash equivalents, and restricted cash consist of the following: As of September 30, 2023 As of December 31, 2022 Cash and cash equivalents $ 68,184 $ 193,016 Current portion of restricted cash 3,802 2,404 Restricted cash, noncurrent portion 12,002 3,978 Total $ 83,988 $ 199,398 Concentration of Credit Risk The Company maintains its cash in bank deposit accounts which, at times, may exceed Federal Deposit Insurance Corporation insurance limits. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk on cash balances. The Company had no customers that individually accounted for over 10% of total accounts receivable, net as of September 30, 2023, no customers that individually accounted over 10% of total operating revenues, net for the three months ended September 30, 2023, and one customer that individually accounted for over 10% (i.e., 11.5%) of total operating revenues, net for the nine months ended September 30, 2023. The Company had one customer that individually accounted for over 10% (i.e., 28.0%) of total accounts receivable, net as of December 31, 2022. The Company had one customer that individually accounted for over 10% (i.e., 19.8%) of total operating revenues, net for the three months ended September 30, 2022 and, one customer that individually accounted for over 10% (i.e., 13.8%), of total operating revenues, net for the nine months ended September 30, 2022. Accounting Pronouncements As a public company, the Company is provided the option to adopt new or revised accounting guidance as an “emerging growth company” under the Jumpstart Our Business Startups Act of 2012 (the “ JOBS Act ”) either (1) within the same periods as those otherwise applicable to public business entities, or (2) within the same time periods as non-public business entities, including early adoption when permissible. The Company expects to elect to adopt new or revised accounting guidance within the same time period as non-public business entities, as indicated below. Recent Accounting Pronouncements Adopted In June 2016, the Financial Accounting Standards Board (" FASB ") issued Accounting Standards Update (" ASU ") No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments and has since released various amendments including ASU No. 2019-04 . The new standard generally applies to financial assets and requires those assets to be reported at the amount expected to be realized. The ASU is effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. The Company has adopted this standard as of January 1, 2023 and the adoption did not have a material impact on the condensed consolidated financial statements. In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers , which requires entities to recognize and measure contract assets and liabilities acquired in a business combination in accordance with Accounting Standards Codification (" ASC ") 2014-09, Revenue from Contracts with Customers (Topic 606). The update will generally result in an entity recognizing contract assets and liabilities at amounts consistent with those recorded by the acquiree immediately before the acquisition date rather than at fair value. The new standard is effective on a prospective basis for fiscal years beginning after December 15, 2022, and was adopted by the Company on January 1, 2023. The Company applied the provisions of ASU 2021-08

Revenue and Accounts Receivable

Revenue and Accounts Receivable	9 Months Ended
Revenue and Accounts Receivable	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue and Accounts Receivable	Revenue and Accounts Receivable Disaggregation of Total Operating Revenues, net The following table presents the detail of total operating revenues, net as recorded in the unaudited condensed consolidated statements of operations: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Power sales under PPAs $ 17,442 $ 7,144 $ 43,079 $ 18,058 Power sales under NMCAs 13,846 9,187 33,970 20,908 Power sales on wholesale markets 550 1,783 1,474 3,519 Total revenue from power sales 31,838 18,114 78,523 42,485 Solar renewable energy credit revenue 9,753 11,100 33,346 28,521 Rental income 586 905 2,198 2,334 Performance based incentives 1,925 319 4,487 1,059 Revenue recognized on contract liabilities 977 — 2,416 — Total operating revenues, net $ 45,079 $ 30,438 $ 120,970 $ 74,399 Accounts receivable The following table presents the detail of receivables as recorded in accounts receivable in the unaudited condensed consolidated balance sheets: As of September 30, 2023 As of December 31, 2022 Power sales under PPAs $ 8,096 $ 4,092 Power sales under NMCAs 9,569 3,183 Power sales on wholesale markets 26 223 Total power sales 17,691 7,498 Solar renewable energy credits 4,724 5,387 Rental income 523 429 Performance based incentives 447 129 Total $ 23,385 $ 13,443 Payment is typically received within 30 days for invoiced revenue as part of power purchase agreements (“ PPAs ”) and net metering credit agreements (“ NMCAs ”). Receipt of payment relative to invoice date varies by customer for renewable energy credits (" SRECs "). As of both September 30, 2023, and December 31, 2022, the Company determined that the allowance for credit losses is $0.6 million.
Revenue and Accounts Receivable	Revenue and Accounts Receivable Disaggregation of Total Operating Revenues, net The following table presents the detail of total operating revenues, net as recorded in the unaudited condensed consolidated statements of operations: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Power sales under PPAs $ 17,442 $ 7,144 $ 43,079 $ 18,058 Power sales under NMCAs 13,846 9,187 33,970 20,908 Power sales on wholesale markets 550 1,783 1,474 3,519 Total revenue from power sales 31,838 18,114 78,523 42,485 Solar renewable energy credit revenue 9,753 11,100 33,346 28,521 Rental income 586 905 2,198 2,334 Performance based incentives 1,925 319 4,487 1,059 Revenue recognized on contract liabilities 977 — 2,416 — Total operating revenues, net $ 45,079 $ 30,438 $ 120,970 $ 74,399 Accounts receivable The following table presents the detail of receivables as recorded in accounts receivable in the unaudited condensed consolidated balance sheets: As of September 30, 2023 As of December 31, 2022 Power sales under PPAs $ 8,096 $ 4,092 Power sales under NMCAs 9,569 3,183 Power sales on wholesale markets 26 223 Total power sales 17,691 7,498 Solar renewable energy credits 4,724 5,387 Rental income 523 429 Performance based incentives 447 129 Total $ 23,385 $ 13,443 Payment is typically received within 30 days for invoiced revenue as part of power purchase agreements (“ PPAs ”) and net metering credit agreements (“ NMCAs ”). Receipt of payment relative to invoice date varies by customer for renewable energy credits (" SRECs "). As of both September 30, 2023, and December 31, 2022, the Company determined that the allowance for credit losses is $0.6 million.

Variable Interest Entities

Variable Interest Entities	9 Months Ended
Variable Interest Entities	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Variable Interest Entities The Company consolidates all variable interest entities (“ VIEs ”) in which it holds a variable interest and is deemed to be the primary beneficiary of the variable interest entity. Generally, a VIE is an entity with at least one of the following conditions: (a) the total equity investment at risk is insufficient to allow the entity to finance its activities without additional subordinated financial support, or (b) the holders of the equity investment at risk, as a group, lack the characteristics of having a controlling financial interest. The primary beneficiary of a VIE is required to consolidate the VIE and to disclose certain information about its significant variable interests in the VIE. The primary beneficiary of a VIE is the entity that has both 1) the power to direct the activities that most significantly impact the entity’s economic performance and 2) the obligations to absorb losses or receive benefits that could potentially be significant to the VIE. The Company participates in certain partnership arrangements that qualify as VIEs. Consolidated VIEs consist primarily of tax equity financing arrangements and partnerships in which an investor holds a noncontrolling interest and does not have substantive kick-out or participating rights. The Company, through its subsidiaries, is the primary beneficiary of such VIEs, because as the manager, it has the power to direct the day-to-day operating activities of the entity. In addition, the Company is exposed to economics that could potentially be significant to the entity given its ownership interest, therefore, has consolidated the VIEs as of September 30, 2023, and December 31, 2022. No VIEs were deconsolidated during the nine months ended September 30, 2023 and 2022. The obligations of the consolidated VIEs discussed in the following paragraphs are nonrecourse to the Company. In certain instances where the Company establishes a new tax equity structure, the Company is required to provide liquidity in accordance with the contractual agreements. The Company has no requirement to provide liquidity to purchase assets or guarantee performance of the VIEs unless further noted in the following paragraphs. The Company made certain contributions during the nine months ended September 30, 2023 and 2022, as determined in the respective operating agreement. The carrying amounts and classification of the consolidated VIE assets and liabilities included in condensed consolidated balance sheets are as follows: As of September 30, 2023 As of December 31, 2022 Current assets $ 26,977 $ 16,434 Non-current assets 797,161 445,583 Total assets $ 824,138 $ 462,017 Current liabilities $ 10,558 $ 5,731 Non-current liabilities 118,162 73,438 Total liabilities $ 128,720 $ 79,169 The amounts shown in the table above exclude intercompany balances which are eliminated upon consolidation. All of the assets in the table above are restricted for settlement of the VIE obligations, and all of the liabilities in the table above can only be settled using VIE resources. The Company has not identified any VIEs during the nine months ended September 30, 2023 and 2022, for which the Company determined that it is not the primary beneficiary and thus did not consolidate. The Company considered qualitative and quantitative factors in determining which VIEs are deemed significant. As of September 30, 2023 and December 31, 2022, the Company consolidated thirty-six and twenty-six VIEs, respectively. No VIEs were deemed significant as of September 30, 2023 and December 31, 2022. On January 11, 2023, the Company completed an acquisition through obtaining a controlling financial interest in a VIE which owns and operates a single 2.7 MW solar generating facility. The Company acquired a controlling financial interest by entering into an asset management agreement which provides the Company with the power to direct the operating activities of the VIE and the obligation to absorb losses or receive benefits that could potentially be significant to the VIE. Concurrent with the asset management agreement, the Company entered into a Membership Interest Purchase Agreement (" MIPA ") to acquire all of the outstanding equity interests in the VIE on May 30, 2023. The entire purchase price of $3.8 million was paid on January 11, 2023. As a result of this acquisition, the Company recognized property, plant and equipment of $3.9 million, $0.7 million of operating lease asset, $0.7 million of operating lease liability, and asset retirement obligations of $0.1 million in the unaudited condensed consolidated balance sheet. Pursuant to the MIPA, the Company acquired all of the outstanding equity interests in the entity on May 30, 2023. On August 3, 2023, the Company completed an acquisition through obtaining a controlling financial interest in two VIEs which own and operate two solar generating facilities totaling 1.4MW of installed capacity. The Company acquired a controlling financial interest by entering into asset management agreements which provide the Company with the power to direct the operating activities of the VIEs and the obligation to absorb losses or receive benefits that could potentially be significant to the VIEs. Concurrent with the asset management agreements, the Company entered into a fixed-price option to acquire 100% of equity interest in these VIEs in 2026, whereby $2 million was paid on August 3, 2023 and $0.2 million will be paid when the options are exercised. As a result of this acquisition, the Company recognized property, plant, and equipment of $2.1 million , $0.1 million of intangible assets, $0.1 million of asset retirement obligations, and $0.2 million of noncontrolling interests in the unaudited condensed consolidated balance sheet. As discussed in Note 5, on February 15, 2023 the Company completed the True Green II Acquisition through its purchase of all outstanding membership interests in APAF III Operating, LLC from True Green Capital Fund III, L.P. Through the True Green II Acquisition, the Company acquired eleven VIEs that consist primarily of tax equity financing arrangements and partnerships in which an investor holds a noncontrolling interest and does not have substantive kick-out or participating rights. The Company, through its subsidiaries, is the primary beneficiary of these VIEs because as the manager, it has the power to direct the day-to-day operating activities of the entity, and is exposed to economics that could potentially be significant to the entities through its ownership interests.

