US-based solar energy company Altus Power has concluded its previously announced $1.5bn business merger agreement with CBRE Acquisition Holdings (CBAH).
The deal has allowed Altus Power to become a public company listed on the New York Stock Exchange (NYSE).
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By GlobalDataIn July, Altus Power announced a definitive merger agreement with CBAH, a special purpose acquisition company sponsored by real estate firm CBRE Group.
With the merger deal completed, Altus Power’s Class A ordinary shares and warrants are expected to begin trading under the symbols AMPS and AMPS WS respectively on the NYSE.
Altus Power has received proceeds of $636.5m from the deal, including funds from a private placement in public equity and CBAH’s former trust account.
The company plans to use these proceeds to fund its growth.
The combination of Altus Power’s technological innovation and partnerships with CBRE and Blackstone is intended to further strengthen Altus Power’s position in the commercial and industrial (C&I) clean electrification sector.
Altus Power co-CEO Lars Norell 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 US 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.”
Altus Power said that it expects to see growth due to the demand for clean electricity from C&I properties and community solar projects.
The company’s existing senior management team will lead the combined business entity.
CBAH CEO and Altus Power board member Bill Concannon said: “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.”
