Altus Power said to go public via merger with SPAC
Altus Power Inc., a builder and operator of solar-power installations on the roofs and parking lots of commercial properties, is merging with a SPAC sponsored by CBRE Group Inc. in a deal that values Altus at $1.58 billion.
The deal gives Altus expansion capital as well as access to CBRE’s clients which include many of the top companies and real-estate owners in the U.S., Asia and Europe. Dallas-based CBRE is one of the world’s largest commercial brokerages and real-estate services firms with a facilities-management business that has grown from 3.7 billion square feet in 2015 to 7 billion square feet today.
Launched in 2009, Altus cuts deals with property owners in which Altus builds and operates solar-power facilities on their land in exchange for inexpensive power. The company has more than 200 facilities that can produce more than 265 megawatts of power, about two-thirds to three-quarters of the power consumed by the commercial properties on the site, according to Lars Norell, the firm’s co-CEO.Read more