Acquisitions

Acquisitions	9 Months Ended
Acquisitions	Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions 2023 Acquisitions Marshall Street Acquisition 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 purchase price of $24.4 million (" Marshall Street Acquisition "). The Marshall Street Acquisition was made pursuant to the membership interest purchase agreement dated July 13, 2023, through which the Company acquired 100% ownership interest in SRD Marshall MM, LLC, and was entered into by the Company to grow its portfolio of solar energy facilities. The Company accounted for the Marshall Street Acquisition under the acquisition method of accounting for business combinations. Under the acquisition method, the purchase price was allocated to the assets acquired and liabilities assumed on July 13, 2023, based on their estimated fair value. All fair value measurements of assets acquired and liabilities assumed, including the noncontrolling interests, were based on significant estimates and assumptions, including Level 3 (unobservable) inputs, which require judgment. Estimates and assumptions include the estimates of future power generation, commodity prices, operating costs, and appropriate discount rates. The assets acquired and liabilities assumed are recognized provisionally on the condensed consolidated balance sheet at their estimated fair values as of the acquisition date. The initial accounting for the business combination is not complete as the Company is in the process of obtaining additional information for the valuation of acquired tangible and intangible assets. The provisional amounts are subject to change to the extent that additional information is obtained about the facts and circumstances that existed as of the acquisition date. Under U.S. GAAP, the measurement period shall not exceed one year from the acquisition date and the Company will finalize these amounts no later than July 13, 2024. The following table presents the preliminary allocation of the purchase price to the assets acquired and liabilities assumed, based on their estimated fair values on July 13, 2023: Assets Accounts receivable $ 273 Property, plant and equipment 28,798 Operating lease asset 891 Total assets acquired 29,962 Liabilities Construction payable 1,885 Asset retirement obligation 256 Operating lease liability 391 Total liabilities assumed 2,532 Redeemable non-controlling interests 3,040 Total fair value of consideration transferred $ 24,390 The fair value of consideration transferred as of July 13, 2023, is determined as follows: Cash consideration paid to seller on closing $ 2,820 Cash consideration paid to settle debt on behalf of seller 21,570 Total fair value of consideration transferred 24,390 The Company incurred approximately $0.1 million of acquisition related costs related to the Marshall Street Acquisition, which are recorded as part of Acquisition and entity formation costs in the condensed consolidated statement of operations for the nine months ended September 30, 2023. Acquisition related costs include legal, consulting, and other transaction-related costs. The impact of the Marshall Street Acquisition on the Company's revenue and net income in the condensed consolidated statement of operations was an increase of $0.4 million and $0.1 million, respectively, for the nine months ended September 30, 2023. Unaudited Pro Forma Combined Results of Operations The following unaudited pro forma combined results of operations give effect to the Marshall Street Acquisition as if it had occurred on January 1, 2022. The unaudited pro forma combined results of operations are provided for informational purposes only and do not purport to represent the Company’s actual consolidated results of operations had the Marshall Street Acquisition occurred on the date assumed, nor are these financial statements necessarily indicative of the Company’s future consolidated results of operations. The unaudited pro forma combined results of operations do not reflect the costs of any integration activities or any benefits that may result from operating efficiencies or revenue synergies. For the three months ended September 30, 2023 (unaudited) For the three months ended September 30, 2022 (unaudited) For the nine months ended September 30, 2023 (unaudited) For the nine months ended September 30, 2022 (unaudited) Operating revenues $ 45,079 $ 30,877 $ 122,685 $ 77,087 Net income 6,776 (96,258) 15,474 (12,609) Asset Acquisitions During 2023, the Company acquired solar energy facilities located in Rhode Island, California, and Massachusetts with a total nameplate capacity of 10.1 MW from third parties for a total purchase price of $15.3 million. As of September 30, 2023, $0.3 million of total consideration remained payable to sellers and was included as purchase price payable on the condensed consolidated balance sheet. The acquisitions were accounted for as acquisitions of assets, whereby the Company acquired $16.2 million of property, plant and equipment and $1.7 million of operating lease assets, and assumed $1.7 million of operating lease liabilities, $0.5 million of intangible liabilities, and $0.2 million of asset retirement obligations. The intangible liabilities are associated with unfavorable rate power purchase agreements and have a weighted average amortization period of 6 years. Acquisitions of VIEs During 2023, the Company acquired solar energy facilities located in Massachusetts and Maine with a total nameplate capacity of 5.5 MW from third parties for a total purchase price of $10.7 million. As of September 30, 2023, $0.2 million of total consideration remained payable to sellers and was included as purchase price payable on the condensed consolidated balance sheet. The acquisitions were accounted for as acquisitions of variable interest entities that do not constitute a business (refer to Note 4, "Variable Interest Entities"). The Company acquired $11.0 million of property, plant and equipment and $1.5 million of operating lease assets, and assumed $1.4 million of operating lease liabilities, $0.1 million of asset retirement obligations, and $0.2 million of redeemable noncontrolling interests. True Green II Acquisition On February 15, 2023, APA Finance III, LLC (" APAF III "), a wholly-owned subsidiary of the Company, acquired a 220 MW portfolio of 55 operating and 3 in-development solar energy facilities located across eight US states (the “ True Green II Acquisition ”). The portfolio was acquired from True Green Capital Fund III, L.P. (“ True Green ”) for total consideration of approximately $299.9 million. The purchase price and associated transaction costs were funded by the proceeds from the APAF III Term Loan (as defined in Note 6, "Debt") and cash on hand. The True Green II Acquisition was made pursuant to the purchase and sale agreement (the " PSA ") dated December 23, 2022, and entered into by the Company to grow its portfolio of solar energy facilities. Pursuant to the PSA, the Company acquired 100% ownership interest in APAF III Operating, LLC, a holding entity that owns the acquired solar energy facilities. The Company accounted for the True Green II Acquisition under the acquisition method of accounting for business combinations. Under the acquisition method, the purchase price was allocated to the assets acquired and liabilities assumed on February 15, 2023, based on their estimated fair value. All fair value measurements of assets acquired and liabilities assumed, including the noncontrolling interests, were based on significant estimates and assumptions, including Level 3 (unobservable) inputs, which require judgment. Estimates and assumptions include the estimates of future power generation, commodity prices, operating costs, and appropriate discount rates. The assets acquired and liabilities assumed are recognized provisionally on the condensed consolidated balance sheet at their estimated fair values as of the acquisition date. The initial accounting for the business combination is not complete as the Company is in the process of obtaining additional information for the valuation of acquired tangible and intangible assets. The provisional amounts are subject to change to the extent that additional information is obtained about the facts and circumstances that existed as of the acquisition date. Under U.S. GAAP, the measurement period shall not exceed one year from the acquisition date and the Company will finalize these amounts no later than February 15, 2024. Subsequent to the acquisition date, the Company made certain measurement period adjustments to provisional accounting recognized. These adjustments consist of an increase in Property, plant, and equipment of $0.8 million, a decrease in Operating lease asset of $0.7 million, an increase in Other assets of $0.8 million, a decrease in Long-term debt of $0.2 million, a decrease in Operating lease liability of $1.9 million, an increase in Other liabilities of $1.9 million, and an increase in Non-controlling interests of $0.2 million due to the clarification of information utilized to determine fair value during the measurement period. Additionally, the Company recorded a measurement period adjustment of $0.7 million to increase the fair value of consideration transferred, $0.4 million to decrease Accounts receivable, and $0.1 million to increase Property, plant, and equipment as a result of reconciling working capital adjustments with the seller. The following table presents the updated preliminary allocation of the purchase price to the assets acquired and liabilities assumed, based on their estimated fair values on February 15, 2023 and inclusive of the measurement period adjustments discussed above: Provisional accounting as of February 15, 2023 Measurement period adjustments Adjusted provisional accounting as of February 15, 2023 Assets Accounts receivable $ 4,358 $ (357) $ 4,001 Property, plant and equipment 334,958 914 335,872 Intangible assets 850 — 850 Operating lease asset 32,053 (742) 31,311 Other assets 1,739 835 2,574 Total assets acquired 373,958 650 374,608 Liabilities Long-term debt (1) 8,100 (217) 7,883 Intangible liabilities 4,100 — 4,100 Asset retirement obligation 3,795 — 3,795 Operating lease liability 37,723 (1,932) 35,791 Contract liability (2) 3,534 — 3,534 Other liabilities — 1,932 1,932 Total liabilities assumed 57,252 (217) 57,035 Redeemable non-controlling interests 8,100 — 8,100 Non-controlling interests 13,296 204 13,500 Total fair value of consideration transferred, net of cash acquired $ 295,310 $ 663 $ 295,973 The fair value of consideration transferred, net of cash acquired, as of February 15, 2023, is determined as follows: Provisional accounting as of February 15, 2023 Measurement period adjustments Adjusted provisional accounting as of February 15, 2023 Cash consideration paid to True Green on closing $ 212,850 $ — $ 212,850 Cash consideration paid to settle debt and interest rate swaps on behalf of True Green 76,046 — 76,046 Cash consideration in escrow accounts (3) 3,898 — 3,898 Purchase price payable (4) 7,069 663 7,732 Total fair value of consideration transferred 299,863 663 300,526 Restricted cash acquired 4,553 — 4,553 Total fair value of consideration transferred, net of cash acquired $ 295,310 $ 663 295,973 (1) Acquired long-term debt relates to financing obligations recognized in failed sale leaseback transactions. Refer to Note 6, "Debt" for further information. (2) Acquired contract liabilities relate to long-term agreements to sell renewable energy credits that were fully prepaid by the customer prior to the acquisition date. The Company will recognize revenue associated with the contract liabilities as renewable energy credits are delivered to the customer through 2036. (3) Represents the portion of the consideration transferred that is held in escrow accounts as security for general indemnification claims. (4) Purchase price payable represents the portion of the total hold back amount that was earned by True Green as of February 15, 2023, based on the completion of construction milestones related to assets in development. The Company incurred approximately $2.3 million of acquisition related costs related to the True Green II Acquisition, which are recorded as part of Acquisition and entity formation costs in the condensed consolidated statement of operations for the nine months ended September 30, 2023. Acquisition related costs include legal, consulting, and other transaction-related costs, as well as $0.8 million of costs to acquire SRECs available for sale that were sold by the Company to its customers during the three months ended September 30, 2023, which was recorded in Other current assets in the preliminary purchase price allocation. The impact of the True Green II Acquisition on the Company's revenue and net income in the condensed consolidated statement of operations was an increase of $22.5 million and $13.4 million, respectively, for the nine months ended September 30, 2023. Intangibles at Acquisition Date The Company attributed the intangible asset and liability values to favorable and unfavorable rate revenue contracts to sell power and RECs. The following table summarizes the estimated fair values and the weighted average amortization periods of the acquired intangible assets and assumed intangible liabilities as of the acquisition date: Fair Value Weighted Average Amortization Period Favorable rate revenue contracts – PPA 800 19 years Favorable rate revenue contracts – REC 50 16 years Unfavorable rate revenue contracts – PPA (800) 17 years Unfavorable rate revenue contracts – REC (3,300) 3 years Unaudited Pro Forma Combined Results of Operations The following unaudited pro forma combined results of operations give effect to the True Green II Acquisition as if it had occurred on January 1, 2022. The unaudited pro forma combined results of operations are provided for informational purposes only and do not purport to represent the Company’s actual consolidated results of operations had the True Green II Acquisition occurred on the date assumed, nor are these financial statements necessarily indicative of the Company’s future consolidated results of operations. The unaudited pro forma combined results of operations do not reflect the costs of any integration activities or any benefits that may result from operating efficiencies or revenue synergies. For the three months ended September 30, 2023 (unaudited) For the three months ended September 30, 2022 (unaudited) For the nine months ended September 30, 2023 (unaudited) For the nine months ended September 30, 2022 (unaudited) Operating revenues $ 45,079 $ 40,711 $ 124,440 $ 105,219 Net income 6,776 (92,739) 15,687 (4,709) 2022 Acquisitions Acquisition of DESRI II & DESRI V 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 was acquired from D.E. Shaw Renewables Investments L.L.C. (" DESRI ") for total consideration of $100.8 million (" DESRI Acquisition "). The DESRI Acquisition was made pursuant to membership interest purchase agreements (the " MIPAs ") dated September 26, 2022, and entered into by the Company to grow its portfolio of solar energy facilities. Pursuant to the MIPAs, the Company acquired 100% ownership interest in holding entities that own the acquired solar energy facilities. The Company accounted for the DESRI Acquisition under the acquisition method of accounting for business combinations. Under the acquisition method, the purchase price was allocated to the assets acquired and liabilities assumed on November 11, 2022, based on their estimated fair value. All fair value measurements of assets acquired and liabilities assumed, including the noncontrolling interests, were based on significant estimates and assumptions, including Level 3 (unobservable) inputs, which require judgment. Estimates and assumptions include the estimates of future power generation, commodity prices, operating costs, and appropriate discount rates. The assets acquired and liabilities assumed are recognized provisionally on the consolidated balance sheet at their estimated fair values as of the acquisition date. The initial accounting for the business combination is not complete as the Company is in process of obtaining additional information for the valuation of acquired tangible and intangible assets. The provisional amounts are subject to change to the extent that additional information is obtained about the facts and circumstances that existed as of the acquisition date. Under U.S. GAAP, the measurement period shall not exceed one year from the acquisition date and the Company will finalize these amounts no later than November 11, 2023. The following table presents the preliminary allocation of the purchase price to the assets acquired and liabilities assumed, based on their estimated fair values on November 11, 2022 (in thousands): Assets Accounts receivable $ 2,001 Derivative assets 2,462 Other assets 432 Property, plant and equipment 179,500 Operating lease asset 17,831 Intangible assets 29,479 Total assets acquired 231,705 Liabilities Accounts payable 275 Accrued liabilities 746 Long-term debt 105,346 Intangible liabilities 771 Operating lease liability 20,961 Contract Liability (1) 7,200 Asset retirement obligation 1,508 Total liabilities assumed 136,807 Non-controlling interests 184 Total fair value of consideration transferred, net of cash acquired $ 94,714 The fair value of consideration transferred, net of cash acquired, as of November 11, 2022, is determined as follows: Cash consideration to the seller on closing $ 82,235 Fair value of purchase price payable (2) 19,017 Post-closing purchase price true-up (469) Total fair value of consideration transferred 100,783 Cash acquired 1,220 Restricted cash acquired 4,849 Total fair value of consideration transferred, net of cash acquired $ 94,714 (1) Acquired contract liabilities related to long-term agreements to sell renewable energy credits that were fully prepaid by the customer prior to the acquisition date. The Company will recognize revenue associated with the contract liabilities as renewable energy credits are delivered to the customer through December 31, 2028. (2) Purchase price outstanding as of December 31, 2022 is payable in three installments in two, twelve and eighteen months following the acquisition date, subject to the accuracy of general representations and warranty provisions included in MIPAs. During the nine months ended September 30, 2023, the Company paid DESRI $5.0 million of the outstanding purchase price payable net of $0.5 million working capital adjustment. Intangibles at Acquisition Date The Company attributed the intangible asset and liability values to favorable and unfavorable rate revenue contracts to sell power. The following table summarizes the estimated fair values and the weighted average amortization periods of the acquired intangible assets and assumed intangible liabilities as of the acquisition date: Fair Value Weighted Average Amortization Period Favorable rate revenue contracts – PPA $ 29,479 8 years Unfavorable rate revenue contracts – PPA (771) 12 years

