Altus Power (AMPS) 10-Q12 Nov 242024 Q3 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2024	Nov. 07, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
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,
Entity Address, Address Line Two	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	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Central Index Key	0001828723
Document Fiscal Year Focus	2024
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		159,999,527
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		796,950

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Operating revenues, net	$ 58,681	$ 45,079	$ 151,800	$ 120,970
Operating expenses
Cost of operations (exclusive of depreciation and amortization shown separately below)	11,891	7,825	34,083	21,382
General and administrative	9,824	8,194	32,086	23,847
Depreciation, amortization and accretion expense	17,151	13,719	50,447	38,054
Acquisition and entity formation costs	765	268	2,281	3,128
(Gain) loss on fair value remeasurement of contingent consideration, net	(900)	50	(2,379)	150
(Gain) loss on disposal of property, plant and equipment	0	0	(88)	649
Stock-based compensation expense	4,662	4,176	4,739	11,304
Total operating expenses	43,393	34,232	121,169	98,514
Operating income	15,288	10,847	30,631	22,456
Other (income) expense
Change in fair value of Alignment Shares liability	(10,214)	(3,508)	(48,172)	(23,331)
Other expense (income), net	210	339	(1,608)	1,569
Interest expense, net	21,783	9,180	55,841	30,150
Total other expense, net	11,779	6,011	6,061	8,388
Income before income taxes	3,509	4,836	24,570	14,068
Income tax benefit (expense)	5,100	1,940	21,243	(77)
Net income	8,609	6,776	45,813	13,991
Net (loss) income attributable to noncontrolling interests and redeemable noncontrolling interests	(9,029)	1,446	(16,979)	(3,781)
Net income attributable to Altus Power, Inc.	$ 17,638	$ 5,330	$ 62,792	$ 17,772
Net income per share attributable to common stockholders
Basic (in usd per share)	$ 0.11	$ 0.03	$ 0.39	$ 0.11
Diluted (in usd per share)	$ 0.11	$ 0.03	$ 0.38	$ 0.11
Weighted average shares used to compute net income per share attributable to common stockholders
Basic (in shares)	159,990,880	158,719,684	159,641,018	158,687,373
Diluted (in shares)	164,393,794	160,198,154	165,720,558	160,965,682

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 8,609	$ 6,776	$ 45,813	$ 13,991
Other comprehensive income (loss)
Foreign currency translation adjustment	0	0	9	9
Unrealized gain on a cash flow hedge, net of tax	0	8,422	0	11,421
Reclassification of realized gain on cash flow hedge to net income	(433)	0	(1,270)	0
Other comprehensive (loss) income, net of tax	(433)	8,422	(1,261)	11,430
Total comprehensive income	8,176	15,198	44,552	25,421
Comprehensive (loss) income attributable to the noncontrolling and redeemable noncontrolling interests	(9,029)	1,446	(16,979)	(3,781)
Comprehensive income attributable to Altus Power, Inc.	$ 17,205	$ 13,752	$ 61,531	$ 29,202

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 96,899	$ 160,817
Current portion of restricted cash	1,334	45,358
Accounts receivable, net	34,326	17,100
Other current assets	6,211	5,522
Total current assets	138,770	228,797
Restricted cash, noncurrent portion	13,094	12,752
Property, plant and equipment, net	1,835,399	1,619,047
Intangible assets, net	49,169	47,588
Operating lease asset	183,677	173,804
Derivative assets	0	530
Deferred tax assets, net	12,303	0
Other assets	7,663	7,831
Total assets	2,240,075	2,090,349
Current liabilities:
Accounts payable	8,914	7,338
Construction payable	11,356	14,108
Interest payable	13,885	8,685
Purchase price payable, current	11,379	9,514
Current portion of long-term debt, net	143,449	39,611
Operating lease liability, current	5,478	6,861
Contract liability, current	2,078	2,940
Total current liabilities	230,808	106,510
Alignment Shares liability	12,320	60,502
Long-term debt, net of unamortized debt issuance costs and current portion	1,177,991	1,163,307
Intangible liabilities, net	17,088	18,945
Asset retirement obligations	19,577	17,014
Operating lease liability, noncurrent	189,604	180,701
Contract liability, noncurrent	5,978	5,620
Deferred tax liabilities, net	0	9,831
Other long-term liabilities	2,869	2,908
Total liabilities	1,656,235	1,565,338
Commitments and contingent liabilities (Note 11)
Redeemable noncontrolling interests	21,817	26,044
Stockholders' equity
Common stock $0.0001 par value; 988,591,250 shares authorized as of September 30, 2024, and December 31, 2023; 159,989,890 and 158,999,886 shares issued and outstanding as of September 30, 2024, and December 31, 2023	16	16
Additional paid-in capital	491,264	485,063
Retained earnings (accumulated deficit)	7,518	(55,274)
Accumulated other comprehensive income	16,012	17,273
Total stockholders' equity	514,810	447,078
Noncontrolling interests	47,213	51,889
Total equity	562,023	498,967
Total liabilities, redeemable noncontrolling interests, and equity	2,240,075	2,090,349
Related Party
Current liabilities:
Due to related parties	90	51
Other current liabilities	90	51
Nonrelated Party
Current liabilities:
Due to related parties	34,179	17,402
Other current liabilities	$ 34,179	$ 17,402

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (unaudited) - Parenthetical - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
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)	159,989,890	158,999,886
Common stock, outstanding (in shares)	159,989,890	158,999,886

Condensed Consolidated Balanc_3

Condensed Consolidated Balance Sheets (unaudited) - Consolidated VIEs - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets of consolidated VIEs, included in total assets above:
Current portion of restricted cash	$ 1,334	$ 45,358
Accounts receivable, net	34,326	17,100
Other current assets	6,211	5,522
Restricted cash, noncurrent portion	13,094	12,752
Property, plant and equipment, net	1,835,399	1,619,047
Intangible assets, net	49,169	47,588
Operating lease asset	183,677	173,804
Other assets	7,663	7,831
Total assets	2,240,075	2,090,349
Liabilities of consolidated VIEs, included in total liabilities above:
Accounts payable	8,914	7,338
Construction payable	11,356	14,108
Operating lease liability, current	5,478	6,861
Current portion of long-term debt, net	143,449	39,611
Contract liability, current	2,078	2,940
Long-term debt, net of unamortized debt issuance costs and current portion	1,177,991	1,163,307
Intangible liabilities, net	17,088	18,945
Asset retirement obligations	19,577	17,014
Operating lease liability, noncurrent	189,604	180,701
Contract liability, noncurrent	5,978	5,620
Other long-term liabilities	2,869	2,908
Total liabilities	1,656,235	1,565,338
Variable Interest Entity, Primary Beneficiary
Assets of consolidated VIEs, included in total assets above:
Cash	35,375	12,191
Current portion of restricted cash	535	1,066
Accounts receivable, net	18,047	8,068
Other current assets	1,229	973
Restricted cash, noncurrent portion	3,808	4,002
Property, plant and equipment, net	927,547	845,024
Intangible assets, net	5,900	5,507
Operating lease asset	92,535	79,597
Other assets	2,395	2,228
Total assets	1,087,371	958,656
Liabilities of consolidated VIEs, included in total liabilities above:
Accounts payable	1,924	1,056
Construction payable	115	0
Operating lease liability, current	2,742	2,542
Current portion of long-term debt, net	3,022	3,021
Contract liability, current	484	484
Other current liabilities	25,329	1,473
Long-term debt, net of unamortized debt issuance costs and current portion	37,873	38,958
Intangible liabilities, net	3,921	4,522
Asset retirement obligations	10,177	9,185
Operating lease liability, noncurrent	95,657	82,913
Contract liability, noncurrent	4,160	4,011
Other long-term liabilities	1,712	1,771
Total liabilities	$ 187,116	$ 149,936

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Stockholders' Equity (unaudited) - USD ($) $ in Thousands	Total	Class A Common Stock	Total Stockholders' Equity	Total Stockholders' Equity Class A Common Stock	Common Stock	Common Stock Class A Common Stock	Additional Paid-in Capital	Additional Paid-in Capital Class A Common Stock	Accumulated Other Comprehensive Income (Loss)	(Accumulated Deficit) Retained Earnings	Non Controlling Interests
Beginning balance (in shares) at Dec. 31, 2022					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 expense (in shares)					83,541
Stock-based compensation expense	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 noncontrolling interests	1,374		1,374				1,374
Other comprehensive income (loss)	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
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 expense	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 (loss)	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
Ending balance at Sep. 30, 2023	$ 503,072		465,933		$ 16		482,634		11,430	(28,147)	37,139
Beginning balance (in shares) at Dec. 31, 2023	158,999,886	158,999,886			158,999,886
Beginning balance at Dec. 31, 2023	$ 498,967		447,078		$ 16		485,063		17,273	(55,274)	51,889
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense (in shares)					988,013
Stock-based compensation expense	3,765		3,765				3,765
Cash distributions to noncontrolling interests	(2,188)										(2,188)
Accrued distributions to noncontrolling interests	(155)										(155)
Cash contributions from noncontrolling interests	16,176										16,176
Conversion of convertible securities (in shares)						1,991
Conversion of convertible securities		$ 10		$ 10				$ 10
Noncontrolling interests assumed through acquisitions	2,100										2,100
Redemption of redeemable noncontrolling interests	(2,355)		2,426				2,426				(4,781)
Other comprehensive income (loss)	(1,261)		(1,261)						(1,261)
Net income (loss)	$ 46,964		62,792							62,792	(15,828)
Ending balance (in shares) at Sep. 30, 2024	159,989,890	158,989,890			159,989,890
Ending balance at Sep. 30, 2024	$ 562,023		514,810		$ 16		491,264		16,012	7,518	47,213
Beginning balance (in shares) at Jun. 30, 2024					159,989,890
Beginning balance at Jun. 30, 2024	540,356		490,522		$ 16		484,181		16,445	(10,120)	49,834
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	4,657		4,657				4,657
Cash distributions to noncontrolling interests	(715)										(715)
Accrued distributions to noncontrolling interests	(77)										(77)
Cash contributions from noncontrolling interests	12,072										12,072
Redemption of redeemable noncontrolling interests	(2,355)		2,426				2,426				(4,781)
Other comprehensive income (loss)	(433)		(433)						(433)
Net income (loss)	$ 8,518		17,638							17,638	(9,120)
Ending balance (in shares) at Sep. 30, 2024	159,989,890	158,989,890			159,989,890
Ending balance at Sep. 30, 2024	$ 562,023		$ 514,810		$ 16		$ 491,264		$ 16,012	$ 7,518	$ 47,213

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities
Net income	$ 45,813	$ 13,991
Adjustments to reconcile net income to net cash from operating activities:
Depreciation, amortization and accretion	50,447	38,054
Non-cash lease transactions	(1,265)	467
Deferred tax (benefit) expense	(21,296)	67
Amortization of debt discount and financing costs	4,003	2,657
Change in fair value of Alignment Shares liability	(48,172)	(23,331)
Remeasurement of contingent consideration, net	(2,379)	150
(Gain) loss on disposal of property, plant and equipment	(88)	649
Reclassification of realized gain on cash flow hedge to net income	(1,270)	0
Stock-based compensation expense	4,541	11,245
Other	(2,002)	243
Changes in assets and liabilities, excluding the effect of acquisitions
Accounts receivable	(15,741)	(5,668)
Due to related parties	39	(59)
Derivative assets	530	(52)
Other assets	246	3,236
Accounts payable	1,780	2,245
Interest payable	5,200	4,059
Contract liability	344	346
Other liabilities	(371)	797
Net cash provided by operating activities	20,359	49,096
Cash flows used for investing activities
Capital expenditures	(57,640)	(89,344)
Payments to acquire renewable energy businesses, net of cash and restricted cash acquired	(119,240)	(313,292)
Payments to acquire renewable energy facilities from third parties, net of cash and restricted cash acquired	(84,999)	(28,259)
Proceeds from disposal of property, plant and equipment	266	2,350
Net cash used for investing activities	(261,613)	(428,545)
Cash flows provided by financing activities
Proceeds from issuance of long-term debt	211,451	311,642
Repayment of long-term debt	(94,782)	(41,900)
Payment of debt issuance costs	(1,232)	(2,969)
Payment of deferred purchase price payable	(8,102)	(4,531)
Payment of contingent consideration	(5,793)	0
Contributions from noncontrolling interests	16,176	8,347
Redemption of noncontrolling interests	(3,191)	0
Redemption of redeemable noncontrolling interests	0	(3,224)
Distributions to noncontrolling interests	(4,300)	(3,326)
Proceeds from transfer of investment tax credits related to noncontrolling interests	23,427	0
Net cash provided by financing activities	133,654	264,039
Net decrease in cash, cash equivalents, and restricted cash	(107,600)	(115,410)
Cash, cash equivalents, and restricted cash, beginning of period	218,927	199,398
Cash, cash equivalents, and restricted cash, end of period	111,327	83,988
Supplemental cash flow disclosure
Cash paid for interest	46,556	25,017
Cash paid for taxes	34	85
Non-cash investing and financing activities
Asset retirement obligations	1,792	4,291
Debt assumed through acquisitions	0	7,883
Noncontrolling interest assumed through acquisitions	2,100	13,500
Redeemable noncontrolling interest assumed through acquisitions	(100)	11,341
Accrued distributions to noncontrolling interests	1,018	0
Acquisitions of property and equipment included in construction payable	0	1,730
Conversion of Alignment Shares into common stock	10	11
Deferred purchase price payable	$ 0	$ 7,606

General

General	9 Months Ended
General	Sep. 30, 2024
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 ”), the Company merged (the “ Merger ”) with CBRE Acquisition Holdings, Inc. (“ CBAH

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
Significant Accounting Policies	Sep. 30, 2024
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, 2023, filed with the Company’s 2023 Annual Report on Form 10-K on March 14, 2024, 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, 2023, 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, 2024, and the results of operations and cash flows for the three and nine months ended September 30, 2024, and 2023. The results of operations for the three and nine months ended September 30, 2024, are not necessarily indicative of the results that may be expected for the full year or any other future interim or annual period. 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 maker is the chief executive officer. Based on the financial information presented to and reviewed by the chief operating decision maker 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 (“ PPAs ”), 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, 2024 As of December 31, 2023 Cash and cash equivalents $ 96,899 $ 160,817 Current portion of restricted cash 1,334 45,358 Restricted cash, noncurrent portion 13,094 12,752 Total $ 111,327 $ 218,927 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, 2024, and no customers that individually accounted for over 10% of total operating revenues, net for the three and nine months ended September 30, 2024. The Company had no customers that individually accounted for over 10% of total accounts receivable, net as of December 31, 2023. The Company had no customers that individually accounted for 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. 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 Not Yet Adopted In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments in this update require disclosure of incremental segment information and the title and position of the chief operating decision maker (" CODM "). Registrants will be required to disclose significant segment expenses that are regularly provided to the CODM, as well as additional information on segment profit and loss measures and how such information is used by the CODM to assess segment performance and allocate resources. This ASU is effective for annual periods beginning in January 2024 and interim periods beginning in January 2025. The Company is currently evaluating the impact of this ASU, but does not currently expect it to have a material impact on its consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in this update require enhanced income tax disclosures, particularly related to a reporting entity's effective tax rate reconciliation and income taxes paid. For the rate reconciliation table, the update requires additional categories of information about federal, state, and foreign taxes and details about significant reconciling items, subject to a quantitative threshold. Income taxes paid must be similarly disaggregated by federal, state, and foreign based on a quantitative threshold. This ASU is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The guidance shall be applied on a prospective basis with the option to apply retrospectively. The Company will apply the guidance upon the effective date. The Company is currently evaluating the impact of this update on its consolidated financial statements and related disclosures.

