Altus Power expects to be listed on NYSE after merger with CBAH

Little Bay roof top PV project by Altus Power

US solar power project investor Altus Power America Inc and CBRE Acquisition Holdings, Inc. (CBAH) announced a definitive agreement for a business combination that would result in Altus Power becoming a public company listed on the New York Stock Exchange. CBAH is a special-purpose acquisition company (SPAC) sponsored by CBRE Group, Inc., the world’s largest commercial real estate services firm.
Altus Power, headquartered in Greenwich, Connecticut, currently owned by management and Blackstone Credit, provides customers with the development, construction and financing of solar energy systems, energy storage and EV charging stations. Since its founding in 2009, the company has built or acquired more than 200 distributed solar installations totaling more than 265 MW. The company expects to have a solar asset portfolio of more than 400 MW by the end of 2021.
The transaction is expected to generate gross proceeds of up to $678 million, which will fund the company's continued growth. The proceeds include $275 million in private investment in public equity (PIPE) from CBRE Group, Inc. and existing investors, including Altus Power Management and Blackstone Credit, as well as new investors, including ValueAct Capital, Liberty Mutual Investments and other institutional investors.
Altus Power's current management team will remain in place. The combined company's board of directors will include representatives from Altus Power, CBRE, Blackstone Credit and ValueAct Capital, as well as independent directors. The proposed transaction is expected to close in the fourth quarter of 2021. The pro forma implied equity value of the combined company will be $1.58 billion
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