Debt

Debt	9 Months Ended
Debt	Sep. 30, 2023
Debt Disclosure [Abstract]
Debt	Debt As of September 30, 2023 As of December 31, 2022 Interest Weighted Long-term debt APAF Term Loan $ 477,752 $ 487,179 Fixed 3.51 % APAF II Term Loan 114,716 125,668 Floating* SOFR + 1.475% APAF III Term Loan 265,294 — Fixed 5.62 % APAG Revolver 55,000 — Floating SOFR + 2.60% Other term loans 11,000 28,483 Fixed 3.04 % Financing obligations recognized in failed sale leaseback transactions 43,129 36,724 Imputed 3.97 % Total principal due for long-term debt 966,891 678,054 Unamortized discounts and premiums (10,274) (2,088) Unamortized deferred financing costs (14,472) (11,404) Less: Current portion of long-term debt 34,111 29,959 Long-term debt, less current portion $ 908,034 $ 634,603 * Interest rate is effectively fixed by interest rate swap, see discussion below. APAF Term Loan On August 25, 2021, APA Finance, LLC (“ APAF ”), a wholly owned subsidiary of the Company, entered into a $503.0 million term loan facility with Blackstone Insurance Solutions (" BIS ") through a consortium of lenders, which consists of investment grade-rated Class A and Class B notes (the “ APAF Term Loan ”). The APAF Term Loan has a weighted average 3.51% annual fixed rate and matures on February 29, 2056 (“ Final Maturity Date ”). The APAF Term Loan amortizes at an initial rate of 2.5% of outstanding principal per annum for a period of 8 years at which point the amortization steps up to 4% per annum until September 30, 2031 (“ Anticipated Repayment Date ”). After the Anticipated Repayment Date, the loan becomes fully-amortizing, and all available cash is used to pay down principal until the Final Maturity Date. The APAF Term Loan is secured by membership interests in the Company's subsidiaries. As of September 30, 2023, the outstanding principal balance of the APAF Term Loan was $477.8 million less unamortized debt discount and loan issuance costs totaling $6.9 million. As of December 31, 2022, the outstanding principal balance of the APAF Term Loan was $487.2 million less unamortized debt discount and loan issuance costs totaling $7.6 million. As of September 30, 2023, and December 31, 2022, the Company was in compliance with all covenants under the APAF Term Loan. APAF II Term Loan On December 23, 2022, APA Finance II, LLC (“ APAF II ”), a wholly owned subsidiary of the Company, entered into a $125.7 million term loan facility (the “ APAF II Term Loan ”) with KeyBank National Association (" KeyBank ") and The Huntington Bank (" Huntington ") as lenders. The proceeds of the APAF II Term Loan were used to repay the outstanding amounts under certain project-level loans. The APAF II Term Loan matures on December 23, 2027, and has a variable interest rate based on SOFR plus a spread of 1.475%. Simultaneously with entering into the APAF II Term Loan, the Company entered into interest rate swaps for 100% of the amount of debt outstanding, which effectively fixed the interest rate at 4.885% (see Note 7, "Fair Value Measurements," for further details). As of September 30, 2023, the outstanding principal balance of the APAF II Term Loan was $114.7 million, less unamortized debt issuance costs of $2.3 million. As of December 31, 2022, the outstanding principal balance of the APAF II Term Loan was $125.7 million, less unamortized debt issuance costs of $2.7 million. As of September 30, 2023, and December 31, 2022, the Company was in compliance with all covenants under the APAF II Term Loan. APAF III Term Loan On February 15, 2023, the Company, through its subsidiaries, APA Finance III Borrower, LLC (the “ Borrower ”) and APA Finance III Borrower Holdings, LLC (“ Holdings ”), entered into a new long-term funding facility under the terms of a credit agreement among the Borrower, Holdings, Blackstone Asset Based Finance Advisors LP, which is an affiliate of the Company, U.S. Bank Trust Company, N.A., as administrative agent, U.S. Bank N.A., as document custodian, and the lenders party thereto (the “ APAF III Term Loan ”). This funding facility provides for a term loan of $204.0 million at a fixed rate of 5.62%. The term loan has an anticipated repayment date of June 30, 2033. The maturity date of the term loan is October 31, 2047. Upon lender approval, the Borrower has the right to increase the funding facility to make additional draws for certain solar generating facilities, as set forth in the Credit Agreement. On February 15, 2023, the Company borrowed $193.0 million from this facility to fund the True Green II Acquisition and the associated costs and expenses, and expects to borrow the remaining $11.0 million upon the completion of certain development assets of the True Green II Acquisition when they are placed in service. The principal balance borrowed under the APAF III Term Loan was offset by $4.0 million of debt issuance costs and $6.3 million of issuance discount, which have been deferred and will be recognized as interest expense through June 30, 2033. On June 15, 2023 and July 21, 2023, the Company amended the APAF III Term Loan to add $47.0 million and $28.0 million of additional borrowings, respectively, the proceeds of which were used to repay outstanding term loans under the Construction to Term Loan Facility (as defined below), and to provide long-term financing for new solar projects. The principal balance borrowed under the amendments was offset by $0.3 million and $0.2 million of issuance costs, respectively, and $1.5 million and $1.1 million of issuance discount, respectively, which have been deferred and will be recognized as interest expense through June 30, 2033. Additionally, in conjunction with the amendments of the facility, the Company expensed $0.4 million and $1.0 million of financing costs, respectively, which are included in Other expense, net in the condensed consolidated statements of operations for the three and nine months ended September 30, 2023. As of September 30, 2023, the outstanding principal balance of the APAF III Term Loan was $265.3 million, less unamortized debt issuance costs and discount of $12.7 million. As of September 30, 2023, the Company was in compliance with all covenants under the APAF III Term Loan. APAG Revolver On December 19, 2022, APA Generation, LLC (“ APAG ”), a wholly owned subsidiary of the Company, entered into revolving credit facility with Citibank, N.A. with a total committed capacity of $200.0 million (the " APAG Revolver "). Outstanding amounts under the APAG Revolver have a variable interest rate based on a base rate and an applicable margin. The APAG Revolver matures on December 19, 2027. As of September 30, 2023, and December 31, 2022, outstanding under the APAG Revolver were $55.0 million and zero, respectively. As of September 30, 2023, and December 31, 2022, the Company was in compliance with all covenants under the APAG Revolver. Other Term Loans - Construction to Term Loan Facility On January 10, 2020, APA Construction Finance, LLC (“ APACF ”) a wholly-owned subsidiary of the Company, entered into a credit agreement with Fifth Third Bank, National Association and Deutsche Bank AG New York Branch to fund the development and construction of future solar facilities (“ Construction Loan to Term Loan Facility ”). The Construction Loan to Term Loan Facility included a construction loan commitment of $187.5 million, which expired on January 10, 2023. The construction loan commitment can convert to a term loan upon commercial operation of a particular solar energy facility. In addition, the Construction Loan to Term Loan Facility accrued a commitment fee at a rate equal to 0.50% per year of the daily unused amount of the commitment. On June 15, 2023, the Company repaid all outstanding term loans of $15.8 million and terminated the facility. In conjunction with the repayment, the Company incurred a loss on extinguishment of debt of $0.1 million. As of December 31, 2022, the outstanding principal balances of the construction loan and term loan were zero and $15.9 million, respectively, and the Company had an unused borrowing capacity of $171.6 million. Outstanding amounts under the Construction to Term Loan Facility were secured by a first priority security interest in all of the property owned by APACF and each of its project companies. The Construction Loan to Term Loan Facility included various financial and other covenants for APACF and the Company, as guarantor. As of December 31, 2022, the Company was in compliance with all covenants under the Construction to Term Loan Facility. Other Term Loans - Project-Level Term Loan In conjunction with an acquisition of assets on August 29, 2022, the Company assumed a project-level term loan with an outstanding principal balance of $14.1 million and a fair value discount of $2.2 million. The term loan is subject to scheduled semi-annual amortization and interest payments, and matures on September 1, 2029. As of September 30, 2023, the outstanding principal balance of the term loan is $11.0 million, less unamortized debt discount of $1.9 million. As of December 31, 2022, the outstanding principal balance of the term loan is $12.6 million, less unamortized debt discount of $2.2 million. The term loan is secured by an interest in the underlying solar project assets and the revenues generated by those assets. As of September 30, 2023, and December 31, 2022, the Company was in compliance with all covenants under the Project-Level Term Loan. Letter of Credit Facilities and Surety Bond Arrangements The Company enters into letters of credit and surety bond arrangements with lenders, local municipalities, government agencies, and land lessors. These arrangements relate to certain performance-related obligations and serve as security under the applicable agreements. The table below shows the total letters of credit outstanding and unused capacities under our letter of credit facilities as of September 30, 2023, and December 31, 2022 (in millions): As of September 30, 2023 As of December 31, 2022 Letters of Credit Outstanding Unused Capacity Letters of Credit Outstanding Unused Capacity Deutsche Bank $ — $ — $ 0.7 $ 11.8 Fifth Third Bank 12.1 — 12.1 — CIT Bank, N.A. 0.3 — 0.6 — KeyBank and Huntington 15.6 — — 15.6 Citibank, N.A. 8.7 66.3 — 75.0 Total $ 36.7 $ 66.3 $ 13.4 $ 102.4 Additionally, as of September 30, 2023, and December 31, 2022, the Company had outstanding surety bonds of $4.4 million and $2.0 million, respectively. To the extent liabilities are incurred as a result of the activities covered by the letters of credit or surety bonds, such liabilities are included on the accompanying condensed consolidated balance sheets. From time to time, the Company is required to post financial assurances to satisfy contractual and other requirements generated in the normal course of business. Some of these assurances are posted to comply with federal, state or other government agencies’ statutes and regulations. The Company sometimes uses letters of credit to satisfy these requirements and these letters of credit reduce the Company’s borrowing facility capacity. Financing Obligations Recognized in Failed Sale Leaseback Transactions From time to time, the Company sells equipment to third parties and enters into master lease agreements to lease the equipment back for an agreed-upon term. The Company has assessed these arrangements and determined that the transfer of assets should not be accounted for as a sale in accordance with ASC 842. Therefore, the Company accounts for these transactions using the financing method by recognizing the consideration received as a financing obligation, with the assets subject to the transaction remaining on the balance sheet of the Company and depreciated based on the Company's normal depreciation policy. The aggregate proceeds have been recorded as long-term debt within the condensed consolidated balance sheets. As of September 30, 2023, the Company's recorded financing obligations were $42.2 million, net of $1.0 million of deferred transaction costs. As of December 31, 2022, the Company's recorded financing obligations were $35.6 million, net of $1.1 million of deferred transaction costs. Payments $1.1 million and $0.9 million were made under financing obligations for the three months ended September 30, 2023, and 2022, respectively. Payments of $2.6 million and $1.5 million were made under financing obligations for the nine months ended September 30, 2023 and 2022, respectively. Interest expense, inclusive of the amortization of deferred transaction costs for the three months ended September 30, 2023 and 2022, was $0.4 million and $0.4 million, respectively. Interest expense, inclusive of the amortization of deferred transaction costs for the nine months ended September 30, 2023 and 2022, was $1.3 million and $1.1 million, respectively. During the nine months ended September 30, 2023, the Company paid $0.5 million to extinguish financing obligations of $0.6 million, resulting in a gain on extinguishment of debt of $0.1 million. During the three months ended September 30, 2023, the Company extinguished no financing obligations. The table below shows the payments required under the failed sale-leaseback financing obligations for the years ended: 2023 $ 917 2024 3,021 2025 3,023 2026 2,995 2027 2,986 Thereafter 17,111 Total $ 30,053 The difference between the outstanding sale-leaseback financing obligation of $43.1 million and $30.1 million of contractual payments due, including residual value guarantees, is due to $13.2 million of investment tax credits claimed by the respective counterparties, less $2.6 million of the implied interest on financing obligation included in minimum lease payments. The remaining difference is due to $2.8 million of interest accrued and a $0.4 million difference between the required contractual payments and the fair value of financing obligations acquired.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
Fair Value Measurements	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Company measures certain assets and liabilities at fair value, which is defined as the price that would be received from the sale of an asset or paid to transfer a liability (i.e., an exit price) on the measurement date in an orderly transaction between market participants in the principal or most advantageous market for the asset or liability. Our fair value measurements use the following hierarchy, which prioritizes valuation inputs based on the extent to which the inputs are observable in the market. • Level 1 - Valuation techniques in which all significant inputs are unadjusted quoted prices from active markets for assets or liabilities that are identical to the assets or liabilities being measured. • Level 2 - Valuation techniques in which significant inputs include quoted prices from active markets for assets or liabilities that are similar to the assets or liabilities being measured and/or quoted prices for assets or liabilities that are identical or similar to the assets or liabilities being measured from markets that are not active. Also, model-derived valuations in which all significant inputs are observable in active markets are Level 2 valuation techniques. • Level 3 - Valuation techniques in which one or more significant inputs are unobservable. Such inputs reflect our estimate of assumptions that market participants would use to price an asset or liability. The Company holds various financial instruments that are not required to be recorded at fair value. For cash, restricted cash, accounts receivable, accounts payable, and short-term debt, the carrying amounts approximate fair value due to the short maturity of these instruments. The following table provides the financial instruments measured at fair value on a recurring basis: September 30, 2023 Level 1 Level 2 Level 3 Total Assets Derivative assets: Interest rate swaps $ — $ 5,049 $ — $ 5,049 Forward starting interest rate swap — 14,022 — 14,022 Total assets at fair value — 19,071 — 19,071 Liabilities Alignment Shares liability — — 42,803 42,803 Other long-term liabilities: Contingent consideration liability — — 3,025 3,025 Total liabilities at fair value — — 45,828 45,828 December 31, 2022 Level 1 Level 2 Level 3 Total Assets Cash equivalents: Money market fund $ 101,842 $ — $ — $ 101,842 Derivative assets: Interest rate swaps — 3,953 — 3,953 Total assets at fair value 101,842 3,953 — 105,795 Liabilities Alignment Shares liability — — 66,145 66,145 Other long-term liabilities: Contingent consideration liability — — 2,875 2,875 Total liabilities at fair value — — 69,020 69,020 Alignment Shares Liability As of September 30, 2023, the Company had 996,188 Alignment Shares outstanding, all of which are held by CBRE Acquisition Sponsor, LLC (the " Sponsor "), certain former officers of CBAH (such officers, together with the Sponsor, the “ Sponsor Parties ”) and former CBAH directors. The Alignment Shares will automatically convert into shares of Class A common stock based upon the Total Return (as defined in Exhibit 4.4 to our 2022 Annual Report on Form 10-K) on the Class A common stock as of the relevant measurement date over each of the seven fiscal years following the Merger. Upon the consummation of the Merger, Alignment Shares have no continuing service requirement and do not create an unconditional obligation requiring the Company to redeem the instruments by transferring assets. In addition, the shares convert to a variable number of Class A common stock depending on the trading price of the Class A common stock and dividends paid/payable to the holders of Class A common stock. Therefore, the shares do not represent an obligation or a conditional obligation to issue a variable number of shares with a monetary value based on any of the criteria in ASC 480, Distinguishing Liabilities From Equity. The Company determined that the Alignment Shares meet the definition of a derivative because they contain (i) an underlying (Class A common stock price), (ii) a notional amount (a fixed number of Class B common stock), (iii) no or minimal initial net investment (the Sponsor paid a de minimis amount which is less than the estimated fair value of the shares), and (iv) net settleable through a conversion of the Alignment Shares into Class A shares. As such, the Company concluded that the Alignment Shares meet the definition of a derivative, which will be presented at fair value each reporting period, with changes in fair value recorded through earnings. The Company estimates the fair value of outstanding Alignment Shares using a Monte Carlo simulation valuation model utilizing a distribution of potential outcomes based on a set of underlying assumptions such as stock price, volatility, and risk-free interest rate. As volatility of 68% and risk-free interest rate of 4.65% are not observable inputs, the overall fair value measurement of Alignment Shares is classified as Level 3. Unobservable inputs can be volatile and a change in those inputs might result in a significantly higher or lower fair value measurement of Alignment Shares. For the nine months ended September 30, 2023 For the nine months ended September 30, 2022 Shares $ Shares $ Beginning balance 1,207,500 $ 66,145 1,408,750 $ 127,474 Alignment shares converted (201,250) (11) (201,250) (15) Alignment shares forfeited (10,062) (432) — — Fair value remeasurement — (22,899) — 9,367 Ending balance 996,188 $ 42,803 1,207,500 $ 136,826 Interest Rate Swaps The Company holds interest rate swaps that are considered derivative instruments, and are not designated as cash flow hedges or fair value hedges under accounting guidance. The Company uses interest rate swaps to manage its net exposure to interest rate changes. These instruments are custom, over-the-counter contracts with various bank counterparties that are not traded on an active market but valued using readily observable market inputs and the overall fair value measurement is classified as Level 2. As of September 30, 2023 and December 31, 2022 , the notional amounts were $118.8 million and $141.6 million, respectively. For the three and nine months ended September 30, 2023, the change in fair value of interest rate swaps resulted in a gain of $3.2 million and a gain of $3.7 million, respectively, which was recorded as interest expense in the condensed consolidated statements of operations . The change in fair value of interest rate swaps for three and nine months ended September 30, 2022 was not material. Forward Starting Interest Rate Swap The Company entered into a forward starting interest rate swap on January 31, 2023, with an effective date of January 31, 2025 and a termination date of January 31, 2035. This transaction had a notional amount of $250.0 million, was designated as a cash flow hedge of the Company's forecasted fixed-rate or floating-rate debt issuances. On June 15, 2023 and July 21, 2023, the Company partially terminated the forward starting interest rate swap reducing the notional amount by $47.0 million and $28.0 million, respectively, associated with the incremental debt issuances under the APAF III Term Loan. The partial terminations resulted in total proceeds of $0.5 million and $0.5 million, respectively, which were recorded as a component of other comprehensive income and will be recognized as an adjustment to interest expense over the term of the debt. The cash flow hedge was determined to be fully effective during the three and nine months ended September 30, 2023. As such, no amount of ineffectiveness has been included in net income. The amount included in other comprehensive income would be reclassified to current earnings should all or a portion of the hedge no longer be considered effective. We expect the hedge to remain fully effective during the remaining term of the swap. The change in fair value of the forward starting interest rate swap resulted in a gain of $8.4 million and $11.4 million, net of tax, which was recorded in the condensed consolidated statements of comprehensive income for the three and nine months ended September 30, 2023, respectively. Contingent Consideration Solar Acquisition In connection with the acquisition of a portfolio of sixteen solar energy facilities with a combined nameplate capacity of 61.5 MW on December 22, 2020 (the " Solar Acquisition "), contingent consideration of $3.1 million may be payable upon achieving certain market power rates and $7.4 million upon achieving certain power volumes generated by the acquired solar energy facilities. The Company estimated the fair value of the contingent consideration for future earnout payments using a Monte Carlo simulation model. Significant assumptions used in the measurement include the estimated volumes of power generation of acquired solar energy facilities during the 18-36-month period since the acquisition date, market power rates during the 36-month period, and the risk-adjusted discount rate associated with the business. As the inputs are not observable, the overall fair value measurement of the contingent consideration is classified as Level 3. The liability for the contingent consideration associated with production volumes expired on June 30, 2022. The liability for the contingent consideration associated with power rates is included in other long-term liabilities in the condensed consolidated balance sheets at the estimated fair value of $3.0 million and $2.9 million as of September 30, 2023 and December 31, 2022 , respectively. For the three and nine months ended September 30, 2023, the Company recorded a loss on fair value remeasurement of contingent consideration associated with power rates of $0.1 million and $0.2 million, respectively, within operating income in the condensed consolidated statements of operations. For the three and nine months ended September 30, 2022, the Company recorded a $0.8 million loss and a $0.1 million gain on fair value remeasurement of contingent consideration associated with power rates and production volumes, respectively, within operating income in the condensed consolidated statements of operations. Gains and losses are recorded due to changes in significant assumptions used in the measurement, including the actual versus estimated volumes of power generation of acquired solar energy facilities and market power rates. Other There were no other contingent consideration liabilities recorded during the three and nine months ended September 30, 2023. Gain on fair value remeasurement of other contingent consideration of $0.5 million was recorded within operating income in the condensed consolidated statements of operations for the three and nine months ended September 30, 2022. Redeemable Warrant Liability

Equity

Equity	9 Months Ended
Equity	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Equity	Equity As of September 30, 2023, the Company had authorized and issued 988,591,250 and 158,989,953 of Class A common stock, respectively. As of December 31, 2022, the Company had authorized and issued 988,591,250 and 158,904,401 Class A common stock, respectively, which entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders. Common stockholders are entitled to receive dividends, as may be declared by the Company’s board of directors. As of September 30, 2023, and December 31, 2022, no common stock dividends have been declared. As of September 30, 2023, and December 31, 2022, the Company had 996,188 and 1,207,500 authorized and issued shares of Class B common stock, respectively, also referred to as the Alignment Shares. Refer to Note 7, "Fair Value Measurements," for further details. On April 6, 2023, the Company entered into a Controlled Equity Offering Sales Agreement (the “ Sales Agreement ”) with Cantor Fitzgerald & Co. (“ Cantor ”), Nomura Securities International, Inc. (“ Nomura ”) and Truist Securities, Inc. (“ Truist ” and, together with Cantor and Nomura, the “ Agents ,” and each, an “ Agent ”). The Sales Agreement provides for the offer and sale of our Class A common stock from time to time through an “at the market offering” (“ ATM ”) program under which the Agents act as sales agent or principal, subject to certain limitations, including the maximum aggregate dollar amount registered pursuant to the applicable prospectus supplement. Pursuant to the prospectus supplement filed by the Company on dated April 6, 2023, the Company may offer and sell up to $200 million of shares of Class A common stock pursuant to the Sales Agreement . For the three and nine months ended September 30, 2023, no shares of common stock were sold through the ATM equity program. Unless otherwise indicated in any applicable prospectus supplement, the Company currently intends to use the net proceeds from the sale of securities under this prospectus for general corporate purposes. The Company's general corporate purposes include, but are not limited to, repayment or refinancing of debt, capital expenditures, funding possible acquisitions, working capital and satisfaction of other obligations. The Company has not determined the amount of net proceeds to be used specifically for the foregoing purposes. As a result, the Company's management will have broad discretion over the allocation of the net proceeds.

