Altus Power Inc., a Greenwich-headquartered clean electrification company, is transitioning into a publicly traded company through a merger with CBRE Acquisition Holdings Inc. (CBAH), a special purpose acquisition company (SPAC) sponsored by the commercial real estate firm CBRE Group Inc.
CBAH is already traded on the NYSE under the ticker CBAH. With this merger, Altus Power will join the NYSE under the new ticker symbol AMPS.
SPACs exist with the sole purpose of enabling a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar combination with one or more privately owned businesses, with the goal of taking them public. SPACs have become more prominent recently as an alternative for companies that traditionally took the initial public offering route to become publicly traded.
Altus Power was founded in 2009 and is wholly owned by its management team and Blackstone Credit, and offers solar generation, energy storage and electric vehicle charging stations across the U.S.
The company has built or acquired more than 200 distributed generation solar facilities totaling more than 265 megawatts, and it expects to end 2021 with a solar asset portfolio of more than 400 megawatts.
“Our more than decade-long track record of designing, constructing, owning and operating solar generation assets, our unique access to investment grade funding, along with our prospective public company balance sheet and the incredible partnership with CBRE, combine to make Altus Power the ideal provider of solar generation and storage assets across the country,” said Gregg Felton, co-CEO and director of Altus Power. “With sponsorship and support from both CBRE and Blackstone, Altus Power will be the undisputed leader in clean electrification.”
