Renewable energy developer Altus Power’s shares began trading on the New York Stock Exchange (NYSE) on December 10, 2021, following its business combination with CBRE Acquisition Holdings (CBAH).

The transaction was unanimously approved by CBAH’s Board of Directors and was approved at the meeting of CBAH’s stockholders held on December 6, 2021.

Approximately 90% of the votes cast on the business combination proposal at the meeting were in favor of approving the business combination. CBAH’s stockholders also voted to approve all other proposals presented at the meeting. As a result of the business combination, Altus Power’s Class A ordinary shares and Altus Power’s warrants will begin trading on NYSE under the symbols “AMPS” and “AMPS WS,” respectively.

After redemptions and prior to transaction expenses, Altus Power has received $636.5 million in proceeds, consisting of funds from CBAH’s former trust account and a private placement in public equity (PIPE). Altus Power will use the proceeds to finance the growth of the company.

Citigroup acted as a financial advisor to Altus Power. Fifth Third acted as capital markets advisor to Altus Power. Morgan Stanley and J.P. Morgan acted as financial advisors to CBAH.

“As the C&I solar market expands, and energy storage and community solar offerings grow, we have the resources and expertise to make clean, cost-effective, reliable power more widely available across the United States and beyond. The entire Altus Power team is focused on making this a reality by leveraging our digitally-enabled, data-driven offering to unlock value for customers of all types every day,” said Lars Norell, Co-CEO at Altus Power.

“We are excited to bring financial and strategic resources to Altus Power that we expect will accelerate their growth plan and help to create long-term stockholder value. CBRE’s real estate investor and occupier clients are increasingly focused on reducing their carbon footprints and meeting sustainability goals. We actively work with Altus Power to bring its building-sited solar solutions and expertise to CBRE’s clients. We believe our partnership will drive the growth of end-to-end renewable energy solutions in the marketplace,” said Bill Concannon, Chief Executive Officer of CBAH and a member of the Altus Power Board of Directors.

Morgan Stanley acted as CBAH’s lead placement agent on the PIPE. Citigroup and J.P. Morgan acted as CBAH’s placement agents on the PIPE. Simpson, Thacher & Bartlett served as legal counsel to CBAH.

Ropes & Gray served as legal counsel to Altus Power. Skadden, Arps, Slate, Meagher & Flom served as legal counsel to the placement agents. Potter Anderson & Corroon served as legal counsel to the special committee of the CBAH board.

According to Mercom’s 9M and Q3 2021 Solar Funding and M&A Report, in 9M 2021, most of the public market financing came from seven announced initial public offerings Special Purpose Acquisition Company (SPACs), which bought in $4.4 billion.