Redeemable Noncontrolling Inter

Redeemable Noncontrolling Interests	9 Months Ended
Redeemable Noncontrolling Interests	Sep. 30, 2023
Noncontrolling Interest [Abstract]
Redeemable Noncontrolling Interests	Redeemable Noncontrolling Interests The changes in the components of redeemable noncontrolling interests are presented in the table below: For the nine months ended September 30, 2023 2022 Redeemable noncontrolling interest, beginning balance $ 18,133 $ 15,527 Cash distributions (1,747) (725) Cash contributions — 1,087 Redemption of redeemable noncontrolling interests (4,301) — Assumed redeemable noncontrolling interest through business combination 11,341 2,125 Net loss attributable to redeemable noncontrolling interest 175 430 Redeemable noncontrolling interest, ending balance $ 23,601 $ 18,444

Leases

Leases	9 Months Ended
Leases	Sep. 30, 2023
Leases [Abstract]
Leases	Leases The Company has lease agreements for land and building rooftops on which our solar energy facilities operate, as well as a lease agreement for a corporate office. The leases expire on various terms through 2058. At the inception of a contractual arrangement, the Company determines whether it contains a lease by assessing whether there is an identified asset and whether the contract conveys the right to control the use of the identified asset in exchange for consideration over a period of time. If both criteria are met, the Company calculates the associated lease liability and corresponding right-of-use asset upon lease commencement. The Company's leases include various renewal options which are included in the lease term when the Company has determined it is reasonably certain of exercising the options based on consideration of all relevant factors that create an economic incentive for the Company as lessee. Operating lease assets and liabilities are recognized based on the present value of lease payments over the lease term using an appropriate discount rate. Right-of-use assets include any lease payments made at or before lease commencement and any initial direct costs incurred and exclude any lease incentives received. Right-of-use assets also include an adjustment to reflect favorable or unfavorable terms of the lease when compared to market terms, when applicable. Certain leases include variable lease payments associated with production of the solar facility or other variable payments such as real estate taxes and common area maintenance. As the Company has elected not to separate lease and non-lease components for all classes of underlying assets, all variable costs associated with leases are expensed in the period incurred and presented and disclosed as variable lease expense. The Company’s lease agreements do not contain any residual value guarantees or restrictive financial covenants. The Company does not have any leases that have not yet commenced that create significant rights and obligations for the lessee. The discount rate used is the rate that the Company would have to pay to borrow on a collateralized basis over a similar term for an amount equal to the lease payments in a similar economic environment. At the lease commencement date, the Company’s incremental borrowing rate is used as the discount rate. Discount rates are reassessed when there is a new lease or a modification to an existing lease. The Company records operating lease liabilities within current liabilities or long-term liabilities based upon the length of time associated with the lease payments. The Company records its operating lease right-of-use assets as long-term assets. The following table presents the components of operating lease cost for the three and nine months ended September 30, 2023, and 2022: For the three months ended September 30, For the nine months ended September 30, 2023 2022 2023 2022 Operating lease expense $ 2,757 $ 1,639 $ 7,931 $ 4,911 Variable lease expense 479 337 1,290 782 Total lease expense $ 3,236 $ 1,976 $ 9,221 $ 5,693 The following table presents supplemental information related to our operating leases: For the nine months ended September 30, 2023 2022 Operating cash flows from operating leases $ 7,235 $ 3,713 Operating lease assets obtained in exchange for new operating lease liabilities $ 64,904 $ 3,105 Weighted-average remaining lease term, years 23.3 years 18.4 years Weighted average discount rate 5.3% 4.1% Maturities of operating lease liabilities as of September 30, 2023, are as follows: 2023 $ 3,487 2024 12,964 2025 12,966 2026 13,059 2027 13,120 Thereafter 238,905 Total $ 294,501 Less: Present value discount (132,401) Lease liability $ 162,100

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal The Company is a party to a number of claims and governmental proceedings which are ordinary, routine matters incidental to its business. In addition, in the ordinary course of business the Company periodically has disputes with vendors and customers. The outcomes of these matters are not expected to have, either individually or in the aggregate, a material adverse effect on the Company’s financial position or results of operations. Performance Guarantee Obligations The Company guarantees certain specified minimum solar energy production output under the Company’s PPA agreements, generally over a term of 10, 15 or 25 years. The solar energy systems are monitored to ensure these outputs are achieved. The Company evaluates if any amounts are due to customers based upon not meeting the guaranteed solar energy production outputs at each reporting period end. As of September 30, 2023, and December 31, 2022, the guaranteed minimum solar energy production has been met and the Company has recorded no performance guarantee obligations. Purchase Commitments

Related Party Transactions

Related Party Transactions	9 Months Ended
Related Party Transactions	Sep. 30, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions There was $0.1 million and $0.1 million due to related parties, as discussed below, and no amounts due from related parties as of September 30, 2023, and December 31, 2022, respectively. Additionally, in the normal course of business, the Company conducts transactions with affiliates, such as: Blackstone Subsidiaries as Lender The Company incurs interest expense on the APAF Term Loan and the APAF III Term Loan. During the three months ended September 30, 2023 and 2022 the total related party interest expense associated with the APAF Term Loan and APAF III Term Loan was $8.0 million and $4.5 million, respectively, and is recorded as interest expense in the accompanying condensed consolidated statements of operations. During the nine months ended September 30, 2023 and 2022 the total related party interest expense associated with the APAF Term Loan and APAF III Term Loan was $20.7 million and $13.2 million, respectively, and is recorded as interest expense in the accompanying condensed consolidated statements of operations. As of September 30, 2023, and December 31, 2022, interest payable of $8.0 million and $4.4 million, respectively, due under the APAF Term Loan and APAF III Term Loan was recorded as interest payable on the accompanying condensed consolidated balance sheets. Commercial Collaboration Agreement with CBRE In connection with the Merger, the Company and CBRE entered into a commercial collaboration agreement (the “ Commercial Collaboration Agreement ”) effective upon the Merger, pursuant to which, among other things, CBRE will invite the Company to join CBRE’s strategic supplier program and CBRE will promote the Company as its preferred clean energy renewable provider/partner, CBRE and the Company will create a business opportunity referral program with CBRE’s brokers, CBRE will reasonably collaborate with the Company to develop and bring to market new products and/or bundles for Company’s customers, the Company will consider in good faith inviting CBRE to become a solar tax equity partner for the Company, on a non-exclusive basis, on market terms to be mutually agreed and CBRE will provide, at no cost to the Company, reasonable access to data-driven research and insights prepared by CBRE (subject to certain exceptions). The Commercial Collaboration Agreement continues for a period of seven years, with automatic one-year renewal period, unless earlier terminated by either party in accordance with the terms set forth therein. On December 9, 2022, the Company amended the Commercial Collaboration Agreement to update the business arrangement and associated fee approach, which provides that CBRE employees, including brokers, non-brokers and other employees who partnered with the Company to bring clean electrification solutions to CBRE’s client base, who met certain minimum criteria (“ Qualified Referral ”) and who documented such Qualified Referral via an executed Development Agreement, would receive a development fee of between $0.015/watt to $0.030/watt depending on the business segment and teams of such CBRE employees. For the nine months ended September 30, 2023, the Company did not incur any costs associated with the Commercial Collaboration Agreement. As of December 31, 2022, there were no amounts due to CBRE associated with the Commercial Collaboration Agreement. Master Services Agreement with CBRE On June 13, 2022, the Company, through its wholly-owned subsidiary, entered into a Master Services Agreement (" MSA ") with CBRE under which CBRE assists the Company in developing solar energy facilities. For the three months ended September 30, 2023 and 2022, the Company incurred $0.2 million and zero, respectively, for development services provided under the PSA. For the nine months ended September 30, 2023 and 2022, the Company incurred $0.4 million and zero, respectively, for development services provided under the MSA. As of September 30, 2023 and December 31, 2022, there was $0.1 million and $0.1 million due to CBRE for development services provided under the MSA. Lease Agreements with Link Logistics During 2023, the Company obtained a right to use rooftops to develop and operate solar facilities under lease agreements with subsidiaries of Link Logistics Real Estate Management LLC (“ Link Logistics ”), a Blackstone portfolio company. As of September 30, 2023, the Company recognized operating lease assets and operating lease liabilities of $24.7 million in the condensed consolidated balance sheet related to these leases, which have a weighted average remaining lease term of 30 years. During the three and nine months ended September 30, 2023, payments made under these leases were not material.

Earnings per Share

Earnings per Share	9 Months Ended
Earnings per Share	Sep. 30, 2023
Earnings Per Share [Abstract]
Earnings per Share	Earnings per Share The calculation of basic and diluted earnings per share for the three and nine months ended September 30, 2023 and 2022 was as follows (in thousands, except share and per share amounts): For the three months ended September 30, For the nine months ended September 30, 2023 2022 2023 2022 Net income (loss) attributable to Altus Power, Inc. 5,330 (96,980) 17,772 (12,446) Income attributable to participating securities (1) (33) — (113) — Net income (loss) attributable to common stockholders - basic and diluted 5,297 (96,980) 17,659 (12,446) Class A Common Stock Weighted average shares of common stock outstanding - basic (2) 158,719,684 154,455,228 158,687,373 153,482,503 Dilutive restricted stock 265,133 — 260,885 — Dilutive RSUs 1,213,337 — 2,017,424 — Weighted average shares of common stock outstanding - diluted 160,198,154 154,455,228 160,965,682 153,482,503 Net income (loss) attributable to common stockholders per share - basic $ 0.03 $ (0.63) $ 0.11 $ (0.08) Net income (loss) attributable to common stockholders per share - diluted $ 0.03 $ (0.63) $ 0.11 $ (0.08) (1) Represents the income attributable to 996,188 and 1,207,500 Alignment Shares outstanding as of September 30, 2023 and 2022, respectively. (2) For the three months ended September 30, 2023 and 2022, the calculation of basic weighted average shares of common stock outstanding excludes 271,259 and 542,511 shares, respectively, of the Company's Class A common stock provided to holders of Legacy Altus common stock, that are subject to vesting conditions.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
Stock-Based Compensation	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation The Company recognized $4.2 million and $2.7 million of stock-based compensation expense for the three months ended September 30, 2023, and 2022, respectively. The Company recognized $11.3 million and $6.7 million of stock-based compensation expense for the nine months ended September 30, 2023, and 2022, respectively. As of September 30, 2023, and December 31, 2022, the Company had $37.9 million and $33.2 million of unrecognized share-based compensation expense related to unvested restricted units, respectively, which the Company expects to recognize over a weighted-average period of approximately three years. Legacy Incentive Plans Prior to the Merger, Legacy Altus maintained the APAM Holdings LLC Restricted Units Plan, adopted in 2015 (the “ APAM Plan ”) and APAM Holdings LLC adopted the 2021 Profits Interest Incentive Plan (the “ Holdings Plan ”, and together with the APAM Plan, the “ Legacy Incentive Plans ”), which provided for the grant of restricted units that were intended to qualify as profits interests to employees, officers, directors and consultants. In connection with the Merger, vested restricted units previously granted under the Legacy Incentive Plans were exchanged for shares of Class A Common Stock, and unvested Altus Restricted Shares under each of the Legacy Incentive Plans were exchanged for restricted Class A Common Stock with the same vesting conditions. As of September 30, 2023, and December 31, 2022, 271,259 and 542,511 shares of Class A Common Stock were restricted under the Holdings Plan, respectively. No further awards will be made under the Legacy Incentive Plans. The fair value of the granted units was determined using the Black-Scholes Option Pricing model and relied on assumptions and inputs provided by the Company. All option models utilize the same assumptions with regard to (i) current valuation, (ii) volatility, (iii) risk-free interest rate, and (iv) time to maturity. The models, however, use different assumptions with regard to the strike price which vary by award. Omnibus Incentive Plan On July 12, 2021, the Company entered into the Management Equity Incentive Letter with each of Mr. Felton and Mr. Norell pursuant to which, on February 5, 2022, the Compensation Committee granted to Mr. Felton and Mr. Norell, together with other senior executives, including Anthony Savino, Chief Construction Officer, and Dustin Weber, Chief Financial Officer, restricted stock units (“ RSUs ”) under the Omnibus Incentive Plan (the " Incentive Plan ") that are subject to time-based and, for the named executive officers and certain other executives, eighty percent (80%) of such RSUs also further subject to performance-based vesting, with respect to an aggregate five percent (5%) of the Company’s Class A common stock on a fully diluted basis, excluding the then-outstanding shares of the Company’s Class B common stock or any shares of the Company’s Class A common stock into which such shares of the Company’s Class B common stock are or may be convertible. Subject to continued employment on each applicable vesting date, the time-based RSUs generally vest 33 1/3% on each of the third, fourth and fifth anniversaries of the Closing, and the performance-based RSUs vest with respect to 33 1/3% of the award upon the achievement of the above time-based requirement and the achievement of a hurdle representing a 25% annual compound annual growth rate measured based on an initial value of $10.00 per share (i.e., on each of the third anniversary, the fourth anniversary, and the fifth anniversary of the date of grant, the stock price performance hurdle shall be $19.53, $24.41, $30.51, respectively). During the three and nine months ended September 30, 2023, the Company granted under the Incentive Plan an additional 5,000 and 2,766,486 RSUs, respectively, that are subject to time-based vesting as described above, with a weighted average grant date fair value per share of $6.00 and $5.42, respectively, and 259,662 RSUs that are subject to performance-based vesting (" PSUs "), each of which represents the right to receive one share of the Company's Class A Common Stock and which vest in one installment on the third anniversary of the grant date based upon the Company's total stockholder return when compared to the Invesco Solar ETF (“TAN”), subject to certain adjustments, and the Russell 2000 index, assigning a weight of 50% to each. The PSUs have a grant date fair value per share of $6.66. As of September 30, 2023, and December 31, 2022 , there were 30,992,545 and 23,047,325 shares of the Company's Class A common stock authorized for issuance under the Incentive Plan, respectively. The number of shares authorized for issuance under the Incentive Plan will increase on January 1 of each year from 2024 to 2031 by the lesser of (i) 5% of the number of shares outstanding as of the close of business on the immediately preceding December 31 and (ii) the number of shares determined by the Company's board of directors. The number of shares authorized for issuance under the Incentive Plan increased by 5% of outstanding shares as described in the foregoing on January 1, 2022 and January 1, 2023. For the three months ended September 30, 2023, and 2022, the Company granted 5,000 and 155,000 RSUs, respectively, and recognized $4.2 million and $2.7 million, respectively, of stock-based compensation expenses in relation to the Incentive Plan. For the nine months ended September 30, 2023 and 2022, the Company granted 3,026,148 and 8,043,914 RSUs, respectively, and recognized $11.3 million and $6.7 million, respectively, of stock-based compensation expense in relation to the Incentive Plan. For th e three months ended September 30, 2023, and 2022, 34,228 and zero RSUs were forfeited, respectively. For the nine months ended September 30, 2023 and 2022, 45,282 and zero R SUs were forfeited, respectively. Employee Stock Purchase Plan On December 9, 2021, we adopted the 2021 Employee Stock Purchase Plan (" ESPP "), which provides a means by which eligible employees may be given an opportunity to purchase shares of the Company’s Class A common stock. As of September 30, 2023, and December 31, 2022 , there were 4,662,020 and 3,072,976 shares of the Company's Class A common stock authorized for issuance under the ESPP, respectively. The number of shares authorized for issuance under the ESPP will increase on January 1 of each year from 2024 to 2031 by the lesser of (i) 1% of the number of shares outstanding as of the close of business on the immediately preceding December 31 and (ii) the number of shares determined by the Company's board of directors. No shares of the Company’s Class A common stock were issued and no stock-based compensation expense was recognized in relation to the ESPP fo r the nine months ended September 30, 2023, and 2022. The number of shares authorized for issuance under the ESPP increased by 1% of outstanding shares as described in the foregoing on January 1, 2022 and January 1, 2023.

Income Taxes

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The income tax provision for interim periods is determined using an estimate of the Company’s annual effective tax rate as adjusted for discrete items arising in that quarter. For the three months ended September 30, 2023, and 2022, the Company had income tax benefit of $1.9 million and income tax expense of $2.0 million, respectively. For the nine months ended September 30, 2023, and 2022, the Company had income tax expense of $0.1 million and $2.5 million, respectively. For the nine months ended September 30, 2023, the effective tax rate differs from the U.S. statutory rate primarily due to effects of non-deductible compensation, noncontrolling interests, redeemable noncontrolling interests, fair value adjustments for Alignment Shares, as well as state and local income taxes. For the three and nine months ended September 30, 2022, the effective tax rate differs from the U.S. statutory rate primarily due to effects of non-deductible compensation, noncontrolling interests, redeemable noncontrolling interests, fair value adjustments for warrant liabilities and Alignment Shares, as well as state and local income taxes.

