CBRE’s SPAC in talks to merge

Read more: CRE Finance Council reveals optimistic outlook for the sector

As more companies commit to reducing their carbon footprints, CBRE is experiencing “intense pressure” from its clients to help them be more “environmentally well-positioned,” CBRE chief executive Robert Sulentic told the Wall Street Journal.

“This transaction will deliver the financial and strategic resources to accelerate Altus Power’s growth plan and drive long-term shareholder value creation,” said Bill Concannon, CEO of CBAH. “CBRE is excited to help Altus Power bring its clean energy solutions and expertise to support our clients in reducing their carbon footprint and meeting their other sustainability goals. This is an increasingly urgent imperative for real estate occupiers and investors alike.”

Since its launch in 2009, Altus Power has developed more than 200 solar-power facilities located on rooftops from Vermont to Hawaii. Altus’s solar-generation plants can produce more than 256 megawatts of power, about two-thirds to three-quarters of the power consumed by the commercial properties on its partners’ sites, according to Altus Power co-CEO Lars Norell. The company expects to be generating 1,685 megawatts in the next three years.

“We are very excited about the opportunity to supply real estate investors and occupiers – many of whom will come to us through our relationship with CBRE — with clean energy savings and sustainability benefits using a data-driven approach to design and build onsite solar generation facilities, energy storage, and EV-charging for vehicles and fleets – while preparing for a networked future that will have these systems work in tandem and across multiple buildings to produce value for commercial, industrial, municipal and community solar customers,” Norell said.