Revenue and Accounts Receivable

Revenue and Accounts Receivable	9 Months Ended
Revenue and Accounts Receivable	Sep. 30, 2024
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, 2024 2023 2024 2023 Power sales under PPAs $ 21,532 $ 17,442 $ 54,879 $ 43,079 Power sales under NMCAs 18,934 13,846 44,404 33,970 Power sales on wholesale markets 870 550 1,706 1,474 Total revenue from power sales 41,336 31,838 100,989 78,523 Solar renewable energy credit revenue 13,489 9,753 33,541 33,346 Rental income 2,967 586 8,183 2,198 Performance based incentives 298 1,925 7,073 4,487 Revenue recognized on contract liabilities 591 977 2,014 2,416 Total operating revenues, net $ 58,681 $ 45,079 $ 151,800 $ 120,970 Transaction price allocated to the remaining performance obligation In accordance with optional exemptions available under Topic 606, the Company does not disclose the value of unsatisfied performance obligations for (1) contracts with an original expected length of one year or less, (2) with the exception of fixed consideration, contracts for which revenue is recognized at the amount to which the Company have the right to invoice for goods provided and services performed, and (3) contracts for which variable consideration relates entirely to an unsatisfied performance obligation. Contracts with fixed consideration consist primarily of performance obligations to supply fixed quantities of solar renewable energy credits (" SRECs "). Contracts with variable volumes and/or variable pricing, including those with pricing provisions tied to a consumer price or other index, have also been excluded as the related consideration under the contract is variable at inception of the contract. Most of the Company's solar renewable energy credit revenue is related to contracts with variable consideration. The Company expects to recognize revenue for the following amounts related to fixed consideration associated with remaining performance obligations in each of the future periods noted: 2024 $ 8,506 2025 15,892 2026 19,536 2027 11,107 2028 1,029 Thereafter 23 Total $ 56,093 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, 2024 As of December 31, 2023 Power sales under PPAs $ 10,169 $ 3,582 Power sales under NMCAs 16,703 8,094 Power sales on wholesale markets 115 249 Total power sales 26,987 11,925 Solar renewable energy credits 7,175 3,379 Rental income 118 450 Performance based incentives 46 1,346 Total $ 34,326 $ 17,100 Payments for all accounts receivable in the above table are typically received within 30 days from invoicing. As of both September 30, 2024, and December 31, 2023, the Company determined that the allowance for credit losses was $0.9 million. Contract liabilities The Company recognizes contract liabilities related to long-term agreements to sell SRECs that are prepaid by customers before SRECs are delivered. The Company will recognize revenue associated with the contract liabilities as SRECs are delivered to customers through 2037. As of September 30, 2024, the Company had current and non-current contract liabilities of $2.1 million and $6.0 million, respectively. As of December 31, 2023, the Company had current and non-current contract liabilities of $2.9 million and $5.6 million, respectively. The Company does not have any other significant contract asset or liability balances related to revenues. Rental income Rental income is primarily derived from the master lease agreement with Vitol (as described in Note 5, "Acquisitions"), as well as long-term PPAs accounted for as operating leases under ASC 842. 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 lessor. Certain leases include variable lease payments associated with production of solar facilities, which are recognized as rental income in period the energy is delivered. Maturities of fixed rental payments as of September 30, 2024, are as follows: 2024 $ 1,184 2025 6,083 2026 2,892 2027 513 2028 514 Thereafter 5,255 Total 16,441 Banked Net Metering Credits
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, 2024 2023 2024 2023 Power sales under PPAs $ 21,532 $ 17,442 $ 54,879 $ 43,079 Power sales under NMCAs 18,934 13,846 44,404 33,970 Power sales on wholesale markets 870 550 1,706 1,474 Total revenue from power sales 41,336 31,838 100,989 78,523 Solar renewable energy credit revenue 13,489 9,753 33,541 33,346 Rental income 2,967 586 8,183 2,198 Performance based incentives 298 1,925 7,073 4,487 Revenue recognized on contract liabilities 591 977 2,014 2,416 Total operating revenues, net $ 58,681 $ 45,079 $ 151,800 $ 120,970 Transaction price allocated to the remaining performance obligation In accordance with optional exemptions available under Topic 606, the Company does not disclose the value of unsatisfied performance obligations for (1) contracts with an original expected length of one year or less, (2) with the exception of fixed consideration, contracts for which revenue is recognized at the amount to which the Company have the right to invoice for goods provided and services performed, and (3) contracts for which variable consideration relates entirely to an unsatisfied performance obligation. Contracts with fixed consideration consist primarily of performance obligations to supply fixed quantities of solar renewable energy credits (" SRECs "). Contracts with variable volumes and/or variable pricing, including those with pricing provisions tied to a consumer price or other index, have also been excluded as the related consideration under the contract is variable at inception of the contract. Most of the Company's solar renewable energy credit revenue is related to contracts with variable consideration. The Company expects to recognize revenue for the following amounts related to fixed consideration associated with remaining performance obligations in each of the future periods noted: 2024 $ 8,506 2025 15,892 2026 19,536 2027 11,107 2028 1,029 Thereafter 23 Total $ 56,093 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, 2024 As of December 31, 2023 Power sales under PPAs $ 10,169 $ 3,582 Power sales under NMCAs 16,703 8,094 Power sales on wholesale markets 115 249 Total power sales 26,987 11,925 Solar renewable energy credits 7,175 3,379 Rental income 118 450 Performance based incentives 46 1,346 Total $ 34,326 $ 17,100 Payments for all accounts receivable in the above table are typically received within 30 days from invoicing. As of both September 30, 2024, and December 31, 2023, the Company determined that the allowance for credit losses was $0.9 million. Contract liabilities The Company recognizes contract liabilities related to long-term agreements to sell SRECs that are prepaid by customers before SRECs are delivered. The Company will recognize revenue associated with the contract liabilities as SRECs are delivered to customers through 2037. As of September 30, 2024, the Company had current and non-current contract liabilities of $2.1 million and $6.0 million, respectively. As of December 31, 2023, the Company had current and non-current contract liabilities of $2.9 million and $5.6 million, respectively. The Company does not have any other significant contract asset or liability balances related to revenues. Rental income Rental income is primarily derived from the master lease agreement with Vitol (as described in Note 5, "Acquisitions"), as well as long-term PPAs accounted for as operating leases under ASC 842. 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 lessor. Certain leases include variable lease payments associated with production of solar facilities, which are recognized as rental income in period the energy is delivered. Maturities of fixed rental payments as of September 30, 2024, are as follows: 2024 $ 1,184 2025 6,083 2026 2,892 2027 513 2028 514 Thereafter 5,255 Total 16,441 Banked Net Metering Credits

Variable Interest Entities

Variable Interest Entities	9 Months Ended
Variable Interest Entities	Sep. 30, 2024
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, 2024 and December 31, 2023. No VIEs were deconsolidated during the nine months ended September 30, 2024 and 2023. 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, 2024 and 2023, 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, 2024 As of December 31, 2023 Current assets $ 55,186 $ 22,298 Non-current assets 1,032,185 936,358 Total assets $ 1,087,371 $ 958,656 Current liabilities $ 33,616 $ 8,576 Non-current liabilities 153,500 141,360 Total liabilities $ 187,116 $ 149,936 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, 2024 and 2023, 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, 2024 and December 31, 2023, the Company consolidated thirty-seven and thirty-five VIEs, respectively. As discussed in Note 5, on July 3, 2024 and September 10, 2024, the Company acquired all outstanding equity interests in three entities that were deemed to be VIEs due to insufficient amounts of at-risk equity to finance activities without additional subordinated financial support. The Company, through its subsidiaries, is the primary beneficiary through its ownership interests, as the Company has the power to direct the operating activities of the VIEs and is exposed to economics that could potentially be significant to the entities. Subsequent to the acquisition date, the Company made additional investments in two of the acquired VIEs and the at-risk equity in these entities became sufficient to finance their operations. Therefore, as of September 30, 2024, these entities were consolidated under the voting interest entity model.

Acquisitions

Acquisitions	9 Months Ended
Acquisitions	Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Acquisitions	Acquisitions 2024 Acquisitions MN8 Acquisition On April 10, 2024, the Company entered into a Purchase and Sale Agreement to acquire four in-development solar facilities for an estimated gross purchase price of approximately $113 million, subject to customary adjustments. On July 3, 2024 and September 10, 2024, the Company acquired three of the in-development solar energy facilities located in Maine with a total expected nameplate capacity of 19.7 MW from third party for a total purchase price of $84.1 million (the “ MN8 Acquisition ”). As of September 30, 2024, $9.3 million of total consideration remained payable to the seller 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 $84.5 million of property, plant and equipment and $2.1 million of operating lease assets, and assumed $2.1 million of operating lease liabilities and $0.4 million of asset retirement obligations. Vitol Acquisition On January 31, 2024, the Company, through its wholly-owned subsidiary, Altus Power, LLC, acquired an 84 MW portfolio of 20 operating solar energy facilities located across five U.S. states (the “ Vitol Acquisition ”). The portfolio was acquired from Vitol Solar I LLC (“ Vitol ”) through an acquisition of 100% of the outstanding membership interests in 18 project companies and 100% of the outstanding Class B membership interest in a partnership which owns 2 project companies. The total purchase price was approximately $119.5 million and the transaction was entered into by the Company to grow its portfolio of solar energy facilities. The purchase price and associated transaction costs were funded by cash on hand. The purchase price is also subject to customary adjustments for working capital and other items. In conjunction with the acquisition, the Company entered into a master lease agreement to lease certain solar facilities back to Vitol, as well as an asset management agreement under which the Company will manage the solar facilities during the term of the master lease agreement. The master lease agreement is accounted for as an operating lease under ASC 842 and lease payments are included in rental income within the condensed consolidated statement of operations. The lease term varies by solar facility, with individual lease terms ending between 2024 and 2026. The Company accounted for the Vitol 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 January 31, 2024 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 the process of obtaining additional information for the valuation of acquired tangible and intangible assets as well as inputs utilized in the valuation of noncontrolling interests. 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 January 31, 2025. 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 January 31, 2024: Provisional accounting as of January 31, 2024 Measurement period adjustments Adjusted provisional accounting as of January 31, 2024 Assets Accounts receivable $ 1,649 $ (164) $ 1,485 Property, plant and equipment 123,363 (822) 122,541 Operating lease asset 7,835 (1,799) 6,036 Other assets 1,691 (2) 1,689 Total assets acquired 134,538 (2,787) 131,751 Liabilities Accounts payable 249 65 314 Intangible liabilities 2,370 (800) 1,570 Asset retirement obligation 1,374 — 1,374 Operating lease liability 7,187 (1,799) 5,388 Contract liability 1,130 — 1,130 Other liabilities 393 172 565 Total liabilities assumed 12,703 (2,362) 10,341 Non-controlling interests 2,100 — 2,100 Total fair value of consideration transferred $ 119,735 $ (425) $ 119,310 The fair value of consideration transferred, net of cash acquired, as of January 31, 2024, is determined as follows: Cash consideration paid to Vitol on closing $ 119,690 $ — $ 119,690 Post-closing purchase price true-up 45 (221) (176) Total fair value of consideration transferred 119,735 (221) 119,514 Cash acquired — 204 204 Total fair value of consideration transferred, net of cash acquired $ 119,735 $ (425) $ 119,310 The Company incurred approximately $0.9 million of acquisition related costs related to the Vitol 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, 2024. Acquisition related costs include legal, consulting, and other transaction-related costs. The impact of the Vitol Acquisition on the Company's revenue and net income in the condensed consolidated statement of operations was an increase of $8.6 million and $5.4 million, respectively, for the nine months ended September 30, 2024. Intangibles at Acquisition Date The Company attributed the intangible liability values to unfavorable rate revenue contracts to sell power and SRECs. The following table summarizes the estimated fair values and the weighted average amortization periods of the assumed intangible liabilities as of the acquisition date: Fair Value Weighted Average Amortization Period Unfavorable rate revenue contracts – PPA (100) 11 years Unfavorable rate revenue contracts – SREC (1,470) 10 years Unaudited Pro Forma Combined Results of Operations The following unaudited pro forma combined results of operations give effect to the Vitol Acquisition as if it had occurred on January 1, 2023. 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 Vitol 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, 2024 (unaudited) For the three months ended September 30, 2023 (unaudited) For the nine months ended September 30, 2024 (unaudited) For the nine months ended September 30, 2023 (unaudited) Operating revenues, net $ 58,681 $ 48,121 $ 152,662 $ 129,464 Net income 8,609 8,565 47,143 17,856 Asset Acquisitions During the nine months ended September 30, 2024, the Company acquired solar energy facilities located in Massachusetts, New Jersey, and Colorado with a total nameplate capacity of 12.3 MW from third parties for a total purchase price of $13.5 million. The acquisitions were accounted for as acquisitions of assets, whereby the Company acquired $13.5 million of property, plant and equipment and $0.7 million of operating lease assets, and assumed $0.7 million of operating lease liabilities. 2023 Acquisitions Caldera Acquisition On December 20, 2023, Altus Power, LLC, a wholly-owned subsidiary of the Company, acquired a 121 MW portfolio of 35 operating solar energy facilities located across six US states (the “ Caldera Acquisition ”). The portfolio was acquired from Project Hyperion Holdco LP (the “ Seller ”) for total consideration of $121.7 million. The purchase price and associated transaction costs were funded by the proceeds from an amendment of the APAF III Term Loan (as defined in Note 6, "Debt") and cash on hand. The Caldera Acquisition was made pursuant to the purchase and sale agreement (the " PSA ") dated October 27, 2023, 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 Project Hyperion, LLC, a holding entity that owns the acquired solar energy facilities. The Company accounted for the Caldera 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 December 20, 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 accounting for the Caldera Acquisition was finalized as of September 30, 2024. Subsequent to the acquisition date, the Company made certain measurement period adjustments to provisional accounting recognized. The adjustments consist of decreases in Property, plant and equipment acquired of $0.6 million, Other assets acquired of $0.1 million, Other liabilities assumed of $0.5 million, and noncontrolling interests assumed of $0.1 million, and an increase in Cash and restricted cash acquired of $0.1 million. The following table presents the final allocation of the purchase price to the assets acquired and liabilities assumed, based on their estimated fair values on December 20, 2023: Provisional accounting as of December 20, 2023 Measurement period adjustments Final accounting as of December 20, 2023 Assets Accounts receivable $ 876 $ — $ 876 Property, plant and equipment 131,728 (596) 131,132 Intangible assets 350 — 350 Operating lease asset 15,557 — 15,557 Other assets 2,079 (95) 1,984 Total assets acquired 150,590 (691) 149,899 Liabilities Intangible liabilities 5,200 — 5,200 Asset retirement obligation 1,920 — 1,920 Operating lease liability 17,567 — 17,567 Other liabilities 1,275 (517) 758 Total liabilities assumed 25,962 (517) 25,445 Non-controlling interests 2,900 (100) 2,800 Total fair value of consideration transferred, net of cash acquired $ 121,728 $ (74) $ 121,654 The fair value of consideration transferred, net of cash acquired, as of December 20, 2023, is determined as follows: Cash consideration paid to seller on closing $ 80,942 $ — $ 80,942 Cash consideration paid to settle debt on behalf of seller 38,966 — 38,966 Purchase price payable (1) 4,189 — 4,189 Contingent consideration payable 2,600 — 2,600 Total fair value of consideration transferred 126,697 — 126,697 Cash and restricted cash acquired 4,969 74 5,043 Total fair value of consideration transferred, net of cash acquired $ 121,728 $ (74) $ 121,654 (1) The Company paid the entire purchase price payable amount after the acquisition date but prior to December 31, 2023. The contingent consideration is related to the estimated earnout cash payment of a maximum of $8.0 million dependent on actual power generation of the acquired solar generating facilities during the 12-month period following the acquisition date. Refer to the Contingent Consideration section of Note 7, "Fair Value Measurements" for further information. The Company incurred approximately $0.9 million of acquisition related costs related to the Caldera Acquisition, which are recorded as part of Acquisition and entity formation costs in the consolidated statement of operations for the year ended December 31, 2023. Acquisition related costs include legal, consulting, and other transaction-related costs. Intangibles at Acquisition Date The Company attributed the intangible asset and liability values to favorable and unfavorable rate revenue contracts to sell SRECs. 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 – SREC 350 4 years Unfavorable rate revenue contracts – SREC (5,200) 3 years