Subsequent Events

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has evaluated subsequent events from September 30, 2023, through November 13, 2023, which is the date the unaudited condensed consolidated financial statements were available to be issued. Other than the subsequent events disclosed below, there are no subsequent events requiring recording or disclosure in the condensed consolidated financial statements. Termination of Forward Starting Interest Rate Swap On October 5, 2023, the Company terminated the remaining $175 million outstanding notional amount of the forward starting interest rate swap discussed in Note 7, "Fair Value Measurements." The termination resulted in proceeds of $15.8 million. Purchase and Sale Agreement On October 27, 2023, in order to grow its portfolio of solar energy facilities, the Company entered into a definitive purchase and sale agreement to acquire a 121 MW portfolio of 35 operating solar energy facilities from a third-party seller for an initial purchase price of approximately $120.4 million payable at closing. Closing of this acquisition is subject to customary closing conditions. The purchase and sale agreement also includes potential performance-based contingent consideration up to $8.0 million, which would be payable in twelve months from closing, if earned. APACF II Construction Facility On November 10, 2023, the Company, through its wholly-owned subsidiary APACF II, LLC (the " Borrower "), entered into a credit agreement (the " APACF II Construction Facility ") among the Borrower, APACF II Holdings, LLC, U.S. Bank Trust Company, National Association, U.S. Bank National Association, each lender from time to time party thereto (collectively, the “ Lenders ” and individually, a “ Lender ”) and Blackstone Asset Based Finance Advisors LP (“ Blackstone ”), as Blackstone representative for the Lenders. The APACF II Construction Facility matures on the fourth anniversary of the closing date of the credit agreement (the “ Maturity Date ”) and bears interest at an annual rate of SOFR plus 3.25%. The Credit Agreement is not currently drawn upon, but once drawn upon, carries interest only payments until the Maturity Date; it also provides for mandatory prepayments in certain situations. The aggregate amount of the commitments on the closing date of the credit agreement is $200 million. The APACF II Construction Facility also provides that the Borrower may draw amounts under the credit agreement so long as the borrowing base as determined by the collateral provided under the credit agreement together does not exceed $200 million. Borrowings under the APACF II Construction Facility may be used by the Borrower to fund construction costs including equipment, labor, interconnection, as well as other development costs.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 5,330	$ (96,980)	$ 17,772	$ (12,446)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	9 Months Ended
Insider Trading Arrangements	Sep. 30, 2023 shares	Sep. 30, 2023 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Terminated	false
Director Trading Arrangement [Member]
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Officer Trading Arrangement [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		During the three months ended September 30, 2023, the following directors and/or officers adopted a “Rule 10b5-1 trading arrangement,” as defined in Item 408(a) of Regulation S-K intending to satisfy the affirmative defense of Rule 10b5-1(c): Name and Title Maximum Number of Shares of Class A Common Stock to be Sold (1) Duration (2) Adoption Date Expiration Date Dustin Weber 750,000 December 14, 2023 – December 31, 2024 September 14, 2023 December 31, 2024 Anthony Savino Chief Construction Officer 1,200,000 January 2, 2024 – December 31, 2024 September 14, 2023 December 31, 2024 Lars Norell (3) Co-Chief Executive Officer 1,800,000 December 1, 2023 – May 30, 2025 August 28, 2023 May 30, 2025 (1) The volume of sales is determined, in part, based on certain pricing triggers outlined in each adopting person's trading arrangement. (2) Each trading arrangement permits transactions through and including the earlier to occur of (a) the completion of all sales or (b) the expiration date listed in the table. (3) Mr. Norell entered into his Rule 10b5-1 trading arrangement, dated August 28, 2023 (the “Norell Trading Arrangement”) through Start Capital LLC, an entity which he controls. The Norell Trading Arrangement amends Mr. Norell’s prior Rule 10b5-1 trading arrangement intending to satisfy the affirmative defense of Rule 10b5-1(c), which was adopted on December 28, 2022, had a duration of April 3, 2023 to December 29, 2023, and provided for a sale of 495,000 total shares of Class A common stock, subject to certain pricing triggers.
Rule 10b5-1 Arrangement Adopted	true
Officer Trading Arrangement [Member] \| Dustin Weber [Member]
Trading Arrangements, by Individual
Name	Dustin Weber
Title	Chief Financial Officer
Adoption Date	September 14, 2023
Termination Date	December 31, 2024
Arrangement Duration	383 days
Aggregate Available	750,000	750,000
Officer Trading Arrangement [Member] \| Anthony Savino [Member]
Trading Arrangements, by Individual
Name	Anthony Savino
Title	Chief Construction Officer
Adoption Date	September 14, 2023
Termination Date	December 31, 2024
Arrangement Duration	364 days
Aggregate Available	1,200,000	1,200,000
Officer Trading Arrangement [Member] \| Lars Norell [Member]
Trading Arrangements, by Individual
Name	Lars Norell (3)
Title	Co-Chief Executive Officer
Adoption Date	August 28, 2023
Termination Date	May 30, 2025
Arrangement Duration	546 days
Aggregate Available	1,800,000	1,800,000
Mr. Norell Rule Trading Arrangement, Common Stock [Member] \| Lars Norell [Member]
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Terminated	true
Termination Date	August 28, 2023
Aggregate Available	495,000	495,000

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	9 Months Ended
Significant Accounting Policies (Policies)	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The Company prepares its unaudited condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“ U.S. GAAP ”) and regulations of the U.S. Securities and Exchange Commission (" SEC ") for interim financial reporting. The Company’s condensed consolidated financial statements include the results of wholly-owned and partially-owned subsidiaries in which the Company has a controlling interest. All intercompany balances and transactions have been eliminated in consolidation.
Reclassifications	Reclassifications Certain prior year amounts have been reclassified for consistency with the current year financial statement presentation. Such reclassifications have no impact on previously reported net income, stockholders' equity, or cash flows.
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates. In recording transactions and balances resulting from business operations, the Company uses estimates based on the best information available. Estimates are used for such items as the fair value of net assets acquired in connection with accounting for business combinations, the useful lives of the solar energy facilities, and inputs and assumptions used in the valuation of asset retirement obligations (“ AROs ”), contingent consideration, derivative instruments, and Class B common stock, par value $0.0001 per share (" Alignment Shares ").
Segment Information	Segment Information Operating segments are defined as components of a company about which separate financial information is available that is evaluated regularly by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company’s chief operating decision makers are the co-chief executive officers. Based on the financial information presented to and reviewed by the chief operating decision makers in deciding how to allocate the resources and in assessing the performance of the Company, the Company has determined it operates as a single operating segment and has one reportable segment, which includes revenue under power purchase agreements, revenue from net metering credit agreements, solar renewable energy credit revenue, rental income, performance based incentives and other revenue. The Company’s principal operations, revenue and decision-making functions are located in the United States.
Cash, Cash Equivalents, and Restricted Cash	Cash, Cash Equivalents, and Restricted Cash Cash and cash equivalents includes all cash balances on deposit with financial institutions and readily marketable securities with original maturity dates of three months or less at the time of acquisition and are denominated in U.S. dollars. Pursuant to the budgeting process, the Company maintains certain cash and cash equivalents on hand for possible equipment replacement related costs. The Company records cash that is restricted as to withdrawal or use under the terms of certain contractual agreements as restricted cash. Restricted cash is included in current portion of restricted cash and restricted cash, noncurrent portion on the condensed consolidated balance sheets and includes cash held with financial institutions for cash collateralized letters of credit pursuant to various financing and construction agreements.
Concentration of Credit Risk	Concentration of Credit Risk The Company maintains its cash in bank deposit accounts which, at times, may exceed Federal Deposit Insurance Corporation insurance limits. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk on cash balances.
Accounting Pronouncements	Accounting Pronouncements As a public company, the Company is provided the option to adopt new or revised accounting guidance as an “emerging growth company” under the Jumpstart Our Business Startups Act of 2012 (the “ JOBS Act ”) either (1) within the same periods as those otherwise applicable to public business entities, or (2) within the same time periods as non-public business entities, including early adoption when permissible. The Company expects to elect to adopt new or revised accounting guidance within the same time period as non-public business entities, as indicated below. Recent Accounting Pronouncements Adopted In June 2016, the Financial Accounting Standards Board (" FASB ") issued Accounting Standards Update (" ASU ") No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments and has since released various amendments including ASU No. 2019-04 . The new standard generally applies to financial assets and requires those assets to be reported at the amount expected to be realized. The ASU is effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. The Company has adopted this standard as of January 1, 2023 and the adoption did not have a material impact on the condensed consolidated financial statements. In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers , which requires entities to recognize and measure contract assets and liabilities acquired in a business combination in accordance with Accounting Standards Codification (" ASC ") 2014-09, Revenue from Contracts with Customers (Topic 606). The update will generally result in an entity recognizing contract assets and liabilities at amounts consistent with those recorded by the acquiree immediately before the acquisition date rather than at fair value. The new standard is effective on a prospective basis for fiscal years beginning after December 15, 2022, and was adopted by the Company on January 1, 2023. The Company applied the provisions of ASU 2021-08
Fair Value Measurements	The Company measures certain assets and liabilities at fair value, which is defined as the price that would be received from the sale of an asset or paid to transfer a liability (i.e., an exit price) on the measurement date in an orderly transaction between market participants in the principal or most advantageous market for the asset or liability. Our fair value measurements use the following hierarchy, which prioritizes valuation inputs based on the extent to which the inputs are observable in the market. • Level 1 - Valuation techniques in which all significant inputs are unadjusted quoted prices from active markets for assets or liabilities that are identical to the assets or liabilities being measured. • Level 2 - Valuation techniques in which significant inputs include quoted prices from active markets for assets or liabilities that are similar to the assets or liabilities being measured and/or quoted prices for assets or liabilities that are identical or similar to the assets or liabilities being measured from markets that are not active. Also, model-derived valuations in which all significant inputs are observable in active markets are Level 2 valuation techniques. • Level 3 - Valuation techniques in which one or more significant inputs are unobservable. Such inputs reflect our estimate of assumptions that market participants would use to price an asset or liability.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	9 Months Ended
Significant Accounting Policies (Tables)	Sep. 30, 2023
Accounting Policies [Abstract]
Schedule of Cash and Cash Equivalents	The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets. Cash, cash equivalents, and restricted cash consist of the following: As of September 30, 2023 As of December 31, 2022 Cash and cash equivalents $ 68,184 $ 193,016 Current portion of restricted cash 3,802 2,404 Restricted cash, noncurrent portion 12,002 3,978 Total $ 83,988 $ 199,398
Schedule of Restricted Cash and Cash Equivalents	The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets. Cash, cash equivalents, and restricted cash consist of the following: As of September 30, 2023 As of December 31, 2022 Cash and cash equivalents $ 68,184 $ 193,016 Current portion of restricted cash 3,802 2,404 Restricted cash, noncurrent portion 12,002 3,978 Total $ 83,988 $ 199,398

Revenue and Accounts Receivab_2

Revenue and Accounts Receivable (Tables)	9 Months Ended
Revenue and Accounts Receivable (Tables)	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following table presents the detail of total operating revenues, net as recorded in the unaudited condensed consolidated statements of operations: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Power sales under PPAs $ 17,442 $ 7,144 $ 43,079 $ 18,058 Power sales under NMCAs 13,846 9,187 33,970 20,908 Power sales on wholesale markets 550 1,783 1,474 3,519 Total revenue from power sales 31,838 18,114 78,523 42,485 Solar renewable energy credit revenue 9,753 11,100 33,346 28,521 Rental income 586 905 2,198 2,334 Performance based incentives 1,925 319 4,487 1,059 Revenue recognized on contract liabilities 977 — 2,416 — Total operating revenues, net $ 45,079 $ 30,438 $ 120,970 $ 74,399
Schedule of Accounts Receivable	The following table presents the detail of receivables as recorded in accounts receivable in the unaudited condensed consolidated balance sheets: As of September 30, 2023 As of December 31, 2022 Power sales under PPAs $ 8,096 $ 4,092 Power sales under NMCAs 9,569 3,183 Power sales on wholesale markets 26 223 Total power sales 17,691 7,498 Solar renewable energy credits 4,724 5,387 Rental income 523 429 Performance based incentives 447 129 Total $ 23,385 $ 13,443

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	9 Months Ended
Variable Interest Entities (Tables)	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Consolidated VIE Assets and Liabilities	The carrying amounts and classification of the consolidated VIE assets and liabilities included in condensed consolidated balance sheets are as follows: As of September 30, 2023 As of December 31, 2022 Current assets $ 26,977 $ 16,434 Non-current assets 797,161 445,583 Total assets $ 824,138 $ 462,017 Current liabilities $ 10,558 $ 5,731 Non-current liabilities 118,162 73,438 Total liabilities $ 128,720 $ 79,169

Acquisitions (Tables)

Acquisitions (Tables)	9 Months Ended
Acquisitions (Tables)	Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table presents the preliminary allocation of the purchase price to the assets acquired and liabilities assumed, based on their estimated fair values on July 13, 2023: Assets Accounts receivable $ 273 Property, plant and equipment 28,798 Operating lease asset 891 Total assets acquired 29,962 Liabilities Construction payable 1,885 Asset retirement obligation 256 Operating lease liability 391 Total liabilities assumed 2,532 Redeemable non-controlling interests 3,040 Total fair value of consideration transferred $ 24,390 Provisional accounting as of February 15, 2023 Measurement period adjustments Adjusted provisional accounting as of February 15, 2023 Assets Accounts receivable $ 4,358 $ (357) $ 4,001 Property, plant and equipment 334,958 914 335,872 Intangible assets 850 — 850 Operating lease asset 32,053 (742) 31,311 Other assets 1,739 835 2,574 Total assets acquired 373,958 650 374,608 Liabilities Long-term debt (1) 8,100 (217) 7,883 Intangible liabilities 4,100 — 4,100 Asset retirement obligation 3,795 — 3,795 Operating lease liability 37,723 (1,932) 35,791 Contract liability (2) 3,534 — 3,534 Other liabilities — 1,932 1,932 Total liabilities assumed 57,252 (217) 57,035 Redeemable non-controlling interests 8,100 — 8,100 Non-controlling interests 13,296 204 13,500 Total fair value of consideration transferred, net of cash acquired $ 295,310 $ 663 $ 295,973 Assets Accounts receivable $ 2,001 Derivative assets 2,462 Other assets 432 Property, plant and equipment 179,500 Operating lease asset 17,831 Intangible assets 29,479 Total assets acquired 231,705 Liabilities Accounts payable 275 Accrued liabilities 746 Long-term debt 105,346 Intangible liabilities 771 Operating lease liability 20,961 Contract Liability (1) 7,200 Asset retirement obligation 1,508 Total liabilities assumed 136,807 Non-controlling interests 184 Total fair value of consideration transferred, net of cash acquired $ 94,714
Schedule of Business Acquisitions, by Acquisition	The fair value of consideration transferred as of July 13, 2023, is determined as follows: Cash consideration paid to seller on closing $ 2,820 Cash consideration paid to settle debt on behalf of seller 21,570 Total fair value of consideration transferred 24,390 The fair value of consideration transferred, net of cash acquired, as of February 15, 2023, is determined as follows: Provisional accounting as of February 15, 2023 Measurement period adjustments Adjusted provisional accounting as of February 15, 2023 Cash consideration paid to True Green on closing $ 212,850 $ — $ 212,850 Cash consideration paid to settle debt and interest rate swaps on behalf of True Green 76,046 — 76,046 Cash consideration in escrow accounts (3) 3,898 — 3,898 Purchase price payable (4) 7,069 663 7,732 Total fair value of consideration transferred 299,863 663 300,526 Restricted cash acquired 4,553 — 4,553 Total fair value of consideration transferred, net of cash acquired $ 295,310 $ 663 295,973 (1) Acquired long-term debt relates to financing obligations recognized in failed sale leaseback transactions. Refer to Note 6, "Debt" for further information. (2) Acquired contract liabilities relate to long-term agreements to sell renewable energy credits that were fully prepaid by the customer prior to the acquisition date. The Company will recognize revenue associated with the contract liabilities as renewable energy credits are delivered to the customer through 2036. (3) Represents the portion of the consideration transferred that is held in escrow accounts as security for general indemnification claims. (4) Purchase price payable represents the portion of the total hold back amount that was earned by True Green as of February 15, 2023, based on the completion of construction milestones related to assets in development. The fair value of consideration transferred, net of cash acquired, as of November 11, 2022, is determined as follows: Cash consideration to the seller on closing $ 82,235 Fair value of purchase price payable (2) 19,017 Post-closing purchase price true-up (469) Total fair value of consideration transferred 100,783 Cash acquired 1,220 Restricted cash acquired 4,849 Total fair value of consideration transferred, net of cash acquired $ 94,714 (1) Acquired contract liabilities related to long-term agreements to sell renewable energy credits that were fully prepaid by the customer prior to the acquisition date. The Company will recognize revenue associated with the contract liabilities as renewable energy credits are delivered to the customer through December 31, 2028. (2) Purchase price outstanding as of December 31, 2022 is payable in three installments in two, twelve and eighteen months following the acquisition date, subject to the accuracy of general representations and warranty provisions included in MIPAs. During the nine months ended September 30, 2023, the Company paid DESRI $5.0 million of the outstanding purchase price payable net of $0.5 million working capital adjustment.
Schedule of Business Acquisition, Pro Forma Information	The unaudited pro forma combined results of operations do not reflect the costs of any integration activities or any benefits that may result from operating efficiencies or revenue synergies. For the three months ended September 30, 2023 (unaudited) For the three months ended September 30, 2022 (unaudited) For the nine months ended September 30, 2023 (unaudited) For the nine months ended September 30, 2022 (unaudited) Operating revenues $ 45,079 $ 30,877 $ 122,685 $ 77,087 Net income 6,776 (96,258) 15,474 (12,609) For the three months ended September 30, 2023 (unaudited) For the three months ended September 30, 2022 (unaudited) For the nine months ended September 30, 2023 (unaudited) For the nine months ended September 30, 2022 (unaudited) Operating revenues $ 45,079 $ 40,711 $ 124,440 $ 105,219 Net income 6,776 (92,739) 15,687 (4,709)
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination	The following table summarizes the estimated fair values and the weighted average amortization periods of the acquired intangible assets and assumed intangible liabilities as of the acquisition date: Fair Value Weighted Average Amortization Period Favorable rate revenue contracts – PPA 800 19 years Favorable rate revenue contracts – REC 50 16 years Unfavorable rate revenue contracts – PPA (800) 17 years Unfavorable rate revenue contracts – REC (3,300) 3 years Fair Value Weighted Average Amortization Period Favorable rate revenue contracts – PPA $ 29,479 8 years Unfavorable rate revenue contracts – PPA (771) 12 years

