Altus Power, Inc. announced that it expects to receive $275 million in funding from CBRE Acquisition Sponsor, LLC, Altus Power America Management, LLC, Blackstone Credit, ValueAct Capital Management L.P., Liberty Mutual Group Asset Management Inc., and other investors
July 11, 2021
Share
Altus Power, Inc announced that it has entered into subscription agreement for a private placement of 27,500,000 class A common stock at an issue price of $10 per share for gross proceeds of $275,000,000 on July 12, 2021. The transaction will include participation from returning investors, Altus Power America Management, LLC, Blackstone Credit, new investors ValueAct Capital Management L.P., CBRE Acquisition Sponsor, LLC, Liberty Mutual Group Asset Management Inc, certain Altus officers and other investors. The purchase of the pipe shares is conditioned upon, and will be consummated concurrently with, the closing of the transactions contemplated by the business combination agreement. Pursuant to its PIPE subscription agreement, CBRE Acquisition Sponsor, LLC has committed to purchase common stock in an aggregate amount of $70,000,000, with a commitment to purchase additional shares in an aggregate amount of up to $150,000,000 to the extent of the amount of redemptions of shares submitted for redemption by public stockholders in connection with the closing. The transaction has been unanimously approved by the board.
Altus Power, Inc. is a commercial-scale provider of serving commercial, industrial, public sector and community solar customers with end-to-end solutions. The Company originates, develops, owns and operates locally-sited solar generation, energy storage and charging infrastructure across the nation. It is a developer, owner and operator of large-scale roof, ground and carport-based photovoltaic (PV) and energy storage systems, serving commercial and industrial, public sector and community solar customers. Its portfolio consists of 896 megawatts (MW) of solar PV. It has long-term power purchase agreements with approximately over 450 enterprise entities and contracts with over 20,000 residential customers which are serviced by over 240 MW of community solar projects in operation. Its community solar projects are serving customers in eight states. The Company also participates in numerous renewable energy credit (REC) programs throughout the country.
Altus Power, Inc. announced that it expects to receive $275 million in funding from CBRE Acquisition Sponsor, LLC, Altus Power America Management, LLC, Blackstone Credit, ValueAct Capital Management L.P., Liberty Mutual Group Asset Management Inc., and other investors