Debt

Debt	9 Months Ended
Debt	Sep. 30, 2024
Debt Disclosure [Abstract]
Debt	Debt As of September 30, 2024 As of December 31, 2023 Interest Weighted Long-term debt APAF Term Loan $ 465,181 $ 474,609 Fixed 3.51 % APAF II Term Loan 104,548 112,810 Floating* SOFR + 1.475% APAF III Term Loan 417,621 426,619 Fixed 6.03 % APAF IV Term Loan 100,495 — Fixed 6.45 % APAGH Term Loan 100,000 100,000 Fixed 8.50 % APAG Revolver 10,000 65,000 Floating SOFR + 1.60% APACF II Facility 101,685 — Floating SOFR + 3.25% Other term loans 9,350 11,000 Fixed 3.02 % Financing obligations recognized in failed sale leaseback transactions 41,736 42,767 Imputed 3.97 % Total principal due for long-term debt 1,350,616 1,232,805 Unamortized discounts (12,428) (13,722) Unamortized deferred financing costs (16,748) (16,165) Less: Current portion of long-term debt 143,449 39,611 Long-term debt, less current portion $ 1,177,991 $ 1,163,307 * 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, 2024, the outstanding principal balance of the APAF Term Loan was $465.2 million less unamortized debt discount and loan issuance costs totaling $6.1 million. As of December 31, 2023, the outstanding principal balance of the APAF Term Loan was $474.6 million less unamortized debt discount and loan issuance costs totaling $6.7 million. As of September 30, 2024, and December 31, 2023, 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 Secured Overnight Financing Rate (“ 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). The APAF II Term Loan is secured by membership interests in the Company's subsidiaries. As of September 30, 2024, the outstanding principal balance of the APAF II Term Loan was $104.5 million, less unamortized debt issuance costs of $1.8 million. As of December 31, 2023, the outstanding principal balance of the APAF II Term Loan was $112.8 million, less unamortized debt issuance costs of $2.2 million. As of September 30, 2024, and December 31, 2023, 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 “ APAF III 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 APAF III Term Loan amortizes at a rate of 2.5% of initial outstanding principal until the 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. 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. The APAF III Term Loan is secured by membership interests in the Company's subsidiaries. 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 Loan 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. On December 20, 2023, the Company amended the APAF III Term Loan to add $163.0 million of additional borrowings, the proceeds of which were used to fund the Caldera Acquisition. The amendment increased the weighted average fixed interest rate for all borrowings under the APAF III Term Loan to 6.03% and increased the rate of amortization for the new borrowings under the amendment to 3.25% per annum until June 30, 2033. The principal balance borrowed under the amendment was offset by $1.3 million of issuance costs and $0.8 million of issuance discount, which have been deferred and will be recognized as interest expense through June 30, 2033. As of September 30, 2024, the outstanding principal balance of the APAF III Term Loan was $417.6 million, less unamortized debt issuance costs and discount of $13.2 million. As of December 31, 2023, the outstanding principal balance of the APAF III Term Loan was $426.6 million, less unamortized debt issuance costs and discount of $14.3 million. As of September 30, 2024 and December 31, 2023, the Company was in compliance with all covenants under the APAF III Term Loan. APAF IV Term Loan On March 26, 2024, the Company, through its subsidiaries, APA Finance IV, LLC (the “ APAF IV Borrower ”), and APA Finance IV Holdings, LLC (“ Holdings ”) has entered into a new term loan facility under the terms of a credit agreement among the APAF IV 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 IV Term Loan ”). The APAF IV Term Loan, which matures on March 26, 2049, bears interest at a fixed rate of 6.45% per annum on outstanding principal amounts under the term loan. The Term Loan Facility has an anticipated repayment date of June 30, 2034. Upon lender approval, the APAF IV Borrower has the right to increase the Term Loan Facility to make additional draws for certain acquisitions of solar assets that otherwise satisfy the criteria for permitted acquisitions, as defined in the credit agreement. On March 26, 2024, the Company borrowed $101.0 million under the APAF IV Term Loan in connection with the Vitol Acquisition, which closed on January 31, 2024. The principal balance borrowed under the APAF IV Term Loan was offset by $1.6 million of debt issuance costs, which have been deferred and will be recognized as interest expense through June 30, 2034. The APAF IV Term Loan is secured by membership interests in the Company's subsidiaries . As of September 30, 2024, the outstanding principal balance of the APAF IV Term Loan was $100.5 million, less unamortized debt issuance costs and discount of $1.5 million. As of September 30, 2024, the Company was in compliance with all covenants under the APAF IV Term Loan. APAGH Term Loan On December 27, 2023, APA Generation Holdings, LLC (“ APAGH ” or the “ APAGH Borrower ”), a wholly owned subsidiary of the Company, entered into a credit agreement (the “ APAGH Term Loan ”) with an affiliate of Goldman Sachs Asset Management and CPPIB Credit Investments III Inc., a subsidiary of Canada Pension Plan Investment Board, as “Lenders.” The total commitment under the credit agreement is $100.0 million. The Company can also allow for the funding of additional incremental loans in an amount not to exceed $100.0 million over the term of the credit agreement at the discretion of the Lenders. Subject to certain exceptions, the APAGH Borrower’s obligations to the Lenders are secured by the assets of the APAGH Borrower, its parent, Altus Power, LLC (“ Holdings ”) and the Company and are further guaranteed by Holdings and the Company. Interest accrues on any outstanding balance at an initial fixed rate equal to 8.50%, subject to adjustments. The maturity date of the term loan is December 27, 2029. On December 27, 2023, the Company borrowed $100.0 million under the APAGH Term Loan to fund future growth needs, which was partially offset by $3.0 million of issuance discount. The Company incurred $1.0 million of debt issuance costs related to the APAGH Term Loan, which have been deferred and will be recognized as interest expense through December 27, 2029. As of September 30, 2024, the outstanding principal balance of the APAGH Term Loan was $100.0 million, less unamortized debt issuance costs and discount of $3.5 million. As of December 31, 2023, the outstanding principal balance of the APAGH Term Loan was $100.0 million, less unamortized debt issuance costs and discount of $4.0 million. As of September 30, 2024 and December 31, 2023, the Company was in compliance with all covenants. 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 is secured by membership interests in the Company's subsidiaries. The APAG Revolver matures on December 19, 2027. As of September 30, 2024, and December 31, 2023, outstanding under the APAG Revolver were $10.0 million and $65.0 million, respectively. As of September 30, 2024, and December 31, 2023, the Company was in compliance with all covenants under the APAG Revolver. APACF II Facility On November 10, 2023, APACF II, LLC (“ APACF II ” or the “ APACF II Borrower ”) a wholly-owned subsidiary of the Company, entered into a credit agreement among the APACF II Borrower, APACF II Holdings, LLC, Pass Equipment Co., LLC, each of the project companies from time to time party thereto, each of the tax equity holdcos from time to time party thereto, U.S. Bank Trust Company, National Association, U.S. Bank National Association, each lender from time to time party thereto (collectively, the “ Lenders ”) and Blackstone Asset Based Finance Advisors LP, as Blackstone representative (“ APACF II Facility ”). The aggregate amount of the commitments under the credit agreement is $200.0 million. The APACF II Facility matures on November 10, 2027, and bears interest at an annual rate of SOFR plus 3.25%. Borrowings under the APACF II Facility, which mature 364 days after the borrowing occurs, may be used by the APACF II Borrower to fund construction costs including equipment, labor, interconnection, as well as other development costs. The Company incurred $0.3 million of debt issuance costs related to the APACF II Facility, which have been deferred and will be recognized as interest expense through November 10, 2027. The APACF II Facility is secured by membership interests in the Company's subsidiaries and other collateral, including equipment . During both the three and nine months ended September 30, 2024, the Company capitalized $1.6 million of interest expense incurred under the APACF II Facility, which is included in property, plant and equipment, net in the condensed consolidated balance sheets as of September 30, 2024. As of September 30, 2024, the outstanding principal balance of the APACF II Facility was $101.7 million, less unamortized debt issuance costs of $0.7 million. As of December 31, 2023, no amounts were outstanding under the APACF II Facility. As of September 30, 2024, the Company was in compliance with all covenants under the APACF II Facility. Other Term Loans - Construction Loan 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. On June 15, 2023, the Company repaid all outstanding term loans of $15.8 million and terminated the 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, 2024, the outstanding principal balance of the term loan was $9.4 million, less unamortized debt discount of $1.5 million. As of December 31, 2023, the outstanding principal balance of the term loan was $11.0 million, less unamortized debt discount of $1.8 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, 2024, and December 31, 2023, the Company was in compliance with all covenants. 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. As of September 30, 2024, the Company had $53.0 million of letters of credit outstanding and $50.4 million of unused capacity. As of December 31, 2023, the Company had $54.7 million of letters of credit outstanding and $54.4 million of unused capacity. Additionally, as of September 30, 2024 and December 31, 2023, the Company had outstanding surety bonds of $6.0 million and $5.4 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, 2024, the Company's recorded financing obligations were $40.9 million, net of $0.8 million of deferred transaction costs. As of December 31, 2023, the Company's recorded financing obligations were $41.8 million, net of $0.9 million of deferred transaction costs. Payments $1.2 million and $1.1 million were made under financing obligations for the three months ended September 30, 2024, and 2023, respectively. Payments of $2.3 million and $2.6 million were made under financing obligations for the nine months ended September 30, 2024 and 2023, respectively. Interest expense, inclusive of the amortization of deferred transaction costs, for the both three months ended September 30, 2024 and 2023, was $0.4 million. Interest expense, inclusive of the amortization of deferred transaction costs, for both the nine months ended September 30, 2024 and 2023, was $1.3 million. 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 nine months ended September 30, 2024, the Company extinguished no financing obligations. The table below shows the payments required under the failed sale-leaseback financing obligations for the years ended: 2024 $ 916 2025 3,023 2026 2,995 2027 2,986 2028 2,967 Thereafter 14,143 Total $ 27,030 The difference between the outstanding sale-leaseback financing obligation of $41.7 million and $27.0 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 $4.6 million of interest accrued and a $0.5 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, 2024
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, 2024 Level 1 Level 2 Level 3 Total Assets Cash equivalents: Money market fund $ 45,467 $ — $ — $ 45,467 Total assets at fair value $ 45,467 $ — $ — $ 45,467 Liabilities Derivative liabilities: Interest rate swaps — 660 — 660 Alignment Shares liability — — 12,320 12,320 Other long-term liabilities: True Green II Acquisition - contingent liability — — 2,187 2,187 Total liabilities at fair value $ — $ 660 $ 14,507 $ 15,167 December 31, 2023 Level 1 Level 2 Level 3 Total Assets Derivative assets: Interest rate swaps $ — $ 530 $ — $ 530 Total assets at fair value $ — $ 530 $ — $ 530 Liabilities Alignment Shares liability — — 60,502 60,502 Other long-term liabilities: True Green II Acquisition - contingent liability — — 4,658 4,658 Caldera Acquisition - contingent liability — — 2,600 2,600 Total liabilities at fair value $ — $ — $ 67,760 $ 67,760 Alignment Shares Liability As of September 30, 2024, the Company had 796,950 Alignment Shares outstanding, all of which are held by CBRE Acquisition Sponsor, LLC (the " Sponsor "), certain former officers of CBAH 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 2021 Annual Report on Form 10-K) on the Class A common stock as of the relevant measurement date over each of the seven 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 66% and risk-free interest rate of 3.58% 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, 2024 For the nine months ended September 30, 2023 Shares $ Shares $ Beginning balance 996,188 $ 60,502 1,207,500 $ 66,145 Alignment Shares converted (199,238) (10) (201,250) (11) Alignment Shares forfeited — — (10,062) (432) Fair value remeasurement — (48,172) — (22,899) Ending balance 796,950 $ 12,320 996,188 $ 42,803 Interest Rate Swaps The Company's derivative instruments consist of interest rate swaps that 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, 2024 and December 31, 2023 , the notional amounts were $104.5 million and $112.8 million, respectively. For the three and nine months ended September 30, 2024, the change in fair value of interest rate swaps resulted in a loss of $3.6 million and $1.2 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 $3.7 million, respectively. The change in fair value of interest rate swaps is recorded as interest expense in the condensed consolidated statements of operations . 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 and was designated as a cash flow hedge of the Company's forecasted fixed-rate or floating-rate debt issuances. Later in 2023, the Company terminated the forward starting interest rate swap for total cash proceeds of $16.7 million. The total gain of $17.3 million was recorded as a component of Other comprehensive income in the consolidated statements of comprehensive income for the year ended December 31, 2023. The Company allocated $238.0 million of the notional amount to the incremental debt issuances under the APAF III Term Loan and $12.0 million to the APAF IV Term Loan. Other comprehensive income of $17.3 million associated with the incremental debt issuances under the APAF III Term Loan and APAF IV Term Loan is recognized as an adjustment to interest expense, net over the term of the debt. For the three and nine months ended September 30, 2024, the adjustment to Interest expense, net was $0.4 million and $1.3 million, respectively. Approximately $1.6 million of the gain in other comprehensive income will be reclassified into earnings during the next 12 months. The cash flow hedge was determined to be fully effective during the three and nine months ended September 30, 2024. As such, no amount of ineffectiveness has been included in net income. The amount included in other comprehensive income will be reclassified to current earnings should all or a portion of the hedge no longer be considered effective. The Company expects the hedge to remain fully effective during the remaining term of the swap. Contingent Consideration Caldera Acquisition In connection with the Caldera Acquisition on December 20, 2023, contingent consideration of $8.0 million may be payable upon achieving certain power volumes generated by the acquired solar energy facilities. The Company estimated the fair value of 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 12-month period since the acquisition date 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. As of September 30, 2024 and December 31, 2023, the fair value of the contingent consideration was zero and $2.6 million, respectively, and is included in other current liabilities in the condensed consolidated balance sheets. For the three and nine months ended September 30, 2024, the Company recorded a gain on remeasurement of contingent liability of $0.9 million and $2.6 million, respectively. True Green II Acquisition In connection with the acquisition of a portfolio of 58 solar energy facilities with a combined nameplate capacity of 220 MW on February 15, 2023 (the " True Green II Acquisition "), contingent consideration of $10.0 million may be payable upon the seller's completion of in-development solar energy facilities and the Company obtaining tax equity financing. The Company estimated the fair value of the contingent consideration by using the expected cash flow approach. These cash flows were then discounted to present value using 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. As of September 30, 2024 and December 31, 2023, the fair value of the contingent consideration was $2.2 million and $4.7 million, respectively, and was included in other current liabilities in the condensed consolidated balance sheets. For the three and nine months ended September 30, 2024, the Company recorded loss of zero and $0.2 million, respectively, on fair value remeasurement of contingent liability associated with the True Green II Acquisition in the condensed consolidated statements of operations. The loss was recorded due to the remeasurement of the contingent liability based on the actual amount of tax equity financing received. For the three and nine months ended September 30, 2023, there was no gain or loss on fair value remeasurement of the contingent liability. During the three and nine months ended September 30, 2024, the Company paid zero and $2.7 million, respectively, to settle a portion of the contingent liability. 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 36-month measurement period for the contingent liability associated with market power rates ended as of December 31, 2023, and the contingency was resolved with a $3.1 million payment in 2024. The liability for the contingent consideration associated with power rates is included in other current liabilities in the condensed consolidated balance sheets at the estimated fair value of zero and $3.1 million as of September 30, 2024 and December 31, 2023 , respectively. For the three and nine months ended September 30, 2024, the Company recorded no gain or loss on fair value remeasurement of contingent consideration associated with power rates. 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. 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.