Debt (Tables)

Debt (Tables)	9 Months Ended
Debt (Tables)	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of Debt	As of September 30, 2023 As of December 31, 2022 Interest Weighted Long-term debt APAF Term Loan $ 477,752 $ 487,179 Fixed 3.51 % APAF II Term Loan 114,716 125,668 Floating* SOFR + 1.475% APAF III Term Loan 265,294 — Fixed 5.62 % APAG Revolver 55,000 — Floating SOFR + 2.60% Other term loans 11,000 28,483 Fixed 3.04 % Financing obligations recognized in failed sale leaseback transactions 43,129 36,724 Imputed 3.97 % Total principal due for long-term debt 966,891 678,054 Unamortized discounts and premiums (10,274) (2,088) Unamortized deferred financing costs (14,472) (11,404) Less: Current portion of long-term debt 34,111 29,959 Long-term debt, less current portion $ 908,034 $ 634,603 * Interest rate is effectively fixed by interest rate swap, see discussion below.
Schedule of Line of Credit Facilities	The table below shows the total letters of credit outstanding and unused capacities under our letter of credit facilities as of September 30, 2023, and December 31, 2022 (in millions): As of September 30, 2023 As of December 31, 2022 Letters of Credit Outstanding Unused Capacity Letters of Credit Outstanding Unused Capacity Deutsche Bank $ — $ — $ 0.7 $ 11.8 Fifth Third Bank 12.1 — 12.1 — CIT Bank, N.A. 0.3 — 0.6 — KeyBank and Huntington 15.6 — — 15.6 Citibank, N.A. 8.7 66.3 — 75.0 Total $ 36.7 $ 66.3 $ 13.4 $ 102.4
Schedule of Maturities of Long-term Debt	The table below shows the payments required under the failed sale-leaseback financing obligations for the years ended: 2023 $ 917 2024 3,021 2025 3,023 2026 2,995 2027 2,986 Thereafter 17,111 Total $ 30,053

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
Fair Value Measurements (Tables)	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Financial Instruments Measured at Fair Value on a Recurring Basis	The following table provides the financial instruments measured at fair value on a recurring basis: September 30, 2023 Level 1 Level 2 Level 3 Total Assets Derivative assets: Interest rate swaps $ — $ 5,049 $ — $ 5,049 Forward starting interest rate swap — 14,022 — 14,022 Total assets at fair value — 19,071 — 19,071 Liabilities Alignment Shares liability — — 42,803 42,803 Other long-term liabilities: Contingent consideration liability — — 3,025 3,025 Total liabilities at fair value — — 45,828 45,828 December 31, 2022 Level 1 Level 2 Level 3 Total Assets Cash equivalents: Money market fund $ 101,842 $ — $ — $ 101,842 Derivative assets: Interest rate swaps — 3,953 — 3,953 Total assets at fair value 101,842 3,953 — 105,795 Liabilities Alignment Shares liability — — 66,145 66,145 Other long-term liabilities: Contingent consideration liability — — 2,875 2,875 Total liabilities at fair value — — 69,020 69,020
Schedule of Alignment Shares	For the nine months ended September 30, 2023 For the nine months ended September 30, 2022 Shares $ Shares $ Beginning balance 1,207,500 $ 66,145 1,408,750 $ 127,474 Alignment shares converted (201,250) (11) (201,250) (15) Alignment shares forfeited (10,062) (432) — — Fair value remeasurement — (22,899) — 9,367 Ending balance 996,188 $ 42,803 1,207,500 $ 136,826

Redeemable Noncontrolling Int_2

Redeemable Noncontrolling Interests (Tables)	9 Months Ended
Redeemable Noncontrolling Interests (Tables)	Sep. 30, 2023
Noncontrolling Interest [Abstract]
Schedule of Redeemable Noncontrolling Interests	The changes in the components of redeemable noncontrolling interests are presented in the table below: For the nine months ended September 30, 2023 2022 Redeemable noncontrolling interest, beginning balance $ 18,133 $ 15,527 Cash distributions (1,747) (725) Cash contributions — 1,087 Redemption of redeemable noncontrolling interests (4,301) — Assumed redeemable noncontrolling interest through business combination 11,341 2,125 Net loss attributable to redeemable noncontrolling interest 175 430 Redeemable noncontrolling interest, ending balance $ 23,601 $ 18,444

Leases (Tables)

Leases (Tables)	9 Months Ended
Leases (Tables)	Sep. 30, 2023
Leases [Abstract]
Schedule of Operating Lease Cost	The following table presents the components of operating lease cost for the three and nine months ended September 30, 2023, and 2022: For the three months ended September 30, For the nine months ended September 30, 2023 2022 2023 2022 Operating lease expense $ 2,757 $ 1,639 $ 7,931 $ 4,911 Variable lease expense 479 337 1,290 782 Total lease expense $ 3,236 $ 1,976 $ 9,221 $ 5,693
Schedule of Supplemental Information of Operating Leases	The following table presents supplemental information related to our operating leases: For the nine months ended September 30, 2023 2022 Operating cash flows from operating leases $ 7,235 $ 3,713 Operating lease assets obtained in exchange for new operating lease liabilities $ 64,904 $ 3,105 Weighted-average remaining lease term, years 23.3 years 18.4 years Weighted average discount rate 5.3% 4.1%
Schedule of Maturities of Operating Lease Liabilities	Maturities of operating lease liabilities as of September 30, 2023, are as follows: 2023 $ 3,487 2024 12,964 2025 12,966 2026 13,059 2027 13,120 Thereafter 238,905 Total $ 294,501 Less: Present value discount (132,401) Lease liability $ 162,100

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
Earnings per Share (Tables)	Sep. 30, 2023
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The calculation of basic and diluted earnings per share for the three and nine months ended September 30, 2023 and 2022 was as follows (in thousands, except share and per share amounts): For the three months ended September 30, For the nine months ended September 30, 2023 2022 2023 2022 Net income (loss) attributable to Altus Power, Inc. 5,330 (96,980) 17,772 (12,446) Income attributable to participating securities (1) (33) — (113) — Net income (loss) attributable to common stockholders - basic and diluted 5,297 (96,980) 17,659 (12,446) Class A Common Stock Weighted average shares of common stock outstanding - basic (2) 158,719,684 154,455,228 158,687,373 153,482,503 Dilutive restricted stock 265,133 — 260,885 — Dilutive RSUs 1,213,337 — 2,017,424 — Weighted average shares of common stock outstanding - diluted 160,198,154 154,455,228 160,965,682 153,482,503 Net income (loss) attributable to common stockholders per share - basic $ 0.03 $ (0.63) $ 0.11 $ (0.08) Net income (loss) attributable to common stockholders per share - diluted $ 0.03 $ (0.63) $ 0.11 $ (0.08) (1) Represents the income attributable to 996,188 and 1,207,500 Alignment Shares outstanding as of September 30, 2023 and 2022, respectively. (2) For the three months ended September 30, 2023 and 2022, the calculation of basic weighted average shares of common stock outstanding excludes 271,259 and 542,511 shares, respectively, of the Company's Class A common stock provided to holders of Legacy Altus common stock, that are subject to vesting conditions.

Significant Accounting Polici_4

Significant Accounting Policies - Additional Information (Details) - USD ($)	3 Months Ended	9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Jan. 01, 2023
Concentration Risk [Line Items]
Contract liability, current		$ 3,377,000		$ 2,590,000
Derivative assets		$ (52,000)	$ (2,387,000)
Common stock, par value (in usd per share)		$ 0.0001		$ 0.0001
Contract liability, noncurrent				$ 0
Class B Common Stock
Concentration Risk [Line Items]
Common stock, par value (in usd per share)		$ 0.0001
Accounting Standards Update 2016-13
Concentration Risk [Line Items]
Accounting Standards Update [Extensible Enumeration]		Accounting Standards Update 2016-13
Accounting Standards Update 2021-08
Concentration Risk [Line Items]
Accounting Standards Update [Extensible Enumeration]		Accounting Standards Update 2021-08
Contract liability, noncurrent					$ 3,500,000
Accounts Receivable \| Customer Concentration Risk \| Customer One
Concentration Risk [Line Items]
Concentration risk				28%
Revenue Benchmark \| Customer Concentration Risk \| Customer One
Concentration Risk [Line Items]
Concentration risk	19.80%	11.50%	13.80%
Revision of Prior Period, Adjustment
Concentration Risk [Line Items]
Other liabilities, current				$ 2,600,000
Contract liability, current				$ 2,600,000
Unrealized gain on derivatives			$ (2,400,000)
Derivative assets			$ (2,400,000)

Significant Accounting Polici_5

Significant Accounting Policies - Reconciliation of Cash and Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Cash and cash equivalents	$ 68,184	$ 193,016
Current portion of restricted cash	3,802	2,404
Restricted cash, noncurrent portion	12,002	3,978
Total	$ 83,988	$ 199,398	$ 297,389	$ 330,321

Revenue and Accounts Receivab_3

Revenue and Accounts Receivable - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Operating revenues, net	$ 45,079	$ 30,438	$ 120,970	$ 74,399
Power sales under PPAs
Disaggregation of Revenue [Line Items]
Total revenue from power sales	17,442	7,144	43,079	18,058
Power sales under NMCAs
Disaggregation of Revenue [Line Items]
Total revenue from power sales	13,846	9,187	33,970	20,908
Power sales on wholesale markets
Disaggregation of Revenue [Line Items]
Total revenue from power sales	550	1,783	1,474	3,519
Total revenue from power sales
Disaggregation of Revenue [Line Items]
Total revenue from power sales	31,838	18,114	78,523	42,485
Solar renewable energy credit revenue
Disaggregation of Revenue [Line Items]
Operating revenues, net	9,753	11,100	33,346	28,521
Rental income
Disaggregation of Revenue [Line Items]
Operating revenues, net	586	905	2,198	2,334
Performance based incentives
Disaggregation of Revenue [Line Items]
Operating revenues, net	1,925	319	4,487	1,059
Revenue recognized on contract liabilities
Disaggregation of Revenue [Line Items]
Operating revenues, net	$ 977	$ 0	$ 2,416	$ 0

Revenue and Accounts Receivab_4

Revenue and Accounts Receivable - Accounts Receivable (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	$ 23,385	$ 13,443
Power sales under PPAs
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total power sales	8,096	4,092
Power sales under NMCAs
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total power sales	9,569	3,183
Power sales on wholesale markets
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total power sales	26	223
Total revenue from power sales
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total power sales	17,691	7,498
Solar renewable energy credit revenue
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	4,724	5,387
Rental income
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	523	429
Performance based incentives
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	$ 447	$ 129

Revenue and Accounts Receivab_5

Revenue and Accounts Receivable - Additional Information (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Net Investment Income [Line Items]
Allowance for uncollectible accounts	$ 600,000	$ 600,000
Contract liability, current	3,377,000	2,590,000
Contract liability, noncurrent	6,075,000	5,397,000
Contract liability, noncurrent		0
Contract with customer, asset, after allowance for credit loss		0
SREC
Net Investment Income [Line Items]
Contract liability, current	3,400,000	2,600,000
Contract liability, noncurrent	$ 6,100,000	$ 5,400,000

Variable Interest Entities - Co

Variable Interest Entities - Consolidated VIE Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Current assets	$ 98,057	$ 215,069
Total assets	1,784,439	1,376,888
Current liabilities	96,600	68,228
Total liabilities	1,257,766	913,829
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Current assets	26,977	16,434
Non-current assets	797,161	445,583
Total assets	824,138	462,017
Current liabilities	10,558	5,731
Non-current liabilities	118,162	73,438
Total liabilities	$ 128,720	$ 79,169

Variable Interest Entities - Ad

Variable Interest Entities - Additional Information (Details) $ in Millions			9 Months Ended	12 Months Ended
	Aug. 03, 2023 USD ($) facility MW	Jan. 11, 2023 USD ($) MW	Sep. 30, 2023 USD ($) variableInterestEntity MW	Dec. 31, 2022 variableInterestEntity
Stellar MA Acquisition
Variable Interest Entity [Line Items]
Consideration transferred		$ 3.8
Property, plant and equipment		3.9
Operating lease assets		0.7
Operating lease liabilities		0.7
Acquisitions of VIEs
Variable Interest Entity [Line Items]
Nameplate capacity \| MW			5,500,000
Consideration transferred	$ 2		$ 10.7
Property, plant and equipment	2.1		11
Operating lease assets			1.5
Operating lease liabilities			$ 1.4
Additional obligations incurred	0.1	$ 0.1
Option to purchase membership interests agreements to acquire equity interests paid on option exercise date	0.2
Intangible assets	0.1
Noncontrolling interests	$ 0.2
Zildjian Solar V, LLC
Variable Interest Entity [Line Items]
Consolidated VIEs \| variableInterestEntity			36	26
Zildjian Solar V, LLC \| Stellar MA Acquisition
Variable Interest Entity [Line Items]
Nameplate capacity \| MW		2.7
Zildjian Solar V, LLC \| Acquisitions of VIEs
Variable Interest Entity [Line Items]
Nameplate capacity \| MW	1.4
Number of assets acquired \| facility	2

