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Trammell Crow Company and Altus Power Form Strategic Partnership to Bring Clean Electrification Solutions to Real Estate Development Projects
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
Tags
partnership
Rhea-AI Summary
Trammell Crow Company (TCC) has partnered with Altus Power (NYSE: AMPS) to integrate clean electrification solutions in TCC's real estate projects. This multi-year partnership aims to implement solar power generation, battery storage, and EV charging across 35 million sq. ft. of U.S. industrial assets, generating 300 MW of solar power in the next three to four years. TCC's CEO, Mike Lafitte, highlighted the partnership's potential to reduce the carbon footprint, while Altus Power's Co-CEO, Lars Norell, emphasized opportunities in the commercial solar market.
Positive
Establishment of a multi-year strategic partnership with Altus Power to provide clean electrification solutions.
Projected generation of 300 MW of solar power across 35 million sq. ft. of industrial assets.
Potential to significantly reduce carbon footprint and address sustainability demands from clients.
Negative
None.
DALLAS & STAMFORD, Conn.--(BUSINESS WIRE)--
Trammell Crow Company (TCC), the nation’s largest commercial real estate developer, and Altus Power, Inc. (NYSE: AMPS), a leading clean electrification company, today announced a strategic partnership to bring Altus Power’s clean electrification solutions to TCC’s real estate development projects.
Under the terms of this multi-year strategic partnership, TCC will engage Altus Power to bring solar power generation, battery storage and electric-vehicle charging to its development portfolio.
The initial focus will be 35 million sq. ft. of U.S. industrial assets in TCC’s development pipeline. This partnership is expected to generate 300 MW of building-sited, locally generated solar power across the United States over the next three to four years, with battery storage capacity and electric-vehicle charging. TCC and Altus Power plan to expand the partnership to include other assets in the future.
“Our partnership with Altus Power will greatly accelerate the integration of clean energy into our properties and we expect it to meaningfully reduce our carbon footprint,” said Mike Lafitte, CEO of TCC. “This partnership is directly responsive to our capital partners and occupier clients who expect us to deliver sustainably built real estate.”
“We are excited about this first-of-its-kind partnership to bring clean electrification to the nation’s largest commercial real estate development platform,” said Lars Norell, Co-CEO of Altus Power. “This partnership underscores the significant opportunity that is available in the commercial and industrial solar market, and we look forward to working with other real estate owners, developers and occupiers to accelerate their transition to a lower carbon footprint.”
About Trammell Crow Company Trammell Crow Company (TCC), founded in 1948, is the nation’s largest commercial real estate developer. The Company has developed or acquired 2,800 buildings valued at nearly $70 billion and over 625 million square feet. As of December 31, 2021, TCC had $18.5 billion of projects in process and $9.3 billion in its pipeline. It employs more than 675 professionals in the United States and Europe.
TCC is an independently operated subsidiary of CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, and the world’s largest commercial real estate services and investment firm (based on 2021 revenue). For more information visit www.TrammellCrow.com.
About Altus Power Altus Power, based in Stamford, Connecticut, is the nation's premier clean electrification company. Altus Power serves its commercial, industrial, public sector and community solar customers by developing, owning and operating locally sited solar generation, energy storage, and EV charging infrastructure across 18 states from Vermont to Hawaii. Visit altuspower.com to learn more.
Forward-Looking Statements
This press release contains forward-looking statements. Forward-looking statements may be identified by the use of words such as “anticipate”, “believe”, “could”, “continue”, “expect”, “estimate”, “may”, “plan”, “outlook”, “future” and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These statements, which involve risks and uncertainties, relate to analyses and other information that are based on forecasts of future results and estimates of amounts not yet determinable and may also relate to Altus Power’s future prospects, developments and business strategies. These statements are based on Altus Power’s management’s current expectations and beliefs, as well as a number of assumptions concerning future events.
Such forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Altus Power’s control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. These risks, uncertainties, assumptions and other important factors include, but are not limited to: (1) the ability of Altus Power to maintain its listing on the New York Stock Exchange; (2) the ability to recognize the anticipated benefits of the recently completed business combination and related transactions (the “Transactions”), which may be affected by, among other things, competition, the ability of Altus Power to grow and manage growth profitably, maintain relationships with customers, business partners, suppliers and agents and retain its management and key employees; (3) costs related to the Transactions; (4) changes in applicable laws or regulations; (5) the possibility that Altus Power may be adversely affected by other economic, business, regulatory and/or competitive factors; (6) the impact of COVID-19 on Altus Power’s business; and (7) the failure to realize anticipated pro forma results and underlying assumptions related to the Transactions.
Additional factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements can be found under the heading “Risk Factors” in Altus Power’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 24, 2022, as well as the other information we file with the Securities and Exchange Commission. New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect us. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made, and Altus Power undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, changes in expectations, future events or otherwise.
This press release is not intended to be all-inclusive or to contain all the information that a person may desire in considering an investment in Altus Power and is not intended to form the basis of an investment decision in Altus Power. All subsequent written and oral forward-looking statements concerning Altus Power or other matters and attributable to Altus Power or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above.
What is the partnership between Altus Power and Trammell Crow Company about?
The partnership focuses on integrating clean electrification solutions, including solar power, battery storage, and EV charging into Trammell Crow Company's real estate development projects.
How much solar power is expected to be generated from the partnership?
The partnership is expected to generate 300 MW of building-sited solar power over the next three to four years.
What is the initial focus area of the Altus Power and TCC partnership?
The initial focus will be on 35 million square feet of U.S. industrial assets in TCC's development pipeline.
What are the long-term goals of the Altus Power and TCC collaboration?
TCC and Altus Power plan to expand the partnership to include additional assets beyond the initial focus on industrial projects.