Equity

Equity	9 Months Ended
Equity	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Equity	Equity As of September 30, 2024, the Company had 988,591,250 authorized and 158,989,890 issued and outstanding shares of Class A common stock. As of December 31, 2023, the Company had 988,591,250 authorized and 158,999,886 issued and outstanding shares of Class A common stock. Class A common stock 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, 2024, and December 31, 2023, no common stock dividends have been declared. As of September 30, 2024, and December 31, 2023, the Company had 796,950 and 996,188 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.

Redeemable Noncontrolling Inter

Redeemable Noncontrolling Interests	9 Months Ended
Redeemable Noncontrolling Interests	Sep. 30, 2024
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, 2024 2023 Redeemable noncontrolling interest, beginning balance $ 26,044 $ 18,133 Cash distributions (2,112) (1,747) Accrued distributions (864) — Redemption of redeemable noncontrolling interests — (4,301) Assumed redeemable noncontrolling interest through business combination (100) 11,341 Net (loss) income attributable to redeemable noncontrolling interest (1,151) 175 Redeemable noncontrolling interest, ending balance $ 21,817 $ 23,601

Leases

Leases	9 Months Ended
Leases	Sep. 30, 2024
Leases [Abstract]
Leases	Leases The following table presents the components of operating lease cost for the three and nine months ended September 30, 2024, and 2023: For the three months ended September 30, For the nine months ended September 30, 2024 2023 2024 2023 Operating lease expense $ 4,085 $ 2,757 $ 12,337 $ 7,931 Variable lease expense 556 479 1,413 1,290 Total lease expense $ 4,641 $ 3,236 $ 13,750 $ 9,221 The following table presents supplemental information related to our operating leases: For the nine months ended September 30, 2024 2023 Cash paid for operating leases $ 13,202 $ 7,235 Operating lease assets obtained in exchange for new operating lease liabilities $ 15,654 $ 64,904 Weighted-average remaining lease term, years 23.3 years 23.3 years Weighted average discount rate 5.77 % 5.32 % Maturities of operating lease liabilities as of September 30, 2024, are as follows: 2024 $ 3,967 2025 15,970 2026 16,120 2027 16,219 2028 16,275 Thereafter 300,872 Total $ 369,423 Less: Present value discount (174,341) Lease liability $ 195,082

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2024
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, 2024, and December 31, 2023, the guaranteed minimum solar energy production has been met and the Company has recorded no performance guarantee obligations. Purchase Commitments In the ordinary course of business, the Company makes various commitments to purchase goods and services from specific suppliers. As of September 30, 2024, and December 31, 2023, the Company had zero outstanding non-cancellable commitments to purchase solar modules.

Related Party Transactions

Related Party Transactions	9 Months Ended
Related Party Transactions	Sep. 30, 2024
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, 2024, and December 31, 2023, respectively. Additionally, in the normal course of business, the Company conducts transactions with affiliates, such as: Blackstone Credit Facilities Under the APAF Term Loan, APAF III Term Loan, APAF IV Term Loan, and APACF II Facility, subsidiaries of The Blackstone Group (“ Blackstone ”), a related party, serve as agents between the Company and a consortium of third-party lenders. See Note 6, "Debt" for further details. During the three months ended September 30, 2024 and 2023, the Company paid $0.1 million and $0.1 million, respectively of loan issuance costs to Blackstone. During the nine months ended September 30, 2024 and 2023, the Company paid $0.3 million and $0.9 million, respectively, of loan issuance costs to Blackstone. 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, 2024 and 2023, the Company did not incur any costs associated with the Commercial Collaboration Agreement. As of September 30, 2024 and December 31, 2023, 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 both the three months ended September 30, 2024 and 2023, the Company incurred $0.2 million for development services provided under the MSA. For the nine months ended September 30, 2024 and 2023, the Company incurred $0.5 million and $0.4 million, respectively, for development services provided under the MSA. As of September 30, 2024 and December 31, 2023, there was $0.1 million and $0.1 million due to CBRE for development services provided under the MSA. Lease Agreements with Link Logistics and CBRE The Company has 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, and subsidiaries of CBRE. As of September 30, 2024, the Company recognized operating lease assets and operating lease liabilities of $27.6 million and $27.7 million, respectively, in the condensed consolidated balance sheet related to these leases, which have a weighted average remaining lease term of 29 years. As of December 31, 2023, the Company recognized operating lease assets and operating lease liabilities of $24.3 million in the condensed consolidated balance sheet related to these leases. During the three months ended September 30, 2024 and 2023, payments made under these leases were $0.4 million and zero, respectively. During nine months ended September 30, 2024 and 2023, payments made under these leases were $1.8 million and zero, respectively. CEO Transition Costs On April 26, 2024, Lars Norell resigned as Co-Chief Executive Officer and director of the Company. There were no disagreements between the Company and Mr. Norell that led to his decision to resign as Co-Chief Executive Officer and director. The board of directors has appointed Gregg Felton as sole Chief Executive Officer of the Company. In connection with his resignation, Mr. Norell has signed a separation and release agreement (the “ Agreement ”), where he will receive severance, which includes (i) eighteen (18) months’ base salary, for an aggregate amount of approximately $0.9 million, payable as salary continuation in accordance with the Company’s normal pay schedule, (ii) a subsidized COBRA continuation coverage for 12 months, or if earlier, until he becomes eligible for medical benefits from a subsequent employer, (iii) a pro rata short-term incentive bonus for plan year 2024, to be paid in March 2025 at the same time that such bonuses are paid to current employees, and (iv) an additional payment of approximately $1.0 million, less applicable payroll deductions, which was paid in a lump sum on the eighth day after the execution of the Agreement. During the three and nine months ended September 30, 2024, the Company recognized zero and $2.2 million, respectively, of expenses in connection with the CEO transition which are included in general and administrative expenses in the condensed consolidated statement of operations. As of September 30, 2024, there are $0.9 million of remaining payments under the Agreement, which are included in other liabilities in the condensed consolidated balance sheet.

Earnings per Share

Earnings per Share	9 Months Ended
Earnings per Share	Sep. 30, 2024
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, 2024 and 2023 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, 2024 2023 2024 2023 Net income attributable to Altus Power, Inc. 17,638 5,330 62,792 17,772 Income attributable to participating securities (1) (87) (33) (312) (113) Net income attributable to common stockholders - basic and diluted 17,551 5,297 62,480 17,659 Class A Common Stock Weighted average shares of common stock outstanding - basic (2) 159,990,880 158,719,684 159,641,018 158,687,373 Dilutive restricted stock — 265,133 — 260,885 Dilutive RSUs 4,402,914 1,213,337 6,079,540 2,017,424 Weighted average shares of common stock outstanding - diluted 164,393,794 160,198,154 165,720,558 160,965,682 Net income attributable to common stockholders per share - basic $ 0.11 $ 0.03 $ 0.39 $ 0.11 Net income attributable to common stockholders per share - diluted $ 0.11 $ 0.03 $ 0.38 $ 0.11 (1) Represents the income attributable to 796,950 and 996,188 Alignment Shares outstanding as of September 30, 2024 and 2023, respectively. (2)

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
Stock-Based Compensation	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation The Company recognized $4.7 million and $4.2 million of stock-based compensation expense for the three months ended September 30, 2024, and 2023, respectively. The Company recognized $4.7 million and $11.3 million of stock-based compensation expense for the nine months ended September 30, 2024, and 2023, respectively. As of September 30, 2024, the Company had $29.2 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 2 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, 2024, and December 31, 2023, zero and 210,710 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 Mr. Savino, Chief Construction Officer, and Mr. 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), which vesting is eligible until the fifth anniversary of grant date. On March 28, 2024 , the vesting conditions of such performance-based RSUs were modified by the compensation committee to set the hurdles at $14.00, $18.00, and $22.00, respectively. This modification impacted five grantees and resulted in $3.1 million of incremental expense. As of September 30, 2024, the unrecognized expense related to the modification was $1.1 million, which the Company expects to recognize over a weighted average period of 2 years. Additionally, under the Incentive Plan the Company granted performance stock units (" PSUs ") that are subject to market and service vesting conditions, 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 number of PSUs vested, and thus shares of Class A Common Stock issued, could range from 0 to 150% of such PSUs. During the three and nine months ended September 30, 2024, the Company granted under the Incentive Plan an additional 58,357 and 3,081,484 RSUs, respectively, that are subject to time-based vesting as described above, with a weighted average grant date fair value per share of $4.15 and $4.87, respectively. During the nine months ended September 30, 2024, the Company also granted 546,024 PSUs that are subject to market-based vesting as described above, with a grant date fair value per share of $5.22. Further, the Company granted 751,773 of incentive performance stock units (" GW Plan PSUs ") that cliff vest on December 31, 2026, if the Company adds 1.1 gigawatt of installed solar capacity starting January 1, 2024 and subject to continued employment on the vesting date. The number of GW Plan PSUs vested, and thus shares of Class A Common Stock issued, will be calculated based on the average stock price of the Company's Class A Common Stock during the twenty AMPS Price ") as follows: AMPS Price Payout <$8 40 % $8-10.99 80 % $11-11.50 100 % $11.51-12.99 110 % $13+ 120 % GW Plan PSUs have a grant date fair value per share of $3.95. No PSUs or GW Plan PSUs were granted during the three months ended September 30, 2024. As of both September 30, 2024, and December 31, 2023 , there were 30,992,545 shares of the Company's Class A common stock authorized for issuance under the Incentive Plan. 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. The number of shares authorized for issuance under the Incentive Plan did not increase on January 1, 2024. For the three months ended September 30, 2024, and 2023, the Company granted 58,357 and 5,000 RSUs, respectively, and recognized $4.7 million and $4.2 million of stock-based compensation expense, respectively, in relation to the Incentive Plan. For the nine months ended September 30, 2024 and 2023, the Company granted 4,379,281 and 3,026,148 RSUs, respectively, and recognized $4.7 million and $11.3 million, respectively, of stock-based compensation expense in relation to the Incentive Plan. For th e three months ended September 30, 2024, and 2023, 112,690 and 34,228 RSUs were forfeited, respectively. For the nine months ended September 30, 2024 and 2023, 4,631,282 and 45,282 R SUs were forfeited, respectively. Included in forfeited RSUs for the nine months ended September 30, 2024, are the 4,283,452 unvested RSUs and PSUs granted under the Incentive Plan to Mr. Norell, which were forfeited in connection with the CEO transition described in Note 12, "Related Party Transactions." This forfeiture resulted in the reversal of $8.7 million of previously recognized stock-based compensation expense during the second quarter of 2024. 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 both September 30, 2024, and December 31, 2023 , there were 4,662,020 shares of the Company's Class A common stock authorized for issuance under the ESPP. 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, 2024, and 2023. 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. The number of shares authorized for issuance under the ESPP did not increase on January 1, 2024.