Acquisitions - Additional Infor

Acquisitions - Additional Information (Details) $ in Thousands						3 Months Ended		9 Months Ended
	Aug. 03, 2023 USD ($)	Jul. 13, 2023 USD ($) MW	Feb. 15, 2023 USD ($) developmentSolarEnergyFacility operatingSolarEnergyFacility MW	Jan. 11, 2023 USD ($)	Nov. 11, 2022 USD ($) facility MW	Sep. 30, 2023 USD ($) MW	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) MW	Sep. 30, 2022 USD ($)	Dec. 23, 2022
Business Acquisition [Line Items]
Acquisition and entity formation costs						$ 268	$ 237	$ 3,128	$ 583
Marshall Street Acquisition
Business Acquisition [Line Items]
Percent of ownership interest acquired		100%
Acquisition and entity formation costs								100
Revenues								400
Net income (loss)								100
Purchase price								24,390
Marshall Street Acquisition \| Solar Energy Facility
Business Acquisition [Line Items]
Nameplate capacity \| MW		10.3
Marshall Street Acquisition \| Battery energy storage system
Business Acquisition [Line Items]
Nameplate capacity \| MW		5
True Green II Acquisition
Business Acquisition [Line Items]
Percent of ownership interest acquired										100%
Number of assets acquired \| developmentSolarEnergyFacility			3
Measurement period adjustments of decrease in property, plant, and equipment			$ 800
Measurement period adjustments of increase in property, plant, and equipment			100
Acquisition and entity formation costs						$ 800		2,300
Revenues								22,500
Net income (loss)								$ 13,400
True Green II Acquisition \| Provisional Accounting
Business Acquisition [Line Items]
Purchase price			$ 299,863
DESRI II & DESRI V of Acquisition
Business Acquisition [Line Items]
Purchase price					$ 100,783
Asset Acquisitions
Business Acquisition [Line Items]
Nameplate capacity \| MW						10,100,000		10,100,000
Consideration transferred		$ 24,400						$ 15,300
Total consideration remained payable						$ 300		300
Property, plant and equipment								16,200
Operating lease assets						1,700		1,700
Operating lease liabilities						1,700		1,700
Intangible liabilities						$ 500		500
Asset retirement obligations								$ 200
Weighted average amortization period								6 years
Acquisitions of VIEs
Business Acquisition [Line Items]
Nameplate capacity \| MW						5,500,000		5,500,000
Consideration transferred	$ 2,000							$ 10,700
Total consideration remained payable						$ 200		200
Property, plant and equipment	2,100							11,000
Operating lease assets						1,500		1,500
Operating lease liabilities						$ 1,400		$ 1,400
Asset retirement obligations	$ 100			$ 100
Redeemable noncontrolling interests				$ 200
True Green II Acquisition
Business Acquisition [Line Items]
Nameplate capacity \| MW			220
Consideration transferred			$ 299,900
Number of assets acquired \| operatingSolarEnergyFacility			55
DESRI II & DESRI V of Acquisition
Business Acquisition [Line Items]
Nameplate capacity \| MW					88
Number of assets acquired \| facility					19
DESRI II & DESRI V of Acquisition \| Provisional Accounting
Business Acquisition [Line Items]
Purchase price					$ 100,800

Acquisitions - Assets Acquired

Acquisitions - Assets Acquired and Liabilities Assumed from Business Combination (Details) - USD ($) $ in Thousands	Feb. 15, 2023	Sep. 30, 2023	Nov. 11, 2022
Marshall Street Acquisition
Assets
Accounts receivable		$ 273
Property, plant and equipment		28,798
Operating lease asset		891
Total assets acquired		29,962
Liabilities
Construction payable		1,885
Asset retirement obligation		256
Operating lease liability		391
Total liabilities assumed		2,532
Redeemable non-controlling interests		3,040
Total fair value of consideration transferred, net of cash acquired		$ 24,390
True Green II Acquisition \| Provisional Accounting
Assets
Accounts receivable	$ 4,358
Property, plant and equipment	334,958
Intangible assets	850
Operating lease asset	32,053
Other assets	1,739
Total assets acquired	373,958
Liabilities
Long-term debt	8,100
Intangible liabilities	4,100
Asset retirement obligation	3,795
Operating lease liability	37,723
Contract liability	3,534
Other liabilities	0
Total liabilities assumed	57,252
Redeemable non-controlling interests	8,100
Non-controlling interests	13,296
Total fair value of consideration transferred, net of cash acquired	295,310
True Green II Acquisition \| Measurement Period Adjustments
Assets
Measurement period adjustments, Accounts receivable	(357)
Measurement period adjustments, Property, plant and equipment	914
Measurement period adjustments, Intangible assets	0
Measurement period adjustments, Operating lease asset	(742)
Measurement period adjustments, Other assets	835
Measurement period adjustments, Total assets acquired	650
Liabilities
Measurement period adjustments, Long-term debt	(217)
Measurement period adjustments, Intangible liabilities	0
Measurement period adjustments, Asset retirement obligation	0
Measurement period adjustments, Operating lease liability	(1,932)
Measurement period adjustments, Contract liability	0
Measurement period adjustments, Other liabilities	1,932
Measurement period adjustments, Total liabilities assumed	(217)
Measurement period adjustments, Redeemable non-controlling interests	0
Measurement period adjustments, Non-controlling Interests	204
Measurement period adjustments, Total fair value of consideration transferred, net of cash acquired	663
True Green II Acquisition \| Final Allocation
Assets
Accounts receivable	4,001
Property, plant and equipment	335,872
Intangible assets	850
Operating lease asset	31,311
Other assets	2,574
Total assets acquired	374,608
Liabilities
Long-term debt	7,883
Intangible liabilities	4,100
Asset retirement obligation	3,795
Operating lease liability	35,791
Contract liability	3,534
Other liabilities	1,932
Total liabilities assumed	57,035
Redeemable non-controlling interests	8,100
Non-controlling interests	13,500
Total fair value of consideration transferred, net of cash acquired	$ 295,973
DESRI II & DESRI V of Acquisition
Assets
Accounts receivable			$ 2,001
Property, plant and equipment			179,500
Intangible assets			29,479
Operating lease asset			17,831
Other assets			432
Derivative assets			2,462
Total assets acquired			231,705
Liabilities
Long-term debt			105,346
Intangible liabilities			771
Asset retirement obligation			1,508
Operating lease liability			20,961
Contract liability			7,200
Accounts payable			275
Accrued liabilities			746
Total liabilities assumed			136,807
Non-controlling interests			184
Total fair value of consideration transferred, net of cash acquired			$ 94,714

Acquisitions - Pro Forma (Detai

Acquisitions - Pro Forma (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Acquisitions - Pro Forma (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Marshall Street Acquisition
Business Acquisition [Line Items]
Operating revenues	$ 45,079	$ 30,877	$ 122,685	$ 77,087
Net income	6,776	(96,258)	15,474	(12,609)
True Green II Acquisition
Business Acquisition [Line Items]
Operating revenues	45,079	40,711	124,440	105,219
Net income	$ 6,776	$ (92,739)	$ 15,687	$ (4,709)

Acquisitions - Fair Value of Co

Acquisitions - Fair Value of Consideration Transferred (Details) - USD ($) $ in Thousands			9 Months Ended
	Feb. 15, 2023	Nov. 11, 2022	Sep. 30, 2023
Marshall Street Acquisition
Business Acquisition [Line Items]
Cash consideration paid to seller on closing			$ 2,820
Cash consideration paid to settle debt on behalf of seller			21,570
Total fair value of consideration transferred			24,390
True Green II Acquisition \| Provisional Accounting
Business Acquisition [Line Items]
Cash consideration paid to seller on closing	$ 212,850
Cash consideration paid to settle debt and interest rate swaps on behalf of True Green	76,046
Cash consideration in escrow accounts	3,898
Purchase price payable	7,069
Total fair value of consideration transferred	299,863
Restricted cash acquired	4,553
Total fair value of consideration transferred, net of cash acquired	295,310
True Green II Acquisition \| Measurement Period Adjustments
Business Acquisition [Line Items]
Measurement period adjustments, Cash consideration paid to True Green on closing	0
Measurement period adjustments, Cash consideration paid to settle debt and interest rate swaps on behalf of True Green	0
Measurement period adjustments, Cash consideration in escrow accounts	0
Measurement period adjustments, Purchase price payable	663
Measurement period adjustments, Total fair value of consideration transferred	663
Measurement period adjustments, Restricted cash acquired	0
Measurement period adjustments, Total fair value of consideration transferred, net of cash acquired	663
True Green II Acquisition \| Final Allocation
Business Acquisition [Line Items]
Cash consideration paid to seller on closing	212,850
Cash consideration paid to settle debt and interest rate swaps on behalf of True Green	76,046
Cash consideration in escrow accounts	3,898
Purchase price payable	7,732
Total fair value of consideration transferred	300,526
Restricted cash acquired	4,553
Total fair value of consideration transferred, net of cash acquired	$ 295,973
DESRI II & DESRI V of Acquisition
Business Acquisition [Line Items]
Cash consideration paid to seller on closing		$ 82,235
Fair value of purchase price payable		19,017
Post-closing purchase price true-up		(469)	(500)
Total fair value of consideration transferred		100,783
Cash acquired		1,220
Restricted cash acquired		4,849
Total fair value of consideration transferred, net of cash acquired		$ 94,714
Business combination, outstanding purchase price payable to seller			$ 5,000

Acquisitions - Estimated Fair V

Acquisitions - Estimated Fair Value and Weighted Average Amortization Period of Acquired Assets and Assumed Intangible Liabilities (Details) - USD ($) $ in Thousands	Feb. 15, 2023	Aug. 25, 2021
Favorable Rate Revenue Contracts \| True Green II Acquisition \| Power sales under PPAs
Business Acquisition [Line Items]
Fair value, favorable rate revenue contracts	$ 800
Weighted average amortization period	19 years
Favorable Rate Revenue Contracts \| True Green II Acquisition \| Renewable Energy Credits
Business Acquisition [Line Items]
Fair value, favorable rate revenue contracts	$ 50
Weighted average amortization period	16 years
Favorable Rate Revenue Contracts \| DESRI II & DESRI V of Acquisition \| Power sales under PPAs
Business Acquisition [Line Items]
Fair value, favorable rate revenue contracts		$ 29,479
Weighted average amortization period		8 years
Unfavorable Rate Revenue Contracts \| True Green II Acquisition \| Power sales under PPAs
Business Acquisition [Line Items]
Fair value, Unfavorable rate revenue contracts	$ (800)
Weighted average amortization period	17 years
Unfavorable Rate Revenue Contracts \| True Green II Acquisition \| Renewable Energy Credits
Business Acquisition [Line Items]
Fair value, Unfavorable rate revenue contracts	$ (3,300)
Weighted average amortization period	3 years
Unfavorable Rate Revenue Contracts \| DESRI II & DESRI V of Acquisition \| Power sales under PPAs
Business Acquisition [Line Items]
Fair value, Unfavorable rate revenue contracts		$ (771)
Weighted average amortization period		12 years

Debt - Long-term Debt (Details)

Debt - Long-term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Line of Credit Facility [Line Items]
Long-term debt	$ 966,891	$ 678,054
Unamortized discounts and premiums	(10,274)	(2,088)
Unamortized deferred financing costs	(14,472)	(11,404)
Less: Current portion of long-term debt	34,111	29,959
Long-term debt, less current portion	908,034	634,603
Financing Obligations Recognized In Failed Sale Leaseback Transactions
Line of Credit Facility [Line Items]
Long-term debt	$ 43,129	36,724
Weighted average interest rate	3.97%
APAF Term Loan
Line of Credit Facility [Line Items]
Long-term debt	$ 477,752	487,179
Weighted average interest rate	3.51%
APAF II Term Loan
Line of Credit Facility [Line Items]
Long-term debt	$ 114,716	125,668
APAF II Term Loan \| Secured Overnight Financing Rate
Line of Credit Facility [Line Items]
Weighted average interest rate	1.475%
APAF III Term Loan
Line of Credit Facility [Line Items]
Long-term debt	$ 265,294	0
Weighted average interest rate	5.62%
APAG Revolver
Line of Credit Facility [Line Items]
Long-term debt	$ 55,000	0
APAG Revolver \| Secured Overnight Financing Rate
Line of Credit Facility [Line Items]
Weighted average interest rate	2.60%
Other term loans
Line of Credit Facility [Line Items]
Long-term debt	$ 11,000	$ 28,483
Weighted average interest rate	3.04%

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($) $ in Thousands						3 Months Ended		9 Months Ended		12 Months Ended
	Jul. 21, 2023	Jun. 15, 2023	Dec. 23, 2022	Dec. 19, 2022	Aug. 25, 2021	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Feb. 15, 2023	Aug. 29, 2022	Jan. 10, 2020
Line of Credit Facility [Line Items]
Payment of debt issuance costs								$ 2,969	$ 68
Gain (loss) on extinguishment of debt								100
Financing obligation						$ 42,200		42,200		$ 35,600
Deferred transaction cost								1,000		1,100
Payment of financing obligation						1,100	$ 900	2,600	1,500
Interest expense						400	$ 400	1,300	$ 1,100
Debt repayment								500
Payments of financing costs						0		600
Long-term debt						966,891		966,891		678,054
Minimum lease payments						30,053		30,053
Investment tax credit								13,200
Implied interest on financing lease obligation						2,800		2,800
Difference between minimum lease payments and fair value of financing lease obligations acquired						400		400
Surety Bond
Line of Credit Facility [Line Items]
Face amount						4,400		4,400		2,000
Stellar HI Acquisition
Line of Credit Facility [Line Items]
Difference between minimum lease payments and fair value of finance obligations						$ 2,600		$ 2,600
True Green II Acquisition
Line of Credit Facility [Line Items]
Line of credit facility, current borrowing capacity											$ 193,000
Remaining borrowing capacity											11,000
Financing Obligations Recognized In Failed Sale Leaseback Transactions
Line of Credit Facility [Line Items]
Weighted average interest rate						3.97%		3.97%
Long-term debt						$ 43,129		$ 43,129		36,724
Minimum lease payments						$ 30,100		$ 30,100
APAF Term Loan
Line of Credit Facility [Line Items]
Weighted average interest rate						3.51%		3.51%
Outstanding principal balance						$ 477,800		$ 477,800		487,200
Debt issuance costs						6,900		6,900		7,600
Long-term debt						477,752		477,752		487,179
APAF II Term Loan
Line of Credit Facility [Line Items]
Face amount						114,700		114,700		125,700
Derivative, fixed interest rate			4.885%
Unamortized debt issuance costs						2,300		2,300		2,700
Long-term debt						$ 114,716		$ 114,716		125,668
APAF II Term Loan \| Secured Overnight Financing Rate
Line of Credit Facility [Line Items]
Weighted average interest rate						1.475%		1.475%
Debt instrument, basis spread on variable rate			1.475%
APAF II Term Loan \| Other term loans
Line of Credit Facility [Line Items]
Face amount			$ 125,700
APAF III Term Loan
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 28,000	$ 47,000
Weighted average interest rate						5.62%		5.62%
Outstanding principal balance											$ 204,000
Face amount						$ 265,300		$ 265,300
Unamortized debt issuance costs						12,700		12,700
Interest rate											5.62%
Payment of debt issuance costs	200	300						4,000
Issuance discount	$ 1,100	1,500						6,300
Financing costs						400		1,000
Long-term debt						265,294		265,294		0
APAG Revolver
Line of Credit Facility [Line Items]
Face amount						55,000		55,000		0
Line of credit facility, commitment fee amount				$ 200,000
Long-term debt						$ 55,000		$ 55,000		0
APAG Revolver \| Secured Overnight Financing Rate
Line of Credit Facility [Line Items]
Weighted average interest rate						2.60%		2.60%
Construction to Term Loan Facility
Line of Credit Facility [Line Items]
Remaining borrowing capacity										171,600
Commitment fee percentage								0.50%
Repaid all outstanding term loans		15,800
Gain (loss) on extinguishment of debt		$ 100
Construction to Term Loan Facility \| Construction Loans
Line of Credit Facility [Line Items]
Face amount													$ 187,500
Long-term debt										0
Construction to Term Loan Facility \| Other term loans
Line of Credit Facility [Line Items]
Long-term debt										15,900
Project-Level Term Loan
Line of Credit Facility [Line Items]
Outstanding principal balance						$ 11,000		$ 11,000		12,600
Debt issuance costs						$ 1,900		$ 1,900		$ 2,200
Project-Level Term Loan \| Stellar NJ 2 Acquisition
Line of Credit Facility [Line Items]
Outstanding principal balance												$ 14,100
Debt instrument, unamortized discount												$ 2,200
Blackstone Credit Facility \| APAF Term Loan
Line of Credit Facility [Line Items]
Maximum borrowing capacity					$ 503,000
Weighted average interest rate					3.51%
Initial amortization rate					2.50%
Debt instrument term					8 years
Amortization step up rate					4%

