Altus Power begins trading on NYSE after wrapping up $1.58bn SPAC merger

Altus Power, a Connecticut-based clean electrification company, has wrapped up its previously announced $1.58 billion merger deal with blank check company CBRE Acquisition Holdings (CBAH).

The deal, which was announced in July 2021, was approved unanimously by CBAH’s board of directors. It was approved by CBAH’s stockholders earlier this month.

Following the merger, Altus Power has gone public to trade on The New York Stock Exchange (NYSE) under the AMPS and AMPS WS tickers following its merger with the special purpose acquisition company (SPAC).

The clean electrification company has raised $636.5 million in proceeds through the deal following redemptions and prior to transaction expenses. The proceeds consist of funds from CBAH’s former trust account as well as a private placement in public equity (PIPE).

Altus Power plans to use the proceeds to fund its growth strategies.

Altus Power begins trading on NYSE after wrapping up $1.58bn SPAC merger. Photo courtesy of Samuel Faber from Pixabay.

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.”

Established in 2009, Altus Power has developed or acquired more than 350MW from Vermont to Hawaii. It had built or acquired over 200 distributed generation solar facilities, as of 13 July 2021.

Bill Concannon — CEO of CBAH 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.”