Income Taxes

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2024
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, 2024, and 2023, the Company had income tax benefit of $5.1 million and $1.9 million, respectively. For the nine months ended September 30, 2024, and 2023, the Company had income tax benefit of $21.2 million and income tax expense of $0.1 million, respectively. For the three and nine months ended September 30, 2024, the effective tax rate differs from the U.S. statutory rate primarily due to the fair value remeasurement of Alignment Shares, nondeductible compensation, net losses attributable to noncontrolling interests and redeemable noncontrolling interests, and state income taxes. Additionally, there was an income tax benefit resulting from the forfeiture of stock awards associated with the CEO transition. For the three and nine months ended September 30, 2023, the effective tax rate differs from the U.S. statutory rate primarily due to the fair value remeasurement of Alignment Shares, nondeductible compensation, net losses attributable to noncontrolling interests and redeemable noncontrolling interests, state income taxes, and other miscellaneous items. The Company accounts for its nonrefundable transferable investment tax credits (" ITCs ") under ASC 740 using the flow-through method and has elected to consider the ability to transfer its ITCs in assessing its need for a valuation allowance. During the three months ended September 30, 2024, the Company, through its consolidated tax equity partnerships, entered into tax credit purchase agreements (" TCPAs

Subsequent Events

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has evaluated subsequent events from September 30, 2024, through November 12, 2024, which is the date the unaudited condensed consolidated financial statements were available to be issued. There are no subsequent events requiring recording or disclosure in the condensed consolidated financial statements.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	9 Months Ended
Significant Accounting Policies (Policies)	Sep. 30, 2024
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.
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 maker is the chief executive officer. Based on the financial information presented to and reviewed by the chief operating decision maker 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 (“ PPAs ”), revenue from net metering credit
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 Not Yet Adopted In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments in this update require disclosure of incremental segment information and the title and position of the chief operating decision maker (" CODM "). Registrants will be required to disclose significant segment expenses that are regularly provided to the CODM, as well as additional information on segment profit and loss measures and how such information is used by the CODM to assess segment performance and allocate resources. This ASU is effective for annual periods beginning in January 2024 and interim periods beginning in January 2025. The Company is currently evaluating the impact of this ASU, but does not currently expect it to have a material impact on its consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in this update require enhanced income tax disclosures, particularly related to a reporting entity's effective tax rate reconciliation and income taxes paid. For the rate reconciliation table, the update requires additional categories of information about federal, state, and foreign taxes and details about significant reconciling items, subject to a quantitative threshold. Income taxes paid must be similarly disaggregated by federal, state, and foreign based on a quantitative threshold. This ASU is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The guidance shall be applied on a prospective basis with the option to apply retrospectively. The Company will apply the guidance upon the effective date. The Company is currently evaluating the impact of this update on its consolidated financial statements and related disclosures.
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.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	9 Months Ended
Significant Accounting Policies (Tables)	Sep. 30, 2024
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, 2024 As of December 31, 2023 Cash and cash equivalents $ 96,899 $ 160,817 Current portion of restricted cash 1,334 45,358 Restricted cash, noncurrent portion 13,094 12,752 Total $ 111,327 $ 218,927
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, 2024 As of December 31, 2023 Cash and cash equivalents $ 96,899 $ 160,817 Current portion of restricted cash 1,334 45,358 Restricted cash, noncurrent portion 13,094 12,752 Total $ 111,327 $ 218,927

Revenue and Accounts Receivab_2

Revenue and Accounts Receivable (Tables)	9 Months Ended
Revenue and Accounts Receivable (Tables)	Sep. 30, 2024
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, 2024 2023 2024 2023 Power sales under PPAs $ 21,532 $ 17,442 $ 54,879 $ 43,079 Power sales under NMCAs 18,934 13,846 44,404 33,970 Power sales on wholesale markets 870 550 1,706 1,474 Total revenue from power sales 41,336 31,838 100,989 78,523 Solar renewable energy credit revenue 13,489 9,753 33,541 33,346 Rental income 2,967 586 8,183 2,198 Performance based incentives 298 1,925 7,073 4,487 Revenue recognized on contract liabilities 591 977 2,014 2,416 Total operating revenues, net $ 58,681 $ 45,079 $ 151,800 $ 120,970
Schedule of Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction	The Company expects to recognize revenue for the following amounts related to fixed consideration associated with remaining performance obligations in each of the future periods noted: 2024 $ 8,506 2025 15,892 2026 19,536 2027 11,107 2028 1,029 Thereafter 23 Total $ 56,093
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, 2024 As of December 31, 2023 Power sales under PPAs $ 10,169 $ 3,582 Power sales under NMCAs 16,703 8,094 Power sales on wholesale markets 115 249 Total power sales 26,987 11,925 Solar renewable energy credits 7,175 3,379 Rental income 118 450 Performance based incentives 46 1,346 Total $ 34,326 $ 17,100
Schedule of Lessor, Operating Lease, Payment to be Received, Maturity	Maturities of fixed rental payments as of September 30, 2024, are as follows: 2024 $ 1,184 2025 6,083 2026 2,892 2027 513 2028 514 Thereafter 5,255 Total 16,441

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	9 Months Ended
Variable Interest Entities (Tables)	Sep. 30, 2024
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, 2024 As of December 31, 2023 Current assets $ 55,186 $ 22,298 Non-current assets 1,032,185 936,358 Total assets $ 1,087,371 $ 958,656 Current liabilities $ 33,616 $ 8,576 Non-current liabilities 153,500 141,360 Total liabilities $ 187,116 $ 149,936

Acquisitions (Tables)

Acquisitions (Tables)	9 Months Ended
Acquisitions (Tables)	Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [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 January 31, 2024: Provisional accounting as of January 31, 2024 Measurement period adjustments Adjusted provisional accounting as of January 31, 2024 Assets Accounts receivable $ 1,649 $ (164) $ 1,485 Property, plant and equipment 123,363 (822) 122,541 Operating lease asset 7,835 (1,799) 6,036 Other assets 1,691 (2) 1,689 Total assets acquired 134,538 (2,787) 131,751 Liabilities Accounts payable 249 65 314 Intangible liabilities 2,370 (800) 1,570 Asset retirement obligation 1,374 — 1,374 Operating lease liability 7,187 (1,799) 5,388 Contract liability 1,130 — 1,130 Other liabilities 393 172 565 Total liabilities assumed 12,703 (2,362) 10,341 Non-controlling interests 2,100 — 2,100 Total fair value of consideration transferred $ 119,735 $ (425) $ 119,310 The following table presents the final allocation of the purchase price to the assets acquired and liabilities assumed, based on their estimated fair values on December 20, 2023: Provisional accounting as of December 20, 2023 Measurement period adjustments Final accounting as of December 20, 2023 Assets Accounts receivable $ 876 $ — $ 876 Property, plant and equipment 131,728 (596) 131,132 Intangible assets 350 — 350 Operating lease asset 15,557 — 15,557 Other assets 2,079 (95) 1,984 Total assets acquired 150,590 (691) 149,899 Liabilities Intangible liabilities 5,200 — 5,200 Asset retirement obligation 1,920 — 1,920 Operating lease liability 17,567 — 17,567 Other liabilities 1,275 (517) 758 Total liabilities assumed 25,962 (517) 25,445 Non-controlling interests 2,900 (100) 2,800 Total fair value of consideration transferred, net of cash acquired $ 121,728 $ (74) $ 121,654
Schedule of Business Acquisitions, by Acquisition	The fair value of consideration transferred, net of cash acquired, as of January 31, 2024, is determined as follows: Cash consideration paid to Vitol on closing $ 119,690 $ — $ 119,690 Post-closing purchase price true-up 45 (221) (176) Total fair value of consideration transferred 119,735 (221) 119,514 Cash acquired — 204 204 Total fair value of consideration transferred, net of cash acquired $ 119,735 $ (425) $ 119,310 The fair value of consideration transferred, net of cash acquired, as of December 20, 2023, is determined as follows: Cash consideration paid to seller on closing $ 80,942 $ — $ 80,942 Cash consideration paid to settle debt on behalf of seller 38,966 — 38,966 Purchase price payable (1) 4,189 — 4,189 Contingent consideration payable 2,600 — 2,600 Total fair value of consideration transferred 126,697 — 126,697 Cash and restricted cash acquired 4,969 74 5,043 Total fair value of consideration transferred, net of cash acquired $ 121,728 $ (74) $ 121,654 (1) The Company paid the entire purchase price payable amount after the acquisition date but prior to December 31, 2023.
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 assumed intangible liabilities as of the acquisition date: Fair Value Weighted Average Amortization Period Unfavorable rate revenue contracts – PPA (100) 11 years Unfavorable rate revenue contracts – SREC (1,470) 10 years Fair Value Weighted Average Amortization Period Favorable rate revenue contracts – SREC 350 4 years Unfavorable rate revenue contracts – SREC (5,200) 3 years
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, 2024 (unaudited) For the three months ended September 30, 2023 (unaudited) For the nine months ended September 30, 2024 (unaudited) For the nine months ended September 30, 2023 (unaudited) Operating revenues, net $ 58,681 $ 48,121 $ 152,662 $ 129,464 Net income 8,609 8,565 47,143 17,856

Debt (Tables)

Debt (Tables)	9 Months Ended
Debt (Tables)	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Debt	As of September 30, 2024 As of December 31, 2023 Interest Weighted Long-term debt APAF Term Loan $ 465,181 $ 474,609 Fixed 3.51 % APAF II Term Loan 104,548 112,810 Floating* SOFR + 1.475% APAF III Term Loan 417,621 426,619 Fixed 6.03 % APAF IV Term Loan 100,495 — Fixed 6.45 % APAGH Term Loan 100,000 100,000 Fixed 8.50 % APAG Revolver 10,000 65,000 Floating SOFR + 1.60% APACF II Facility 101,685 — Floating SOFR + 3.25% Other term loans 9,350 11,000 Fixed 3.02 % Financing obligations recognized in failed sale leaseback transactions 41,736 42,767 Imputed 3.97 % Total principal due for long-term debt 1,350,616 1,232,805 Unamortized discounts (12,428) (13,722) Unamortized deferred financing costs (16,748) (16,165) Less: Current portion of long-term debt 143,449 39,611 Long-term debt, less current portion $ 1,177,991 $ 1,163,307 * Interest rate is effectively fixed by interest rate swap, see discussion below.
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: 2024 $ 916 2025 3,023 2026 2,995 2027 2,986 2028 2,967 Thereafter 14,143 Total $ 27,030

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
Fair Value Measurements (Tables)	Sep. 30, 2024
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, 2024 Level 1 Level 2 Level 3 Total Assets Cash equivalents: Money market fund $ 45,467 $ — $ — $ 45,467 Total assets at fair value $ 45,467 $ — $ — $ 45,467 Liabilities Derivative liabilities: Interest rate swaps — 660 — 660 Alignment Shares liability — — 12,320 12,320 Other long-term liabilities: True Green II Acquisition - contingent liability — — 2,187 2,187 Total liabilities at fair value $ — $ 660 $ 14,507 $ 15,167 December 31, 2023 Level 1 Level 2 Level 3 Total Assets Derivative assets: Interest rate swaps $ — $ 530 $ — $ 530 Total assets at fair value $ — $ 530 $ — $ 530 Liabilities Alignment Shares liability — — 60,502 60,502 Other long-term liabilities: True Green II Acquisition - contingent liability — — 4,658 4,658 Caldera Acquisition - contingent liability — — 2,600 2,600 Total liabilities at fair value $ — $ — $ 67,760 $ 67,760
Schedule of Alignment Shares	For the nine months ended September 30, 2024 For the nine months ended September 30, 2023 Shares $ Shares $ Beginning balance 996,188 $ 60,502 1,207,500 $ 66,145 Alignment Shares converted (199,238) (10) (201,250) (11) Alignment Shares forfeited — — (10,062) (432) Fair value remeasurement — (48,172) — (22,899) Ending balance 796,950 $ 12,320 996,188 $ 42,803

Redeemable Noncontrolling Int_2

Redeemable Noncontrolling Interests (Tables)	9 Months Ended
Redeemable Noncontrolling Interests (Tables)	Sep. 30, 2024
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, 2024 2023 Redeemable noncontrolling interest, beginning balance $ 26,044 $ 18,133 Cash distributions (2,112) (1,747) Accrued distributions (864) — Redemption of redeemable noncontrolling interests — (4,301) Assumed redeemable noncontrolling interest through business combination (100) 11,341 Net (loss) income attributable to redeemable noncontrolling interest (1,151) 175 Redeemable noncontrolling interest, ending balance $ 21,817 $ 23,601

Leases (Tables)

Leases (Tables)	9 Months Ended
Leases (Tables)	Sep. 30, 2024
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, 2024, and 2023: For the three months ended September 30, For the nine months ended September 30, 2024 2023 2024 2023 Operating lease expense $ 4,085 $ 2,757 $ 12,337 $ 7,931 Variable lease expense 556 479 1,413 1,290 Total lease expense $ 4,641 $ 3,236 $ 13,750 $ 9,221
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, 2024 2023 Cash paid for operating leases $ 13,202 $ 7,235 Operating lease assets obtained in exchange for new operating lease liabilities $ 15,654 $ 64,904 Weighted-average remaining lease term, years 23.3 years 23.3 years Weighted average discount rate 5.77 % 5.32 %
Schedule of Maturities of Operating Lease Liabilities	Maturities of operating lease liabilities as of September 30, 2024, are as follows: 2024 $ 3,967 2025 15,970 2026 16,120 2027 16,219 2028 16,275 Thereafter 300,872 Total $ 369,423 Less: Present value discount (174,341) Lease liability $ 195,082

