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Altus Power has signed a 10-year lease for a 33,000 square-foot office space at 2200 Atlantic Street, Stamford, CT, relocating its headquarters from Greenwich. This move accommodates a growing team that has expanded by 50% this year, highlighting the company's ambition in clean energy. Altus Power is in a business combination with CBRE Acquisition Holdings (CBAH), transitioning to a public company on the NYSE. The new location is strategically positioned near transportation and amenities, supporting future growth and innovation.
Altus Power has announced an increase in its senior funding facility to $503 million, with a reduced interest rate of 3.51%, down from 3.70%. The facility’s term has been extended to February 2056. This funding supports Altus Power’s acquisition of a 79 MW solar project portfolio and aims to facilitate future solar asset acquisitions. The company plans to merge with CBRE Acquisition Holdings (CBAH), which will list Altus Power on the NYSE.
Altus Power has acquired a 79 MW portfolio of solar projects from True Green Capital Management. This acquisition increases Altus Power’s operational capacity to over 340 MW and diversifies its customer base, which includes municipalities and commercial entities across seven states, including Tennessee, New York, and Massachusetts. The company aims to provide competitive, clean electricity under long-term agreements. This announcement follows Altus Power's planned merger with CBRE Acquisition Holdings (CBAH), which is set to list the company on the NYSE.
CBRE Acquisition Holdings, Inc. (CBAH) has filed a registration statement with the SEC concerning its business combination with Altus Power, a developer of large-scale photovoltaic and energy storage systems. The definitive business combination agreement was announced on July 13, 2021, and has received unanimous approval from both companies' boards. Upon completion, CBAH will be renamed to Altus Power, Inc. and will continue trading on the NYSE under the symbol "AMPS." The merger is subject to stockholder approval and customary closing conditions.
Altus Power and CBRE Acquisition Holdings announced a definitive agreement for a business combination, enabling Altus to become a public company listed on the NYSE under the ticker symbol AMPS. The agreement is expected to generate gross proceeds of approximately $678 million, which will fund growth initiatives. Altus Power, a leader in clean electrification, has over 200 solar facilities totaling more than 265 megawatts and anticipates ending 2021 with a portfolio exceeding 400 megawatts. The transaction is expected to close in Q4 2021, subject to customary approvals.
CBRE Acquisition Holdings, Inc. (NYSE: CBAH.U) announced that starting February 1, 2021, holders of its SAIL securities can separately trade Class A common stock and warrants included in those securities. The SAIL securities will continue to trade under the symbol CBAH.U, while separated shares of stock and warrants will trade under symbols CBAH and CBAH WS, respectively. Interested holders must contact their brokers to separate the SAIL securities. This announcement marks a key step as the company prepares for potential mergers and acquisitions in the commercial real estate sector.