NEW YORK and STAMFORD, Connecticut, March 25, 2022–(BUSINESS WIRE)–CBRE Investment Management (“CBRE IM”), a leading real estate investment management company, and Altus Power, Inc. (NYSE: AMPS) (“Altus Power”), a leading clean electrification company, today announced plans to build and operate a portfolio of community rooftop solar projects to provide renewable energy to residential customers and logistics tenants in CBRE IM in Maryland. These projects are expected to generate savings for approximately 5,700 residential customers in Maryland.
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CBRE IM and Altus Power each have a long-standing presence in Maryland and together are proud to bring the benefits of community solar power to a broader segment of residential customers in the state. Rooftop solar systems with a maximum output of approximately 20 MW will be located on the logistics facilities owned by the CBRE IM funds. Electricity generated from these solar systems must be supplied to both commercial tenants and residential customers. Thirty percent or more of the electricity produced must also be allocated to low- and middle-income residential customers in the state. Energy storage and electric vehicle charging may be added to these facilities in the future.
“Our collaboration with Altus Power will significantly advance our sustainability goals and support the clean energy transition,” said Chuck Leitner, CEO of CBRE IM. “This initiative is a great example of how we are using scale to make our portfolio more resilient, profitable and sustainable.”
“Altus Power has been serving public and private customers in Maryland with solar-generated electricity since 2011,” said Lars Norell, co-CEO of Altus Power. “We are excited to expand our community solar portfolio in the state and advance our relationship with our strategic partner, CBRE.”
About CBRE Investment Management
CBRE Investment Management is a leading global real-asset investment management firm with $141.9 billion in assets under management* as of December 31, 2021, operating in more than 30 offices and 20 countries around the world . Through its investor-operator culture, the firm seeks to provide sustainable investment solutions across real asset classes, geographies, risk profiles and execution formats so that its clients, associates and its communities thrive.
CBRE Investment Management is an independent affiliate of CBRE Group, Inc. (NYSE: CBRE), the world’s largest commercial real estate investment and services company (based on 2021 revenues). CBRE has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE Investment Management leverages CBRE’s market data and information, investment research and other resources for the benefit of its clients. For more information, visit www.cbreim.com.
*Assets Under Management (AUM) refers to the fair market value of investments linked to the real assets for which CBRE Investment Management provides, on a global basis, supervision, investment management services and other advice and which generally consist of investments in real assets. ; participation in funds and joint ventures; securities portfolios; operating companies and loans related to real estate assets. This AUM is primarily intended to reflect the extent of CBRE Investment Management’s presence in the global real assets market, and its calculation of AUM may differ from other asset managers’ calculations and its calculation of regulatory assets. under management for certain regulatory filings. .
About Altus Power
Altus Power, based in Stamford, Connecticut, is the nation’s first clean electrification company. Altus Power serves its commercial, industrial, public sector and community solar customers by developing, owning and operating locally located solar generation, energy storage and electric vehicle charging infrastructure in 18 states, from Vermont to Hawaii. Visit altuspower.com to learn more.
This press release contains forward-looking statements. Forward-looking statements can be identified by the use of words such as “anticipate”, “believe”, “could”, “continue”, “expect”, “estimate”, “could”, “plan”, ” prospects”, “future” and “project” and other similar expressions which predict or indicate future events or trends or which are not statements of historical matters. These statements, which involve risks and uncertainties, relate to analyzes and other information based on forecasts of future results and estimates of amounts not yet determinable and may also relate to future business prospects, developments and strategies. from Altus Power. These statements are based on the current expectations and beliefs of Altus Power’s management, as well as a number of assumptions regarding future events.
These forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond Altus Power’s control, which could cause actual results to differ materially from those discussed in forward-looking statements. These important risks, uncertainties, assumptions and other factors include, but are not limited to: (1) Altus Power’s ability 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, Altus Power’s ability to grow and manage growth profitably, maintain relationships with customers, business partners, suppliers and agents and retain its management and key employees; (3) Transaction-related costs; (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 the anticipated pro forma results and underlying assumptions relating to the Transactions.
Other factors that could cause actual results to differ materially from those expressed or implied by the forward-looking statements can be found under “Risk Factors” in Altus Power’s Annual Report on Form 10-K. filed with the Securities and Exchange Commission on March 24. , 2022, and 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 on forward-looking statements, which speak only as of the date made, and Altus Power undertakes no obligation to update or revise any 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 exhaustive or to contain all the information a person may desire when considering an investment in Altus Power and is not intended to form the basis of any decision to invest in Altus Power. All subsequent written and oral forward-looking statements regarding Altus Power or other matters and attributable to Altus Power or anyone acting on its behalf are expressly qualified in their entirety by the above cautionary statements.
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Contact CBRE Investment Management
For the media:
Altus Power Contacts
For the media:
Chris Shelton, Head of IR