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
Earnings per Share (Tables)	Sep. 30, 2024
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, 2024 and 2023 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, 2024 2023 2024 2023 Net income attributable to Altus Power, Inc. 17,638 5,330 62,792 17,772 Income attributable to participating securities (1) (87) (33) (312) (113) Net income attributable to common stockholders - basic and diluted 17,551 5,297 62,480 17,659 Class A Common Stock Weighted average shares of common stock outstanding - basic (2) 159,990,880 158,719,684 159,641,018 158,687,373 Dilutive restricted stock — 265,133 — 260,885 Dilutive RSUs 4,402,914 1,213,337 6,079,540 2,017,424 Weighted average shares of common stock outstanding - diluted 164,393,794 160,198,154 165,720,558 160,965,682 Net income attributable to common stockholders per share - basic $ 0.11 $ 0.03 $ 0.39 $ 0.11 Net income attributable to common stockholders per share - diluted $ 0.11 $ 0.03 $ 0.38 $ 0.11 (1) Represents the income attributable to 796,950 and 996,188 Alignment Shares outstanding as of September 30, 2024 and 2023, respectively. (2)

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
Stock-Based Compensation (Tables)	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Percentage Payout Calculation	The number of GW Plan PSUs vested, and thus shares of Class A Common Stock issued, will be calculated based on the average stock price of the Company's Class A Common Stock during the twenty AMPS Price ") as follows: AMPS Price Payout <$8 40 % $8-10.99 80 % $11-11.50 100 % $11.51-12.99 110 % $13+ 120 %

Significant Accounting Polici_4

Significant Accounting Policies - Additional Information (Details)	9 Months Ended
	Sep. 30, 2024 numberOfOperatingSegment numberOfReportableSegment $ / shares	Sep. 30, 2023	Dec. 31, 2023 $ / shares
Concentration Risk [Line Items]
Common stock, par value (in usd per share)	$ 0.0001		$ 0.0001
Number of operating segments \| numberOfOperatingSegment	1
Number of reportable segments \| numberOfReportableSegment	1
Revenue Benchmark \| Customer Concentration Risk \| Customer One
Concentration Risk [Line Items]
Concentration risk		11.50%
Class B Common Stock
Concentration Risk [Line Items]
Common stock, par value (in usd per share)	$ 0.0001

Significant Accounting Polici_5

Significant Accounting Policies - Reconciliation of Cash and Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Cash and cash equivalents	$ 96,899	$ 160,817
Current portion of restricted cash	1,334	45,358
Restricted cash, noncurrent portion	13,094	12,752
Total	$ 111,327	$ 218,927	$ 83,988	$ 199,398

Revenue and Accounts Receivab_3

Revenue and Accounts Receivable - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Total operating revenues, net	$ 58,681	$ 45,079	$ 151,800	$ 120,970
Power sales under PPAs
Disaggregation of Revenue [Line Items]
Total revenue from power sales	21,532	17,442	54,879	43,079
Power sales under NMCAs
Disaggregation of Revenue [Line Items]
Total revenue from power sales	18,934	13,846	44,404	33,970
Power sales on wholesale markets
Disaggregation of Revenue [Line Items]
Total revenue from power sales	870	550	1,706	1,474
Total revenue from power sales
Disaggregation of Revenue [Line Items]
Total revenue from power sales	41,336	31,838	100,989	78,523
Solar renewable energy credit revenue
Disaggregation of Revenue [Line Items]
Total operating revenues, net	13,489	9,753	33,541	33,346
Rental income
Disaggregation of Revenue [Line Items]
Total operating revenues, net	2,967	586	8,183	2,198
Performance based incentives
Disaggregation of Revenue [Line Items]
Total operating revenues, net	298	1,925	7,073	4,487
Revenue recognized on contract liabilities
Disaggregation of Revenue [Line Items]
Total operating revenues, net	$ 591	$ 977	$ 2,014	$ 2,416

Revenue and Accounts Receivab_4

Revenue and Accounts Receivable - Transaction Price Allocated to Remaining Performance Obligation (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Revenue, remaining performance obligation, amount	$ 56,093
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01
Accounts, Notes, Loans and Financing Receivable [Line Items]
Revenue, remaining performance obligation, amount	$ 8,506
Remaining performance period	3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Accounts, Notes, Loans and Financing Receivable [Line Items]
Revenue, remaining performance obligation, amount	$ 15,892
Remaining performance period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Accounts, Notes, Loans and Financing Receivable [Line Items]
Revenue, remaining performance obligation, amount	$ 19,536
Remaining performance period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Accounts, Notes, Loans and Financing Receivable [Line Items]
Revenue, remaining performance obligation, amount	$ 11,107
Remaining performance period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Accounts, Notes, Loans and Financing Receivable [Line Items]
Revenue, remaining performance obligation, amount	$ 1,029
Remaining performance period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01
Accounts, Notes, Loans and Financing Receivable [Line Items]
Revenue, remaining performance obligation, amount	$ 23
Remaining performance period	1 year

Revenue and Accounts Receivab_5

Revenue and Accounts Receivable - Accounts Receivable (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	$ 34,326	$ 17,100
Power sales under PPAs
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total power sales	10,169	3,582
Power sales under NMCAs
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total power sales	16,703	8,094
Power sales on wholesale markets
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total power sales	115	249
Total power sales
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total power sales	26,987	11,925
Solar renewable energy credits
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	7,175	3,379
Rental income
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	118	450
Performance based incentives
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	$ 46	$ 1,346

Revenue and Accounts Receivab_6

Revenue and Accounts Receivable - Additional Information (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Net Investment Income [Line Items]
Period of payments for accounts receivable	30 days
Allowance for uncollectible accounts	$ 900	$ 900
Contract liability, current	2,078	2,940
Contract liability, noncurrent	5,978	5,620
Contract asset		0
Contract liability		0
SREC
Net Investment Income [Line Items]
Contract liability, current	2,100	2,900
Contract liability, noncurrent	$ 6,000	$ 5,600

Revenue and Accounts Receivab_7

Revenue and Accounts Receivable - Maturities of Fixed Rental Payment (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Revenue from Contract with Customer [Abstract]
2024	$ 1,184
2025	6,083
2026	2,892
2027	513
2028	514
Thereafter	5,255
Total	$ 16,441

Variable Interest Entities - Co

Variable Interest Entities - Consolidated VIE Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Current assets	$ 138,770	$ 228,797
Total assets	2,240,075	2,090,349
Current liabilities	230,808	106,510
Total liabilities	1,656,235	1,565,338
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Current assets	55,186	22,298
Non-current assets	1,032,185	936,358
Total assets	1,087,371	958,656
Current liabilities	33,616	8,576
Non-current liabilities	153,500	141,360
Total liabilities	$ 187,116	$ 149,936

Variable Interest Entities - Ad

Variable Interest Entities - Additional Information (Details) - variableInterestEntity	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidated VIEs	37	35

Acquisitions - Additional Infor

Acquisitions - Additional Information (Details) $ in Thousands					2 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Oct. 01, 2024 USD ($)	Apr. 10, 2024 USD ($) in-developmentSolarFacility	Jan. 31, 2024 USD ($) facility MW	Dec. 20, 2023 USD ($) MW	Sep. 10, 2024 USD ($) in-developmentSolarFacility	Sep. 30, 2024 USD ($) MW	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) MW	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Jul. 03, 2024 MW	Dec. 20, 2023	Dec. 20, 2023 operatingSolarEnergyFacility	Dec. 20, 2023 developmentSolarEnergyFacility
Business Acquisition [Line Items]
Acquisition related costs						$ 765	$ 268	$ 2,281	$ 3,128
MN8 Acquisition
Business Acquisition [Line Items]
Number of in-development solar facilities acquired \| in-developmentSolarFacility		4			3
Asset acquisition, price of acquisition, expected		$ 113,000
Nameplate capacity \| MW											19.7
Asset acquisition, consideration transferred					$ 84,100
Asset acquisition, consideration receivable								9,300
Property, plant, and equipment						84,500		84,500
Operating lease assets						2,100		2,100
Operating lease liabilities						$ 2,100		2,100
Asset retirement obligations								$ 400
Asset Acquisitions
Business Acquisition [Line Items]
Nameplate capacity \| MW						12.3		12.3
Asset acquisition, consideration transferred								$ 13,500
Property, plant, and equipment						$ 13,500		13,500
Operating lease assets						700		700
Operating lease liabilities						$ 700		700
Vitol Acquisition
Business Acquisition [Line Items]
Nameplate capacity \| MW			84
Number of assets acquired \| facility			20
Percent of ownership interest acquired			100%
Purchase price			$ 119,500
Acquisition related costs								900
Revenues								8,600
Net income (loss)								5,400
Vitol Acquisition \| Measurement Period Adjustments
Business Acquisition [Line Items]
Measurement period adjustments, property, plant and equipment			(822)
Measurement period adjustments, other assets			(2)
Measurement period adjustments, other liabilities			172
Measurement period adjustments, non-controlling Interests			$ 0
Caldera Acquisition
Business Acquisition [Line Items]
Nameplate capacity \| MW				121
Number of assets acquired													35	6
Percent of ownership interest acquired												100%
Acquisition related costs								$ 8,000		$ 900
Consideration transferred				$ 121,700
Caldera Acquisition \| Measurement Period Adjustments
Business Acquisition [Line Items]
Measurement period adjustments, property, plant and equipment				(596)
Measurement period adjustments, other assets				(95)
Measurement period adjustments, other liabilities				(517)
Measurement period adjustments, non-controlling Interests				$ (100)
Caldera Acquisition \| Subsequent Event \| Measurement Period Adjustments
Business Acquisition [Line Items]
Measurement period adjustments, property, plant and equipment	$ (600)
Measurement period adjustments, other assets	(100)
Measurement period adjustments, other liabilities	(500)
Measurement period adjustments, non-controlling Interests	(100)
Measurement period adjustments, cash and restricted cash	$ 100

Acquisitions - Assets Acquired

Acquisitions - Assets Acquired and Liabilities Assumed from Business Combination (Details) - USD ($) $ in Thousands	Jan. 31, 2024	Dec. 20, 2023
Vitol Acquisition \| Provisional Accounting
Assets
Accounts receivable	$ 1,649
Property, plant and equipment	123,363
Operating lease asset	7,835
Other assets	1,691
Total assets acquired	134,538
Liabilities
Accounts payable	249
Intangible liabilities	2,370
Asset retirement obligation	1,374
Operating lease liability	7,187
Contract liability	1,130
Other liabilities	393
Total liabilities assumed	12,703
Non-controlling interests	2,100
Total fair value of consideration transferred	119,735
Vitol Acquisition \| Measurement Period Adjustments
Assets
Measurement period adjustments, Accounts receivable	(164)
Measurement period adjustments, Property, plant and equipment	(822)
Measurement period adjustments, Operating lease asset	(1,799)
Measurement period adjustments, Other assets	(2)
Measurement period adjustments, Total assets acquired	(2,787)
Liabilities
Measurement period adjustments, Accounts payable	65
Measurement period adjustments, Intangible liabilities	(800)
Measurement period adjustments, Asset retirement obligation	0
Measurement period adjustments, Operating lease liability	(1,799)
Measurement period adjustments, Contract liability	0
Measurement period adjustments, Other liabilities	172
Measurement period adjustments, Total liabilities assumed	(2,362)
Measurement period adjustments, Non-controlling Interests	0
Measurement period adjustments, Total fair value of consideration transferred, net of cash acquired	(425)
Vitol Acquisition \| Final Allocation
Assets
Accounts receivable	1,485
Property, plant and equipment	122,541
Operating lease asset	6,036
Other assets	1,689
Total assets acquired	131,751
Liabilities
Accounts payable	314
Intangible liabilities	1,570
Asset retirement obligation	1,374
Operating lease liability	5,388
Contract liability	1,130
Other liabilities	565
Total liabilities assumed	10,341
Non-controlling interests	2,100
Total fair value of consideration transferred	$ 119,310
Caldera Acquisition \| Provisional Accounting
Assets
Accounts receivable		$ 876
Property, plant and equipment		131,728
Intangible assets		350
Operating lease asset		15,557
Other assets		2,079
Total assets acquired		150,590
Liabilities
Intangible liabilities		5,200
Asset retirement obligation		1,920
Operating lease liability		17,567
Other liabilities		1,275
Total liabilities assumed		25,962
Non-controlling interests		2,900
Total fair value of consideration transferred		121,728
Caldera Acquisition \| Measurement Period Adjustments
Assets
Measurement period adjustments, Accounts receivable		0
Measurement period adjustments, Property, plant and equipment		(596)
Measurement period adjustments, Intangible assets		0
Measurement period adjustments, Operating lease asset		0
Measurement period adjustments, Other assets		(95)
Measurement period adjustments, Total assets acquired		(691)
Liabilities
Measurement period adjustments, Intangible liabilities		0
Measurement period adjustments, Asset retirement obligation		0
Measurement period adjustments, Operating lease liability		0
Measurement period adjustments, Other liabilities		(517)
Measurement period adjustments, Total liabilities assumed		(517)
Measurement period adjustments, Non-controlling Interests		(100)
Measurement period adjustments, Total fair value of consideration transferred, net of cash acquired		(74)
Caldera Acquisition \| Final Allocation
Assets
Accounts receivable		876
Property, plant and equipment		131,132
Intangible assets		350
Operating lease asset		15,557
Other assets		1,984
Total assets acquired		149,899
Liabilities
Intangible liabilities		5,200
Asset retirement obligation		1,920
Operating lease liability		17,567
Other liabilities		758
Total liabilities assumed		25,445
Non-controlling interests		2,800
Total fair value of consideration transferred		$ 121,654

