Combination aims to help CBRE clients reduce their carbon footprint and meet sustainability targets
The business combination of CBRE Acquisition Holdings (CBAH) and Blackstone-backed Altus Power has been finalized.
As a result, Altus Power has received $636.5 million in proceeds, consisting of funds from CBAH’s former trust account and a private placement in public equity (PIPE). Altus Power will use the proceeds to finance the company’s growth plans. In addition, Altus Power’s Class A ordinary shares and Altus Power’s warrants have started trading on The New York Stock Exchange under the symbols “AMPS” and “AMPS WS”, respectively.
Altus, which builds and operates solar-power installations on the roofs and parking lots of commercial properties, also expects to grow along with the accelerating demand for clean electricity at commercial and industrial (C&I) properties, as well as community solar projects. Additionally, Altus looks to increase its market share for locally sited, clean power generation and battery storage for businesses and homes through its strategic partnerships with CBRE and Blackstone.
Gregg Felton, co-CEO of Altus Power, commented on the merger: “For the past eight years, we have forged an incredible partnership with Blackstone. We are thrilled to be adding CBRE as a strategic partner through this merger. Two of the largest players in global real estate are now our largest institutional investors. With CBRE and Blackstone as our strategic partners, we are well-positioned to take advantage of the incredible growth opportunity ahead for clean electrification.”
“As the C&I solar market expands, and energy storage and community solar offerings grow, we have the resources and expertise to make clean, cost-effective, reliable power more widely available across the United States and beyond,” said Lars Norell, Co-CEO of Altus Power. “The entire Altus Power team is focused on making this a reality by leveraging our digitally-enabled, data-driven offering to unlock value for customers of all types, every day.”
Back in July, Norell described the move as an “opportunity to supply real estate investors and occupiers with clean energy savings and sustainability benefits.”
Read more: CBRE’s SPAC in talks to merge
“We are excited to bring financial and strategic resources to Altus Power that we expect will accelerate their growth plan and help to create long-term stockholder value,” said Bill Concannon, chief executive officer of CBAH and a member of the Altus Power board of directors. “CBRE’s real estate investor and occupier clients are increasingly focused on reducing their carbon footprints and meeting sustainability goals. We are working actively with Altus Power to bring its building-sited solar solutions and expertise to CBRE’s clients. We believe our partnership will drive the growth of end-to-end renewable energy solutions in the marketplace.”