Debt - Letters of Credit Outsta

Debt - Letters of Credit Outstanding and Unused Capacities (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Letters of Credit Outstanding
Line of Credit Facility [Line Items]
Outstanding principal balance	$ 36.7	$ 13.4
Letters of Credit Outstanding \| Deutsche Bank
Line of Credit Facility [Line Items]
Outstanding principal balance	0	0.7
Letters of Credit Outstanding \| Fifth Third Bank
Line of Credit Facility [Line Items]
Outstanding principal balance	12.1	12.1
Letters of Credit Outstanding \| CIT Bank, N.A.
Line of Credit Facility [Line Items]
Outstanding principal balance	0.3	0.6
Letters of Credit Outstanding \| KeyBank and Huntington
Line of Credit Facility [Line Items]
Outstanding principal balance	15.6	0
Letters of Credit Outstanding \| Citibank, N.A.
Line of Credit Facility [Line Items]
Outstanding principal balance	8.7	0
Unused Capacity
Line of Credit Facility [Line Items]
Unused borrowing capacity	66.3	102.4
Unused Capacity \| Deutsche Bank
Line of Credit Facility [Line Items]
Unused borrowing capacity	0	11.8
Unused Capacity \| Fifth Third Bank
Line of Credit Facility [Line Items]
Unused borrowing capacity	0	0
Unused Capacity \| CIT Bank, N.A.
Line of Credit Facility [Line Items]
Unused borrowing capacity	0	0
Unused Capacity \| KeyBank and Huntington
Line of Credit Facility [Line Items]
Unused borrowing capacity	0	15.6
Unused Capacity \| Citibank, N.A.
Line of Credit Facility [Line Items]
Unused borrowing capacity	$ 66.3	$ 75

Debt - Payments Required Under

Debt - Payments Required Under Failed Sale-Leasebacks (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Debt Disclosure [Abstract]
2023	$ 917
2024	3,021
2025	3,023
2026	2,995
2027	2,986
Thereafter	17,111
Total	$ 30,053

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Financial Instruments Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Assets
Total assets at fair value	$ 19,071	$ 105,795
Liabilities
Alignment Shares liability	42,803	66,145
Total liabilities at fair value	45,828	69,020
Money market fund
Assets
Money market fund		101,842
Contingent consideration liability
Liabilities
Contingent consideration liability	3,025	2,875
Interest rate swaps
Assets
Interest rate swaps	5,049	3,953
Forward starting interest rate swap
Assets
Interest rate swaps	14,022
Level 1
Assets
Total assets at fair value	0	101,842
Liabilities
Alignment Shares liability	0	0
Total liabilities at fair value	0	0
Level 1 \| Money market fund
Assets
Money market fund		101,842
Level 1 \| Contingent consideration liability
Liabilities
Contingent consideration liability	0	0
Level 1 \| Interest rate swaps
Assets
Interest rate swaps	0	0
Level 1 \| Forward starting interest rate swap
Assets
Interest rate swaps	0
Level 2
Assets
Total assets at fair value	19,071	3,953
Liabilities
Alignment Shares liability	0	0
Total liabilities at fair value	0	0
Level 2 \| Money market fund
Assets
Money market fund		0
Level 2 \| Contingent consideration liability
Liabilities
Contingent consideration liability	0	0
Level 2 \| Interest rate swaps
Assets
Interest rate swaps	5,049	3,953
Level 2 \| Forward starting interest rate swap
Assets
Interest rate swaps	14,022
Level 3
Assets
Total assets at fair value	0	0
Liabilities
Alignment Shares liability	42,803	66,145
Total liabilities at fair value	45,828	69,020
Level 3 \| Money market fund
Assets
Money market fund		0
Level 3 \| Contingent consideration liability
Liabilities
Contingent consideration liability	3,025	2,875
Level 3 \| Interest rate swaps
Assets
Interest rate swaps	0	$ 0
Level 3 \| Forward starting interest rate swap
Assets
Interest rate swaps	$ 0

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details)				3 Months Ended		9 Months Ended		12 Months Ended
Fair Value Measurements - Additional Information (Details)	Jul. 21, 2023 USD ($)	Jun. 15, 2023 USD ($)	Dec. 22, 2020 USD ($) facility MW	Sep. 30, 2023 USD ($) shares	Sep. 30, 2022 USD ($) shares	Sep. 30, 2023 USD ($) shares	Sep. 30, 2022 USD ($) shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2022 USD ($) shares
Fair Value, Option, Quantitative Disclosures [Line Items]
Alignment shares outstanding (in shares) \| shares				996,188	1,207,500	996,188	1,207,500	1,408,750	1,207,500
Volatility rate						68%
Risk-free interest rate						4.65%
Interest expense				$ (9,180,000)	$ (5,657,000)	$ (30,150,000)	$ (15,768,000)
Purchase price payable, noncurrent				0		0			$ 6,940,000
Loss (gain) on fair value remeasurement of contingent consideration				50,000	825,000	150,000	(146,000)
Class of warrants or rights, warrants exchanged								$ 47,600,000
Warrants and rights outstanding				0		0
Loss (gain) in fair value change of warrant					29,600,000	6,400,000
Solar Acquisition
Fair Value, Option, Quantitative Disclosures [Line Items]
Number of assets acquired \| facility			16
Nameplate capacity \| MW			61.5
Earnout cash payments			$ 3,100,000
Contingent consideration			$ 7,400,000
Purchase price payable, noncurrent				3,000,000		3,000,000			2,900,000
Amount of change of other contingent consideration, amount				0	500,000	0	500,000
Solar Acquisition \| Power Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Loss (gain) on fair value remeasurement of contingent consideration				100,000	$ (800,000)	200,000
Solar Acquisition \| Production Volume
Fair Value, Option, Quantitative Disclosures [Line Items]
Loss (gain) on fair value remeasurement of contingent consideration							$ 100,000
Interest Rate Swaps
Fair Value, Option, Quantitative Disclosures [Line Items]
Derivative, notional amount				118,800,000		118,800,000			$ 141,600,000
Interest expense				3,200,000		3,700,000
Forward Starting Interest Rate Swap
Fair Value, Option, Quantitative Disclosures [Line Items]
Derivative, notional amount				250,000,000		250,000,000
Proceeds from issuance of debt	$ 500,000	$ 500,000
Change in unrealized gain (loss) on fair value hedging instruments				$ 8,400,000		$ 11,400,000

Fair Value Measurements - Align

Fair Value Measurements - Alignment Shares (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Shares
Beginning balance (in shares)	1,207,500	1,408,750
Alignment shares converted (in shares)	(201,250)	(201,250)
Alignment shares forfeited (in shares)	(10,062)	0
Fair value remeasurement (in shares)	0	0
Ending balance (in shares)	996,188	1,207,500
$
Beginning balance	$ 66,145	$ 127,474
Alignment shares converted	(11)	(15)
Alignment shares forfeited	(432)	0
Fair value remeasurement	(22,899)	9,367
Ending balance	$ 42,803	$ 136,826

Equity (Details)

Equity (Details) - USD ($)		3 Months Ended	9 Months Ended	12 Months Ended
Equity (Details) - USD ($)	Apr. 06, 2023	Sep. 30, 2023	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Common stock, authorized (in shares)		988,591,250	988,591,250	988,591,250
Common stock, issued (in shares)		158,989,953	158,989,953	158,904,401
Common stock dividends			$ 0	$ 0
Alignment shares outstanding (in shares)		996,188	996,188	1,207,500	1,207,500	1,408,750
ATM Equity Program
Class of Stock [Line Items]
Aggregate offering price	$ 200,000,000
Number of shares issued in transaction (in shares)		0	0
Class A Common Stock
Class of Stock [Line Items]
Common stock, authorized (in shares)		988,591,250	988,591,250	988,591,250
Common stock, issued (in shares)		158,989,953	158,989,953	158,904,401
Class B Common Stock
Class of Stock [Line Items]
Alignment shares outstanding (in shares)		996,188	996,188	1,207,500

Redeemable Noncontrolling Int_3

Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Components of Redeemable Noncontrolling Interests
Redeemable noncontrolling interest, beginning balance	$ 18,133	$ 15,527
Cash distributions	(1,747)	(725)
Cash contributions	0	1,087
Redemption of redeemable noncontrolling interests	(4,301)	0
Assumed redeemable noncontrolling interest through business combination	11,341	2,125
Net loss attributable to redeemable noncontrolling interest	175	430
Redeemable noncontrolling interest, ending balance	$ 23,601	$ 18,444

Leases - Operating Lease Cost (

Leases - Operating Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Leases [Abstract]
Operating lease expense	$ 2,757	$ 1,639	$ 7,931	$ 4,911
Variable lease expense	479	337	1,290	782
Total lease expense	$ 3,236	$ 1,976	$ 9,221	$ 5,693

Leases - Supplemental Informati

Leases - Supplemental Information of Operating Leases (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Leases [Abstract]
Operating cash flows from operating leases	$ 7,235	$ 3,713
Operating lease assets obtained in exchange for new operating lease liabilities	$ 64,904	$ 3,105
Weighted-average remaining lease term, years	23 years 3 months 18 days	18 years 4 months 24 days
Weighted average discount rate	5.30%	4.10%

Leases - Schedule of Maturities

Leases - Schedule of Maturities of Operating Lease Liabilities (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Leases [Abstract]
2023	$ 3,487
2024	12,964
2025	12,966
2026	13,059
2027	13,120
Thereafter	238,905
Total	294,501
Less: Present value discount	(132,401)
Lease liability	$ 162,100

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Guarantor Obligations [Line Items]
Guarantor term	15 years
Purchase obligation	$ 0	$ 29.5
Minimum
Guarantor Obligations [Line Items]
Guarantor term	10 years
Maximum
Guarantor Obligations [Line Items]
Guarantor term	25 years
Performance Guarantee
Guarantor Obligations [Line Items]
Performance guarantee obligations	$ 0	$ 0

Related Party Transactions (Det

Related Party Transactions (Details) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
Related Party Transactions (Details) $ in Thousands	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 09, 2022 $ / MW
Related Party Transaction [Line Items]
Interest expense	$ 400	$ 400	$ 1,300	$ 1,100
Interest payable	8,495		8,495		$ 4,436
Operating lease asset	152,865		152,865		94,463
Operating lease liability	$ 162,100		$ 162,100
Weighted-average remaining lease term, years	23 years 3 months 18 days	18 years 4 months 24 days	23 years 3 months 18 days	18 years 4 months 24 days
Related Party
Related Party Transaction [Line Items]
Due to related parties	$ 53		$ 53		112
Due from related parties	0		0		0
Related Party \| Link Logistics
Related Party Transaction [Line Items]
Operating lease asset	24,700		24,700
Operating lease liability	$ 24,700		$ 24,700
Weighted-average remaining lease term, years	30 years		30 years
Related Party \| Commercial Collaboration Agreement \| CBRE Group, Inc
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction			$ 0
Repayments of related party debt					0
Related Party \| Purchase and Sale Agreement \| CBRE Group, Inc
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	$ 200	$ 0
Related Party \| Master Services Agreement \| CBRE Group, Inc
Related Party Transaction [Line Items]
Due to related parties	100		100		100
Related party transaction, amounts of transaction			400	$ 0
Minimum \| Related Party \| CBRE Group, Inc
Related Party Transaction [Line Items]
Development Fee \| $ / MW						0.015
Maximum \| Related Party \| CBRE Group, Inc
Related Party Transaction [Line Items]
Development Fee \| $ / MW						0.030
APAF Term Loan and APAF III Term Loan \| Related Party
Related Party Transaction [Line Items]
Interest expense	8,000	$ 4,500	20,700	$ 13,200
Interest payable	$ 8,000		$ 8,000		$ 4,400

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income (loss) attributable to Altus Power, Inc.	$ 5,330	$ (96,980)	$ 17,772	$ (12,446)
Income attributable to participating securities	(33)	0	(113)	0
Net income attributable to common stockholders - basic	5,297	(96,980)	17,659	(12,446)
Net income attributable to common stockholders - diluted	$ 5,297	$ (96,980)	$ 17,659	$ (12,446)
Weighted average shares of common stock outstanding - basic (in shares)	158,719,684	154,455,228	158,687,373	153,482,503
Weighted average shares of common stock outstanding - diluted (in shares)	160,198,154	154,455,228	160,965,682	153,482,503
Net income (loss) attributable to common stockholders per share - basic (in usd per share)	$ 0.03	$ (0.63)	$ 0.11	$ (0.08)
Net income (loss) attributable to common stockholders per share - diluted (in usd per share)	$ 0.03	$ (0.63)	$ 0.11	$ (0.08)
Alignment shares outstanding (in shares)	996,188	1,207,500	996,188	1,207,500	1,207,500	1,408,750
Class A Common Stock
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Antidilutive securities excluded from of earnings per share (in shares)	271,259	542,511	271,259	542,511
Restricted Stock Units (RSUs)
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Dilutive shares (in shares)	265,133	0	260,885	0
Restricted Stock
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Dilutive shares (in shares)	1,213,337	0	2,017,424	0

Stock-Based Compensation (Detai

Stock-Based Compensation (Details)		3 Months Ended		9 Months Ended
Stock-Based Compensation (Details)	Jul. 12, 2021 $ / shares	Sep. 30, 2023 USD ($) installment $ / shares shares	Sep. 30, 2022 USD ($) shares	Sep. 30, 2023 USD ($) installment $ / shares shares	Sep. 30, 2022 USD ($) shares	Dec. 31, 2022 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation \| $		$ 4,176,000	$ 2,708,000	$ 11,304,000	$ 6,670,000
Common stock, issued (in shares)		158,989,953		158,989,953		158,904,401
Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, issued (in shares)		158,989,953		158,989,953		158,904,401
Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent subject to hurdle achievement	25%
Share price hurdle to satisfy performance condition (in usd per share) \| $ / shares	$ 10
Stock price performance hurdle, third anniversary (in usd per share) \| $ / shares	19.53
Stock price performance hurdle, fifth anniversary (in usd per share) \| $ / shares	24.41
Stock price performance hurdle, fourth anniversary (in usd per share) \| $ / shares	$ 30.51
Percent of increase in authorized shares		5%		5%
Omnibus Incentive Plan \| Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of stock subject to conversion	5%
Common stock authorized for issuance (in shares)		30,992,545		30,992,545		23,047,325
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of increase in authorized shares		1%		1%
Employee Stock Purchase Plan \| Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock authorized for issuance (in shares)		4,662,020		4,662,020		3,072,976
Stock-based compensation \| $				$ 0	$ 0
Common stock, issued (in shares)		0	0	0	0
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense \| $		$ 37,900,000		$ 37,900,000		$ 33,200,000
Weighted average period of recognition				3 years
Restricted Stock Units (RSUs) \| Holdings Restricted Units Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock reserved for future issuance (in shares)		271,259		271,259		542,511
Restricted Stock Units (RSUs) \| Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs granted (in shares)		5,000	155,000	3,026,148	8,043,914
RSUs granted (in usd per share) \| $ / shares		$ 6.66		$ 6.66
Number of installment \| installment		1		1
Percent of weighted average grant date fair value		50%		50%
Stock-based compensation \| $		$ 4,200,000	$ 2,700,000	$ 11,300,000	$ 6,700,000
RSUs forfeited (in shares)		34,228	0	45,282	0
Restricted Stock Units (RSUs) \| Omnibus Incentive Plan \| Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares received (in shares)		1		1
Performance-Based Restricted Stock Units (RSUs) \| Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of stock subject to conversion	80%
Percent of award vesting rights	33.33%
RSUs granted (in shares)		259,662		259,662
Time-Based Restricted Stock Units (RSUs) \| Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of award vesting rights	33.33%
RSUs granted (in shares)		5,000		2,766,486
RSUs granted (in usd per share) \| $ / shares		$ 6		$ 5.42

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income tax expense	$ (1,940)	$ 1,964	$ 77	$ 2,548

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event $ in Millions	Oct. 27, 2023 USD ($) operatingSolarEnergyFacility MW	Oct. 05, 2023 USD ($)	Nov. 10, 2023 USD ($)
Subsequent Event [Line Items]
Component of other comprehensive income		$ 15.8
Solar energy facilities
Subsequent Event [Line Items]
Nameplate capacity \| MW	121
Number of assets acquired \| operatingSolarEnergyFacility	35
Consideration transferred	$ 120.4
Total consideration remained payable	$ 8
Interest Rate Swaps
Subsequent Event [Line Items]
Derivative, notional amount		$ 175
APAF II Term Loan
Subsequent Event [Line Items]
Maximum borrowing capacity			$ 200
APAF II Term Loan \| Secured Overnight Financing Rate (SOFR)
Subsequent Event [Line Items]
Interest rate			3.25%