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CBRE Acquisition Holdings (NYSE: CBAH) and Altus Power are set to participate in a fireside chat on November 15, 2021, regarding their upcoming business combination. The chat will feature key executives discussing the strategic partnership and market opportunities in clean energy. A Special Meeting to vote on the merger is scheduled for December 6, 2021, with a focus on Altus's scalable business model and partnerships with CBRE and Blackstone. Shareholders are urged to participate in the voting process to ensure their shares are represented.
Altus Power and Link Logistics are collaborating to develop a portfolio of community solar projects in New Jersey, aiming to serve around 10,000 residential customers. The initiative, which will generate approximately 35 megawatts (MW) of power, aligns with the state's clean energy goals, allocating over 51% of the generated energy to underserved communities. The projects will enhance Altus's rooftop solar and electric vehicle charging portfolio and support Link's objective of adding 300MW of solar capacity by 2025. The partnership benefits both companies and their respective communities.
CBRE Acquisition Holdings, Inc. (NYSE: CBAH) has filed a definitive proxy statement/prospectus with the U.S. Securities and Exchange Commission regarding its business combination with Altus Power, a clean electrification company. The proxy statement will be mailed to stockholders of record as of October 27, 2021, ahead of the Special Meeting scheduled for December 6, 2021, where approval for the business combination will be sought. Stakeholders are urged to vote promptly to ensure representation.
Altus Power has appointed Steve D'Agostino as its new Head of Analytics to enhance the company's analytics platform. This role is critical for tracking customer benefits and real-time financial performance analysis of Altus Power's assets. The company is also nearing a business combination with CBRE Acquisition Holdings, Inc. (CBAH), expected to finalize in Q4 2021, leading to Altus Power's public listing. D'Agostino brings extensive experience in technology and analytics from prior roles at Credit Suisse and Merrill Lynch, aiming to bolster Altus Power's growth and service capabilities.
Altus Power has acquired a 9.9 megawatt solar generation project in Sussex County, New Jersey, operational since 2015. This acquisition aligns with Altus's strategy for growth through both project development and acquisition of operational assets, enhancing its portfolio across New Jersey and the U.S. The project delivers power to local utilities and earns solar renewable energy credits. This initiative follows Altus's announced business combination with CBRE Acquisition Holdings, Inc. (CBAH), expected to finalize in Q4 2021, paving the way for Altus Power's public listing on the New York Stock Exchange.
Altus Power has received authorization from Eversource to operate its new solar facility in Hinsdale, Massachusetts. This 4.2 MW ground-mount system is part of the Massachusetts SMART program, generating nearly 5,000 MWh of clean electricity annually, equivalent to reducing 3,500 tons of CO2 emissions. This marks Altus's tenth project under this initiative. Altus is merging with CBRE Acquisition Holdings (CBAH), with the deal expected to close in Q4 2021, allowing Altus to become publicly listed.
On October 7, 2021, Altus Power appointed Julia Sears as Chief Digital Officer, enhancing its leadership team in anticipation of a business combination with CBRE Acquisition Holdings (NYSE: CBAH). The merger is expected to close in Q4 2021, facilitating Altus Power's transition to a public company. Sears brings over 20 years of experience in technology strategy, with a focus on delivering a seamless digital experience. Her role will involve collaboration with CBRE and Blackstone to improve customer engagement in clean electrification. This strategic hire aligns with Altus's growth objectives and commitment to digital excellence.
On Oct. 6, 2021, Altus Power held its Analyst Day, providing insights into its operations and future strategy following its agreement with CBRE Acquisition Holdings (CBAH) for a business combination. Key topics included the company’s growth in commercial and industrial solar generation, community solar, and energy storage. Altus Power highlighted its strong investor relationships and technological capabilities, along with continued asset growth and geographic expansion since the CBAH deal announcement. Presentation materials are now accessible on the Altus Power Investors website.
Altus Power announced the completion of a $42 million sale leaseback tax equity structure for solar projects in Minnesota and Massachusetts. This marks the company's first sale leaseback financing, facilitated by Fifth Third Bank, which has been a partner since January 2020. Following a previous agreement with CBRE Acquisition Holdings, Inc. (CBAH), Altus Power is set to become a publicly traded company. Greg Felton, Co-CEO, highlighted the company’s growth strategy through diverse funding solutions, expanding its community solar business with over 5,000 residential customers.
Altus Power, Inc. reported second-quarter 2021 revenues of $17.6 million, a 54% increase year-over-year. Despite this growth, the company faced a net loss of $0.4 million, contrasting with a net income of $0.1 million in Q2 2020. Adjusted EBITDA rose by 60% to $10.9 million. Altus ended the quarter with $117 million in cash and liquidity. The company is progressing toward a merger with CBRE Acquisition Holdings (CBAH), projected to conclude in Q4 2021, which will position Altus as a public entity on NYSE.
