Altus Power, Inc., a market-leading clean electrification company, today announced that it has completed its previously announced business combination with CBRE Acquisition Holdings, Inc.
The transaction was unanimously approved by CBAH’s Board of Directors and was approved at the special meeting of CBAH’s stockholders held on December 6, 2021 (the “Special Meeting”). Approximately 90% of the votes cast on the business combination proposal at the Special Meeting were in favor of approving the business combination. CBAH’s stockholders also voted to approve all other proposals presented at the Special Meeting.
As a result of the business combination, and commencing at the open of trading on December 10, 2021, Altus Power’s Class A ordinary shares and Altus Power’s warrants are expected to begin trading on The New York Stock Exchange under the symbols “AMPS” and “AMPS WS,” respectively.
Market Overview – Commercial & Industrial Solar Market Poised for Significant Growth
Altus Power believes it is poised to grow with the accelerating demand for clean electricity at commercial and industrial (C&I) properties as well as community solar projects. Installed C&I solar generation capacity is projected to more than double by 2030, increasing from 17 gigawatts (GW) installed in 2020 to 48 GW installed at the end of the period. The battery storage market is expected to expand at a 46% annual rate to 2030.
Altus Power anticipates that the combination of technological innovation and strategic partnerships with CBRE and Blackstone will position Altus Power for success in the growing markets for locally sited, clean power generation and battery storage for businesses and homes.
Management Commentary
Lars Norell, Co-CEO of Altus Power said, “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. 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.”
Gregg Felton, Co-CEO of Altus Power, said, “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.”
Bill Concannon, Chief Executive Officer of CBAH and a member of the Altus Power Board of Directors, said, “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. 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.”
Advisors
Citigroup acted as exclusive financial advisor to Altus Power. Fifth Third acted as capital markets advisor to Altus Power.
Morgan Stanley and J.P. Morgan acted as financial advisors to CBAH. Morgan Stanley acted as CBAH’s lead placement agent on the PIPE. Citigroup and J.P. Morgan acted as CBAH’s placement agents on the PIPE.
Simpson Thacher & Bartlett LLP served as legal counsel to CBAH. Ropes & Gray LLP served as legal counsel to Altus Power. Skadden, Arps, Slate, Meagher & Flom LLP served as legal counsel to the placement agents. Potter Anderson & Corroon LLP served as legal counsel to the special committee of the CBAH board.
About Altus Power
Altus Power, based in Stamford, Connecticut, is creating a clean electrification ecosystem, serving its commercial, public sector and community solar customers with locally sited solar generation, energy storage, and EV-charging stations across the U.S. Since its founding in 2009, Altus Power has developed or acquired over 350 megawatts from Vermont to Hawaii.
About CBRE Acquisition Holdings, Inc.
CBRE Acquisition Holdings, Inc. is a blank-check company formed solely for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. CBAH is sponsored by CBRE Acquisition Sponsor, LLC, which is a subsidiary of CBRE Group, Inc.
About CBRE Group, Inc.
CBRE Group, Inc., a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.