Acquisitions - Fair Value of Co

Acquisitions - Fair Value of Consideration Transferred (Details) - USD ($) $ in Thousands	Jan. 31, 2024	Dec. 20, 2023
Vitol Acquisition
Business Acquisition [Line Items]
Total fair value of consideration transferred	$ 119,500
Vitol Acquisition \| Provisional Accounting
Business Acquisition [Line Items]
Cash consideration paid to Vitol on closing	119,690
Post-closing purchase price true-up	45
Total fair value of consideration transferred	119,735
Cash acquired	0
Total fair value of consideration transferred, net of cash acquired	119,735
Vitol Acquisition \| Measurement Period Adjustments
Business Acquisition [Line Items]
Measurement period adjustments, Cash consideration paid to Vitol on closing	0
Measurement period adjustments, Post-closing purchase price true-up	(221)
Measurement period adjustments, Total fair value of consideration transferred	(221)
Measurement period adjustments, Cash acquired	204
Measurement period adjustments, Total fair value of consideration transferred, net of cash acquired	(425)
Vitol Acquisition \| Final Allocation
Business Acquisition [Line Items]
Cash consideration paid to Vitol on closing	119,690
Post-closing purchase price true-up	(176)
Total fair value of consideration transferred	119,514
Cash acquired	204
Total fair value of consideration transferred, net of cash acquired	$ 119,310
Caldera Acquisition
Business Acquisition [Line Items]
Total fair value of consideration transferred, net of cash acquired		$ 121,700
Caldera Acquisition \| Provisional Accounting
Business Acquisition [Line Items]
Cash consideration paid to seller on closing		80,942
Cash consideration paid to settle debt on behalf of seller		38,966
Purchase price payable		4,189
Contingent consideration payable		2,600
Total fair value of consideration transferred		126,697
Cash and restricted cash acquired		4,969
Total fair value of consideration transferred, net of cash acquired		121,728
Caldera Acquisition \| Measurement Period Adjustments
Business Acquisition [Line Items]
Measurement period adjustments, Cash consideration paid to seller on closing		0
Measurement period adjustments, Cash consideration paid to settle debt on behalf of seller		0
Measurement period adjustments, Purchase price payable		0
Measurement period adjustments, Contingent consideration payable		0
Measurement period adjustments, Total fair value of consideration transferred		0
Measurement period adjustments, Cash and restricted cash acquired		74
Measurement period adjustments, Total fair value of consideration transferred, net of cash acquired		(74)
Caldera Acquisition \| Final Allocation
Business Acquisition [Line Items]
Cash consideration paid to seller on closing		80,942
Cash consideration paid to settle debt on behalf of seller		38,966
Purchase price payable		4,189
Contingent consideration payable		2,600
Total fair value of consideration transferred		126,697
Cash and restricted cash acquired		5,043
Total fair value of consideration transferred, net of cash acquired		$ 121,654

Acquisitions - Estimated Fair V

Acquisitions - Estimated Fair Value and Weighted Average Amortization Period of Acquired Assets and Assumed Intangible Liabilities (Details) - USD ($) $ in Thousands	Jan. 31, 2024	Dec. 20, 2023
Unfavorable Rate Revenue Contracts \| Vitol Acquisition \| Unfavorable rate revenue contracts – PPA
Business Acquisition [Line Items]
Fair value, Unfavorable rate revenue contracts	$ (100)
Weighted average amortization period	11 years
Unfavorable Rate Revenue Contracts \| Vitol Acquisition \| SREC
Business Acquisition [Line Items]
Fair value, Unfavorable rate revenue contracts	$ (1,470)
Weighted average amortization period	10 years
Unfavorable Rate Revenue Contracts \| Caldera Acquisition \| SREC
Business Acquisition [Line Items]
Fair value, Unfavorable rate revenue contracts		$ (5,200)
Weighted average amortization period		3 years
Favorable Rate Revenue Contracts \| Caldera Acquisition \| SREC
Business Acquisition [Line Items]
Fair value, favorable rate revenue contracts		$ 350
Weighted average amortization period		4 years

Acquisitions - Pro Forma (Detai

Acquisitions - Pro Forma (Details) - Vitol Acquisition - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Business Acquisition [Line Items]
Operating revenues, net	$ 58,681	$ 48,121	$ 152,662	$ 129,464
Net income	$ 8,609	$ 8,565	$ 47,143	$ 17,856

Debt - Long-term Debt (Details)

Debt - Long-term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Line of Credit Facility [Line Items]
Total principal due for long-term debt	$ 1,350,616	$ 1,232,805
Unamortized discounts	(12,428)	(13,722)
Unamortized deferred financing costs	(16,748)	(16,165)
Less: Current portion of long-term debt	143,449	39,611
Long-term debt, net of unamortized debt issuance costs and current portion	1,177,991	1,163,307
Financing obligations recognized in failed sale leaseback transactions
Line of Credit Facility [Line Items]
Total principal due for long-term debt	$ 41,736	42,767
Weighted average interest rate	3.97%
APAF Term Loan
Line of Credit Facility [Line Items]
Total principal due for long-term debt	$ 465,181	474,609
Weighted average interest rate	3.51%
APAF II Term Loan
Line of Credit Facility [Line Items]
Total principal due for long-term debt	$ 104,548	112,810
Weighted average interest rate	1.475%
APAF III Term Loan
Line of Credit Facility [Line Items]
Total principal due for long-term debt	$ 417,621	426,619
Weighted average interest rate	6.03%
APAF IV Term Loan
Line of Credit Facility [Line Items]
Total principal due for long-term debt	$ 100,495	0
Weighted average interest rate	6.45%
APAGH Term Loan
Line of Credit Facility [Line Items]
Total principal due for long-term debt	$ 100,000	100,000
Weighted average interest rate	8.50%
APAG Revolver
Line of Credit Facility [Line Items]
Total principal due for long-term debt	$ 10,000	65,000
Weighted average interest rate	1.60%
APACF II Facility
Line of Credit Facility [Line Items]
Total principal due for long-term debt	$ 101,685	0
Weighted average interest rate	3.25%
Other term loans
Line of Credit Facility [Line Items]
Total principal due for long-term debt	$ 9,350	$ 11,000
Weighted average interest rate	3.02%

Debt - APAF Term Loan (Details)

Debt - APAF Term Loan (Details) - APAF Term Loan - USD ($) $ in Millions	Aug. 25, 2021	Sep. 30, 2024	Dec. 31, 2023
Line of Credit Facility [Line Items]
Weighted average interest rate		3.51%
Outstanding principal balance		$ 465.2	$ 474.6
Debt issuance costs		$ 6.1	$ 6.7
Blackstone Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 503
Weighted average interest rate	3.51%
Initial amortization rate	2.50%
Debt instrument term	8 years
Amortization step up rate	4%

Debt - APAF II Term Loan (Detai

Debt - APAF II Term Loan (Details) - APAF II Term Loan - USD ($) $ in Millions	Dec. 23, 2022	Sep. 30, 2024	Dec. 31, 2023
Line of Credit Facility [Line Items]
Face amount		$ 104.5	$ 112.8
Debt instrument, basis spread on variable rate	1.475%
Derivative, interest rate swaps	100%
Derivative, fixed interest rate	4.885%
Unamortized debt issuance costs		$ 1.8	$ 2.2
Other term loans
Line of Credit Facility [Line Items]
Face amount	$ 125.7

Debt - APAF III Term Loan (Deta

Debt - APAF III Term Loan (Details) - USD ($) $ in Thousands					9 Months Ended
	Dec. 20, 2023	Jul. 21, 2023	Jun. 15, 2023	Feb. 15, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Line of Credit Facility [Line Items]
Payment of debt issuance costs					$ 1,232	$ 2,969
APAF III Term Loan
Line of Credit Facility [Line Items]
Outstanding principal balance				$ 204,000
Interest rate	6.03%			5.62%
Payment of debt issuance costs	$ 1,300	$ 200	$ 300	$ 4,000
Issuance discount	800	1,100	1,500	6,300
Maximum borrowing capacity	$ 163,000	$ 28,000	$ 47,000
Face amount					417,600		$ 426,600
Unamortized debt issuance costs					$ 13,200		$ 14,300
APAF III Term Loan \| True Green II Acquisition
Line of Credit Facility [Line Items]
Line of credit facility, current borrowing capacity				$ 193,000
APAF III Term Loan \| Blackstone Credit Facility
Line of Credit Facility [Line Items]
Initial amortization rate	3.25%			2.50%

Debt - APAF IV Term Loan (Detai

Debt - APAF IV Term Loan (Details) - APAF IV Term Loan - USD ($) $ in Millions	Mar. 26, 2024	Sep. 30, 2024
Line of Credit Facility [Line Items]
Derivative, fixed interest rate	6.45%
Line of credit facility, current borrowing capacity	$ 101
Issuance discount	$ 1.6
Face amount		$ 100.5
Unamortized debt issuance costs		$ 1.5

Debt - APAGH Term Loan (Details

Debt - APAGH Term Loan (Details) - USD ($) $ in Thousands		9 Months Ended
Debt - APAGH Term Loan (Details) - USD ($) $ in Thousands	Dec. 27, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Line of Credit Facility [Line Items]
Payment of debt issuance costs		$ 1,232	$ 2,969
APAGH Term Loan
Line of Credit Facility [Line Items]
Line of credit facility, commitment fee amount	$ 100,000
Maximum borrowing capacity	$ 100,000
Interest rate	8.50%
Line of credit facility, current borrowing capacity	$ 100,000
Payment of debt issuance costs	3,000
Issuance discount	$ 1,000
Face amount		100,000		$ 100,000
Unamortized debt issuance costs		$ 3,500		$ 4,000

Debt - APAG Revolver (Details)

Debt - APAG Revolver (Details) - APAG Revolver - USD ($) $ in Millions	Dec. 19, 2022	Sep. 30, 2024	Dec. 31, 2023
Line of Credit Facility [Line Items]
Line of credit facility, commitment fee amount	$ 200
Face amount		$ 10	$ 65

Debt - APACF II Facility (Detai

Debt - APACF II Facility (Details) - APACF II Facility - USD ($) $ in Millions		3 Months Ended	9 Months Ended
	Nov. 10, 2023	Sep. 30, 2024	Sep. 30, 2024	Dec. 31, 2023
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 200
Interest rate	3.25%
Line of credit facility, maturity period	364 days
Debt issuance costs	$ 0.3
Debt interest expense		$ 1.6	$ 1.6
Face amount		101.7	101.7	$ 0
Unamortized debt issuance costs		$ 0.7	$ 0.7

Debt - Other Term Loans (Detail

Debt - Other Term Loans (Details) - USD ($) $ in Thousands	Jun. 15, 2023	Sep. 30, 2024	Dec. 31, 2023	Aug. 29, 2022	Jan. 10, 2020
Line of Credit Facility [Line Items]
Debt instrument, unamortized discount		$ 12,428	$ 13,722
Construction Loan to Term Loan Facility
Line of Credit Facility [Line Items]
Repaid all outstanding term loans	$ 15,800
Construction Loan to Term Loan Facility \| Construction Loans
Line of Credit Facility [Line Items]
Face amount					$ 187,500
Project-Level Term Loan
Line of Credit Facility [Line Items]
Outstanding principal balance		9,400	11,000
Debt issuance costs		$ 1,500	$ 1,800
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

Debt - Letter of Credit Facilit

Debt - Letter of Credit Facilities and Surety Bond Arrangements (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Surety Bond
Line of Credit Facility [Line Items]
Face amount	$ 6	$ 5.4
Letter of Credit
Line of Credit Facility [Line Items]
Outstanding principal balance	53	54.7
Unused lines of Credit
Line of Credit Facility [Line Items]
Remaining borrowing capacity	$ 50.4	$ 54.4

Debt - Financing Obligations Re

Debt - Financing Obligations Recognized in Failed Sale Leaseback Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Line of Credit Facility [Line Items]
Financing obligation	$ 40,900		$ 40,900		$ 41,800
Deferred transaction cost			800		900
Payment of financing obligation	1,200	$ 1,100	2,300	$ 2,600
Interest expense, net	400	$ 400	1,300	1,300
Debt repayment				500
Payments of financing costs			0	600
Gain (loss) on extinguishment of debt				$ 100
Total principal due for long-term debt	1,350,616		1,350,616		1,232,805
Minimum lease payments	27,030		27,030
Investment tax credit			13,200
Difference of interest accrued	4,600		4,600
Difference between contractual payments and fair value of financing lease obligations acquired	500		500
Stellar HI Acquisition
Line of Credit Facility [Line Items]
Implied interest on financing lease obligation	2,600		2,600
Financing obligations recognized in failed sale leaseback transactions
Line of Credit Facility [Line Items]
Total principal due for long-term debt	41,736		41,736		$ 42,767
Minimum lease payments	$ 27,000		$ 27,000

Debt - Payments Required Under

Debt - Payments Required Under Failed Sale-Leasebacks (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Debt Disclosure [Abstract]
2024	$ 916
2025	3,023
2026	2,995
2027	2,986
2028	2,967
Thereafter	14,143
Total	$ 27,030

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, 2024	Dec. 31, 2023
Assets
Total assets at fair value	$ 45,467	$ 530
Liabilities
Alignment Shares liability	12,320	60,502
Total liabilities at fair value	15,167	67,760
Money market fund
Assets
Money market fund	45,467
True Green II Acquisition - contingent liability
Liabilities
Other long-term liabilities:	2,187	4,658
Caldera Acquisition - contingent liability
Liabilities
Other long-term liabilities:		2,600
Interest rate swaps
Assets
Interest rate swaps		530
Liabilities
Interest rate swaps	660
Level 1
Assets
Total assets at fair value	45,467	0
Liabilities
Alignment Shares liability	0	0
Total liabilities at fair value	0	0
Level 1 \| Money market fund
Assets
Money market fund	45,467
Level 1 \| True Green II Acquisition - contingent liability
Liabilities
Other long-term liabilities:	0	0
Level 1 \| Caldera Acquisition - contingent liability
Liabilities
Other long-term liabilities:		0
Level 1 \| Interest rate swaps
Assets
Interest rate swaps		0
Liabilities
Interest rate swaps	0
Level 2
Assets
Total assets at fair value	0	530
Liabilities
Alignment Shares liability	0	0
Total liabilities at fair value	660	0
Level 2 \| Money market fund
Assets
Money market fund	0
Level 2 \| True Green II Acquisition - contingent liability
Liabilities
Other long-term liabilities:	0	0
Level 2 \| Caldera Acquisition - contingent liability
Liabilities
Other long-term liabilities:		0
Level 2 \| Interest rate swaps
Assets
Interest rate swaps		530
Liabilities
Interest rate swaps	660
Level 3
Assets
Total assets at fair value	0	0
Liabilities
Alignment Shares liability	12,320	60,502
Total liabilities at fair value	14,507	67,760
Level 3 \| Money market fund
Assets
Money market fund	0
Level 3 \| True Green II Acquisition - contingent liability
Liabilities
Other long-term liabilities:	2,187	4,658
Level 3 \| Caldera Acquisition - contingent liability
Liabilities
Other long-term liabilities:		2,600
Level 3 \| Interest rate swaps
Assets
Interest rate swaps		$ 0
Liabilities
Interest rate swaps	$ 0

