Commercial and industrial (C&I) solar developer Altus Power will offer distributed renewables and energy storage solutions through a new partnership with energy major Shell.
The partners said the collaboration will leverage each of their strengths, with Altus Power providing its experience in solar and storage, while Shell New Energies US will bring its capabilities in areas such as electric mobility and load management.
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Connecticut-based Altus Power is in the process of merging with CBRE Acquisition Holdings, a special-purpose acquisition company sponsored by a subsidiary of real estate services firm CBRE Group. Announced in July, that deal values Altus at US$1.58 billion and will see the developer become a publicly traded company.
The new collaboration will see Altus Power and Shell explore opportunities to develop renewable energy supply and onsite energy services for customers as well as for property portfolios managed by CBRE Group.
Altus co-CEOs Lars Norell and Gregg Felton will keep their positions following completion of the business combination with CBRE, which is expected to close by the end of 2021.
“Altus Power is excited to collaborate with large corporations like Shell in the development of integrated solutions that accelerate the transition to sustainable electricity supply for all customers,” said Norell.
Aiming to reach net zero by 2050, Shell has bolstered its position in the solar sector in recent years by acquiring a minority stake in independent power producer Silicon Ranch.
In the UK, the company last month signed an agreement with renewables developer Island Green Power to develop solar PV projects with collocated battery storage, initially targeting more than 700MW of generating capacity.