C&I solar and storage installer Altus Power to go public through US$1.58bn SPAC deal

July 14, 2021
Facebook
Twitter
LinkedIn
Reddit
Email
Altus Power has built or acquired distributed PV facilities totalling more than 265MW. Image: Altus Power.

Altus Power is merging with a special purpose acquisition company (SPAC) in a transaction that values the commercial and industrial (C&I) solar and storage developer at US$1.58 billion.

The business combination with CBRE Acquisition Holdings, a SPAC sponsored by commercial real estate service firm CBRE Group, will see Altus become a public company listed on the New York Stock Exchange under the ticker symbol ‘AMPS’.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

The transaction is expected to generate proceeds of up to approximately US$678 million, including a US$275 million fully committed common stock private investment in public equity (PIPE) anchored by CBRE Group, existing investors Altus Power management and Blackstone Credit, as well as new investors such as ValueAct Capital and Liberty Mutual Investments.

Connecticut-headquartered Altus Power offers locally sited solar generation, energy storage and electric vehicle charging stations across the US. Since its foundation in 2009, the firm has constructed or acquired over 200 distributed generation solar facilities totalling more than 265MW, and expects to end 2021 with a PV asset portfolio of more than 400MW.

Following completion of the deal, which is expected to take place in Q4 2021, Altus Power’s leadership will remain intact, with Lars Norell and Gregg Felton continuing as co-CEOs of the combined company.

Norell said the partnership with CBRE and backing from investment firm Blackstone will enhance the company’s ability to serve corporate and public clients with on-site clean energy generation and storage.

Blackstone last year led a US$850 million recapitalisation of Altus, and has since created a portfolio company focused on C&I distributed generation and storage assets.

“This new partnership with CBRE provides a tremendous opportunity to deliver solar and electrification services to more businesses and real estate owners looking to enhance their profitability and meet sustainability objectives,” said Rob Horn, co-head of energy investing at Blackstone Credit.

Read Next

October 29, 2025
The European Bank for Reconstruction and Development (EBRD) has provided US$142 million in financing for the construction of a 1GW solar and 1.3GWh BESS portfolio in Uzbekistan.
October 23, 2025
Solar PV technology has maintained its leading position as the most cost-competitive power generation source in 2025, according to analyst Wood Mackenzie.
October 23, 2025
Aviva Investors and Astatine have announced an €800 million (US$928 million) investment in renewable energy and decarbonisation solutions.
October 21, 2025
Australia's solar-plus-storage sector gained momentum with 725MW of solar PV approvals advancing across New South Wales and Queensland.
October 17, 2025
Norwegian renewable energy firm Scatec has signed lease agreements for 64MW of solar PV and 10MWh of energy storage capacity in Liberia and Sierra Leone.
October 13, 2025
The world is on pace to exceed 3TW of cumulative solar installations by the end of the year, according to a report from DNV.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
November 12, 2025
10am PST / 1pm EST
Solar Media Events
November 25, 2025
Warsaw, Poland
Solar Media Events
December 2, 2025
Málaga, Spain
Solar Media Events
February 3, 2026
London, UK
Solar Media Events
March 10, 2026
Frankfurt, Germany