C&I solar and also storage space installer Altus Power to go public through US$ 1.58 bn SPAC bargain

Jul 15, 2021 11:40 AM ET
  • Altus Power is merging with an unique purpose acquisition firm (SPAC) in a transaction that values the commercial and industrial (C&I) solar and storage programmer at US$ 1.58 billion.
C&I solar and also storage space installer Altus Power to go public through US$ 1.58 bn SPAC bargain
Image: Altus Power

Business combination with CBRE Acquisition Holdings, a SPAC funded by commercial realty solution company CBRE Group, will see Altus come to be a public business noted on the New York Stock Exchange under the ticker symbol 'AMPS'.

The purchase is expected to create earnings of as much as approximately US$ 678 million, consisting of a US$ 275 million totally committed common stock private financial investment in public equity (PIPE) anchored by CBRE Group, existing investors Altus Power management and Blackstone Credit, as well as new investors such as ValueAct Capital and also Freedom Mutual Investments.

Connecticut-headquartered Altus Power supplies locally sited solar generation, energy storage and also electric vehicle charging terminals across the US. Considering that its foundation in 2009, the firm has created or acquired over 200 dispersed generation solar centers totalling more than 265MW, and also anticipates to finish 2021 with a PV property portfolio of greater than 400MW.

Adhering to completion of the bargain, which is anticipated to happen in Q4 2021, Altus Power's management will remain intact, with Lars Norell and Gregg Felton continuing as co-CEOs of the mixed company.

Norell said the partnership with CBRE and also backing from investment company Blackstone will improve the firm's capability to serve corporate as well as public clients with on-site tidy energy generation and storage space.

Blackstone last year led a US$ 850 million recapitalisation of Altus, and has actually considering that produced a portfolio business concentrated on C&I distributed generation and also storage space properties.

"This new collaboration with CBRE offers a significant possibility to supply solar and electrification solutions to more companies as well as real estate owners wanting to enhance their earnings and satisfy sustainability objectives," stated Rob Horn, co-head of power investing at Blackstone Credit.

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