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) $ in Thousands				3 Months Ended		9 Months Ended		12 Months Ended
	Dec. 20, 2023 USD ($)	Feb. 15, 2023 USD ($) facility MW	Dec. 22, 2020 USD ($) facility MW	Sep. 30, 2024 USD ($) shares	Sep. 30, 2023 USD ($) shares	Sep. 30, 2024 USD ($) shares	Sep. 30, 2023 USD ($) shares	Dec. 31, 2023 USD ($) shares	Dec. 20, 2023 MW	Dec. 20, 2023 operatingSolarEnergyFacility	Dec. 20, 2023 developmentSolarEnergyFacility	Jul. 21, 2023 USD ($)	Jun. 15, 2023 USD ($)	Dec. 31, 2022 shares
Fair Value, Option, Quantitative Disclosures [Line Items]
Alignment shares outstanding (in shares) \| shares				796,950	996,188	796,950	996,188	996,188						1,207,500
Period after merger						7 years
Volatility rate						66%
Risk-free interest rate						3.58%
(Gain) loss on fair value remeasurement of contingent consideration, net				$ (900)	$ 50	$ (2,379)	$ 150
Caldera Acquisition
Fair Value, Option, Quantitative Disclosures [Line Items]
Earnout cash payments	$ 8,000
Amount of change of other contingent consideration, amount						0		$ 2,600
(Gain) loss on fair value remeasurement of contingent consideration, net				900		2,600
Number of assets acquired										35	6
Nameplate capacity \| MW									121
True Green II Acquisition
Fair Value, Option, Quantitative Disclosures [Line Items]
Earnout cash payments		$ 10,000
Amount of change of other contingent consideration, amount						2,200		$ 4,700
(Gain) loss on fair value remeasurement of contingent consideration, net				0	0	200	0
Number of assets acquired \| facility		58
Nameplate capacity \| MW		220
Payment for contingent consideration liability				0		2,700
Solar Acquisition
Fair Value, Option, Quantitative Disclosures [Line Items]
Earnout cash payments			$ 3,100			3,100
Number of assets acquired \| facility			16
Nameplate capacity \| MW			61.5
Contingent consideration			$ 7,400
Period since acquisition of facilities			36 months
Contingent consideration, liability, measurement period								36 months
Contingent consideration				0		0		$ 3,100
Solar Acquisition \| Power Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
(Gain) loss on fair value remeasurement of contingent consideration, net				0	100	0	200
Solar Acquisition \| Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
Period since acquisition of facilities			18 months
Solar Acquisition \| Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
Period since acquisition of facilities			36 months
APAF III Term Loan
Fair Value, Option, Quantitative Disclosures [Line Items]
Maximum borrowing capacity	$ 163,000											$ 28,000	$ 47,000
Interest Rate Swaps
Fair Value, Option, Quantitative Disclosures [Line Items]
Derivative, notional amount				104,500		104,500		112,800
Interest income (expense)				(3,600)	$ 3,200	(1,200)	$ 3,700
Forward Starting Interest Rate Swap
Fair Value, Option, Quantitative Disclosures [Line Items]
Derivative, notional amount				250,000		250,000
Proceeds from issuance of debt						16,700
Change in unrealized gain (loss) on fair value hedging instruments								17,300
Forward Starting Interest Rate Swap \| APAF III Term Loan
Fair Value, Option, Quantitative Disclosures [Line Items]
Maximum borrowing capacity								238,000
Forward Starting Interest Rate Swap \| APAF IV Term Loan
Fair Value, Option, Quantitative Disclosures [Line Items]
Remaining borrowing capacity								$ 12,000
Forward Starting Interest Rate Swap \| APAF III And IV Term Loan
Fair Value, Option, Quantitative Disclosures [Line Items]
Interest income (expense)				400		1,300
Debt interest expense						17,300
Gain (loss) to be reclassified during next 12 months				$ 1,600		$ 1,600

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of Alignment Shares (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Shares
Beginning balance (in shares)	996,188	1,207,500
Alignment Shares converted (in shares)	(199,238)	(201,250)
Alignment Shares forfeited (in shares)	0	(10,062)
Fair value remeasurement (in shares)	0	0
Ending balance (in shares)	796,950	996,188
$
Beginning balance	$ 60,502	$ 66,145
Alignment Shares converted	(10)	(11)
Alignment Shares forfeited	0	(432)
Fair value remeasurement	(48,172)	(22,899)
Ending balance	$ 12,320	$ 42,803

Equity (Details)

Equity (Details)	9 Months Ended	12 Months Ended
Equity (Details)	Sep. 30, 2024 USD ($) shares	Dec. 31, 2023 USD ($) vote shares	Sep. 30, 2023 shares	Dec. 31, 2022 shares
Class of Stock [Line Items]
Common stock, authorized (in shares)	988,591,250	988,591,250
Common stock, issued (in shares)	159,989,890	158,999,886
Common stock, outstanding (in shares)	159,989,890	158,999,886
Number of votes \| vote		1
Common stock dividends \| $	$ 0	$ 0
Alignment shares outstanding (in shares)	796,950	996,188	996,188	1,207,500
Class A Common Stock
Class of Stock [Line Items]
Common stock, authorized (in shares)	988,591,250	988,591,250
Common stock, issued (in shares)	158,989,890	158,999,886
Common stock, outstanding (in shares)	158,989,890	158,999,886
Class B Common Stock
Class of Stock [Line Items]
Alignment shares outstanding (in shares)	796,950	996,188

Redeemable Noncontrolling Int_3

Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Components of Redeemable Noncontrolling Interests
Redeemable noncontrolling interest, beginning balance	$ 26,044	$ 18,133
Cash distributions	(2,112)	(1,747)
Accrued distributions	(864)	0
Redemption of redeemable noncontrolling interests	0	(4,301)
Assumed redeemable noncontrolling interest through business combination	(100)	11,341
Net (loss) income attributable to redeemable noncontrolling interest	(1,151)	175
Redeemable noncontrolling interest, ending balance	$ 21,817	$ 23,601

Leases - Operating Lease Cost (

Leases - Operating Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Operating lease expense	$ 4,085	$ 2,757	$ 12,337	$ 7,931
Variable lease expense	556	479	1,413	1,290
Total lease expense	$ 4,641	$ 3,236	$ 13,750	$ 9,221

Leases - Supplemental Informati

Leases - Supplemental Information of Operating Leases (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Cash paid for operating leases	$ 13,202	$ 7,235
Operating lease assets obtained in exchange for new operating lease liabilities	$ 15,654	$ 64,904
Weighted-average remaining lease term, years	23 years 3 months 18 days	23 years 3 months 18 days
Weighted average discount rate	5.77%	5.32%

Leases - Maturities of Operatin

Leases - Maturities of Operating Lease Liabilities (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Leases [Abstract]
2024	$ 3,967
2025	15,970
2026	16,120
2027	16,219
2028	16,275
Thereafter	300,872
Total	369,423
Less: Present value discount	(174,341)
Lease liability	$ 195,082

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Guarantor Obligations [Line Items]
Guarantor term	15 years
Purchase obligation	$ 0	$ 0
Performance Guarantee
Guarantor Obligations [Line Items]
Performance guarantee obligations	$ 0	$ 0
Minimum
Guarantor Obligations [Line Items]
Guarantor term	10 years
Maximum
Guarantor Obligations [Line Items]
Guarantor term	25 years

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	Apr. 26, 2024 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 09, 2022 $ / MW
Related Party Transaction [Line Items]
Commercial collaboration agreement term				7 years
Commercial collaboration agreement, renewal term				1 year
Operating lease asset		$ 183,677		$ 183,677		$ 173,804
Lease liability		$ 195,082		$ 195,082
Weighted-average remaining lease term, years		23 years 3 months 18 days	23 years 3 months 18 days	23 years 3 months 18 days	23 years 3 months 18 days
Proceeds from lease payment, operating activity		$ 400	$ 0	$ 1,800	$ 0
General and administrative		9,824	8,194	32,086	23,847
Mr. Norell \| Separation and Release Agreement
Related Party Transaction [Line Items]
Restructuring, number of months to receive severance	18 months
Severance costs	$ 900
Restructuring, COBRA continuation coverage period	12 months
Restructuring, severance, additional payment	$ 1,000
General and administrative		0		2,200
Remaining amount to be paid		900		900
Related Party
Related Party Transaction [Line Items]
Other current liabilities		90		90		51
Due from related parties		0		0		0
Related Party \| CBRE Group, Inc \| Commercial Collaboration Agreement
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction				0	0
Repayments of related party debt				0		0
Related Party \| CBRE Group, Inc \| Master Services Agreement
Related Party Transaction [Line Items]
Other current liabilities		100		100		100
Related party transaction, amounts of transaction		200	200	500	400
Related Party \| CBRE Group, Inc \| Minimum
Related Party Transaction [Line Items]
Development fee \| $ / MW							0.015
Related Party \| CBRE Group, Inc \| Maximum
Related Party Transaction [Line Items]
Development fee \| $ / MW							0.030
Related Party \| Link Logistics
Related Party Transaction [Line Items]
Operating lease asset		27,600		27,600		24,300
Lease liability		$ 27,700		$ 27,700		$ 24,300
Weighted-average remaining lease term, years		29 years		29 years
Related Party \| APAF Term Loan and APAF III Term Loan
Related Party Transaction [Line Items]
Interest expense		$ 100	$ 100	$ 300	$ 900

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income attributable to Altus Power, Inc.	$ 17,638	$ 5,330	$ 62,792	$ 17,772
Income attributable to participating securities	(87)	(33)	(312)	(113)
Net income attributable to common stockholders - basic	17,551	5,297	62,480	17,659
Net income attributable to common stockholders - diluted	$ 17,551	$ 5,297	$ 62,480	$ 17,659
Weighted average shares of common stock outstanding - basic (in shares)	159,990,880	158,719,684	159,641,018	158,687,373
Weighted average shares of common stock outstanding - diluted (in shares)	164,393,794	160,198,154	165,720,558	160,965,682
Net income attributable to common stockholders per share - basic (in usd per share)	$ 0.11	$ 0.03	$ 0.39	$ 0.11
Net income attributable to common stockholders per share - diluted (in usd per share)	$ 0.11	$ 0.03	$ 0.38	$ 0.11
Alignment shares outstanding (in shares)	796,950	996,188	796,950	996,188	996,188	1,207,500
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		271,259
Dilutive restricted stock
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Dilutive shares (in shares)	0	265,133	0	260,885
Dilutive RSUs
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Dilutive shares (in shares)	4,402,914	1,213,337	6,079,540	2,017,424

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) $ / shares in Units, $ in Thousands			3 Months Ended			9 Months Ended
	Mar. 28, 2024 USD ($) grantee $ / shares	Jul. 12, 2021 $ / shares	Sep. 30, 2024 USD ($) $ / shares GW shares	Jun. 30, 2024 USD ($)	Sep. 30, 2023 USD ($) shares	Sep. 30, 2024 USD ($) installment $ / shares GW shares	Sep. 30, 2023 USD ($) shares	Dec. 31, 2023 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense \| $			$ 4,662		$ 4,176	$ 4,739	$ 11,304
Common stock, issued (in shares)			159,989,890			159,989,890		158,999,886
Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, issued (in shares)			158,989,890			158,989,890		158,999,886
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, fourth anniversary (in usd per share) \| $ / shares		24.41
Stock price performance hurdle, fifth anniversary (in usd per share) \| $ / shares		$ 30.51
Nameplate capacity \| GW			1.1			1.1
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%
Trading days						20 days
Common stock authorized for issuance (in shares)			30,992,545			30,992,545		30,992,545
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		4,662,020
Stock-based compensation \| $						$ 0	$ 0
Common stock, issued (in shares)			0		0	0	0
Dilutive RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense \| $			$ 29,200			$ 29,200
Weighted average period of recognition						2 years
Dilutive RSUs \| Holdings Restricted Units Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock reserved for future issuance (in shares)			0			0		210,710
Dilutive RSUs \| Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of installment \| installment						1
RSUs granted (in shares)			58,357		5,000	4,379,281	3,026,148
Stock-based compensation \| $			$ 4,700		$ 4,200	$ 4,700	$ 11,300
RSUs forfeited (in shares)			112,690		34,228	4,631,282	45,282
Dilutive RSUs \| Omnibus Incentive Plan \| Separation and Release Agreement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs granted (in shares)						4,283,452
Stock-based compensation \| $				$ 8,700
Dilutive RSUs \| Omnibus Incentive Plan \| Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares received (in shares)						1
Performance-Based Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense \| $			$ 1,100			$ 1,100
Weighted average period of recognition						2 years
Stock price performance hurdle, third anniversary (in usd per share) \| $ / shares	$ 14
Stock price performance hurdle, fourth anniversary (in usd per share) \| $ / shares	18
Stock price performance hurdle, fifth anniversary (in usd per share) \| $ / shares	$ 22
Share-based payment arrangement, plan modification, number of grantees affected \| grantee	5
Share-based payment arrangement, plan modification, incremental cost \| $	$ 3,100
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%
Performance Shares \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
PSU vested range			0%			0%
Performance Shares \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
PSU vested range			150%			150%
Performance Shares \| Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of weighted average grant date fair value						50%
RSUs granted (in shares)						546,024
RSUs granted (in usd per share) \| $ / shares						$ 5.22
Performance Shares \| GW Plan PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs granted (in shares)						751,773
RSUs granted (in usd per share) \| $ / shares			$ 3.95
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)			58,357			3,081,484
RSUs granted (in usd per share) \| $ / shares			$ 4.15			$ 4.87

Stock-Based Compensation - Calc

Stock-Based Compensation - Calculated Based on the Average Stock Price (Details) - Performance Shares - Omnibus Incentive Plan	Sep. 30, 2024 $ / shares
Less than $8
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
AMPS Price, upper range (in usd per share)	$ 8
Payout	40%
$8-10.99
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
AMPS Price, lower range (in usd per share)	$ 8
AMPS Price, upper range (in usd per share)	$ 10.99
Payout	80%
$11-11.50
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
AMPS Price, lower range (in usd per share)	$ 11
AMPS Price, upper range (in usd per share)	$ 11.50
Payout	100%
$11.51-12.99
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
AMPS Price, lower range (in usd per share)	$ 11.51
AMPS Price, upper range (in usd per share)	$ 12.99
Payout	110%
$13+
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
AMPS Price, upper range (in usd per share)	$ 13
Payout	120%

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income tax benefit	$ 5,100	$ 1,940	$ 21,243	$ (77)
Proceeds from transfer of investment tax credits			$ 23,400