Altus Power, Inc., a Market-Leading Clean Electrification Company, Announces Operationalization of Hinsdale, Massachusetts SMART Solar Project

STAMFORD, Conn., Oct 19, 2021 / PRNewswire / – Altus Power, Inc. (“Altus power“or the” Company “) announced today that it has received approval from leading New England utility Eversource Altus power start operations of the company Hinsdale, Massachusetts Solar system.

Aerial view of Altus Power’s facility in Hinsdale, MA

Altus power previously announced a business combination agreement with CBRE Acquisition Holdings, Inc. (NYSE: CBAH) that will result in Altus Power becoming a public company listed on the New York Stock Exchange. CBAH is a special purpose vehicle sponsored by the CBRE Group, Inc (“CBRE”). The transaction is expected to close in the fourth quarter of 2021.

The 4.2 megawatt (“MW”) field system in Hinsdale enables Altus power Participation in the Solar Massachusetts Renewable Target (SMART) program. The Massachusetts Division of Energy Resources launched the SMART program to create 1,600 MW of new solar power generation.

the Hinsdale The system is expected to generate almost 5,000 MWh of clean electricity per year and save around 3,500 tons of CO2 emissions annually.

“Altus is proud to have our presence in Massachusetts and deliver urgently needed clean energy to our customers. This is our tenth Massachusetts SMART program and we are excited to help local utility companies meet their clean energy goals, “said Altus Power Co-Founder and Co-CEO, Lars Norell.

Above Altus power

Altus power, based in Stamford, Connecticut, creates a clean electrification ecosystem that serves its commercial, public, and community solar customers with on-site solar generation, energy storage, and EV charging stations in the United States. Since its inception in 2009 Altus power has developed or acquired over 340 megawatts from Vermont to Hawaii. Visit altuspower.com to learn more.

About CBRE Acquisition Holdings, Inc.

CBRE Acquisition Holdings, Inc. (“CBAH”) is a blank check company incorporated for the sole purpose of a merger, capital exchange, asset acquisition, reorganization, or similar business combination with one or more companies. CBAH is sponsored by CBRE Acquisition Sponsor, LLC, a subsidiary of CBRE Group, Inc.

No offer or solicitation

This announcement is not a letter of attorney or a solicitation of attorney, consent or power of attorney in relation to any securities or in relation to the proposed business combination between Altus power and CBAH (the “Business Combination”) and the other transactions provided for in the Business Combination Agreement of Altus power and CBAH (the “Business Combination Agreement”) and does not constitute an offer to sell or a solicitation of an offer to buy any securities, nor is there a sale of securities in any jurisdiction in which the offer, solicitation or solicitation of the Sale would be made prior to registration or qualification under the securities laws of any such jurisdiction was unlawful.

Important information about the business combination and where to find it

CBAH has filed with the US Securities and Exchange Commission (SEC) a registration statement on Form S-4 (the “Registration Statement”) containing a preliminary proxy statement / prospectus relating to the proposed business combination and will become a definitive proxy statement / Prospectus and other relevant documents to its shareholders. It is recommended that the shareholders of CBAH and other interested persons obtain the preliminary proxy / prospectus and the amendments thereto as well as the final proxy / prospectus in connection with the request for proxy by CBAH for holding the shareholders’ meeting to approve the business combination, as the proxy statement / prospectus will contain important information about CBAH, Altus power and the business combination. The final voting power of attorney / prospectus will be sent to the shareholders of CBAH from a deadline to be determined for the vote on the business combination. Shareholders can also obtain free copies of the Registration Statement and Power of Attorney / Prospectus when they become available on the SEC’s website at www.sec.gov or upon request to CBRE Acquisition Holdings, Inc., 2100 McKinney Allee, Suite 1250, Dallas, TX 75201.

Participant in the tender

CBAH, Altus power and certain of their respective directors and officers may be considered participants in the solicitation of proxies from the shareholders of CBAH in respect of the approval of the business combination. CBAH and Altus power Invite investors, shareholders and other interested parties to complete the registration statement, including the preliminary proxy / prospectus and amendments thereof and the final proxy / prospectus and its appendices, as well as other documents filed with the SEC in connection with the business combination, read as these materials provide important information about Altus power, CBAH and the business combination. Information about the directors and officers of CBAH and a description of their interests in CBAH are included in the registration statement.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, “could”, “continue”, “expect”, “estimate”, “may”, “plan”, “Outlook”, “future” and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical affairs.These statements, which involve risks and uncertainties, relate to the use of proceeds for the new credit facility; and analysis and other information based on projections of future results and estimates of amounts not yet determinable, including CBAHs and Altus Powers Future prospects, developments and business strategies. Such forward-looking statements include, in particular, statements regarding the date of the business combination, the business plans, goals, expectations and intentions of CBAH once the business combination and the other proposed transactions (the “Transactions”) and name change (“New Altus”) and the estimated and future operating results, business strategies, competitive position, industry environment, and potential growth opportunities for New Altus. These statements are based on CBAHs or Altus Powers management’s current expectations and beliefs; and a number of assumptions about future events.

Such forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other important factors, many of which are or are beyond the reach of CBAH Altus Powers Controls that could cause actual results to differ materially from those discussed in the forward-looking statements. These risks, uncertainties, assumptions and other important factors include, but are not limited to: (1) the occurrence of events, changes or other circumstances that could lead to the termination of the Business Combination Agreement; (2) the inability to complete the Transactions because of failure to obtain approval from CBAH’s shareholders or Altus power or other conditions for entering into the Business Combination Agreement; (3) the ability of New Altus to meet the listing standards of the NYSE (or the standards of any other stock exchange on which securities of the public entity are listed) after the business combination; (4) the inability to complete the private placement of common shares of CBAH with certain institutionally accredited investors; (5) the risk that the announcement and the completion of the transactions will be disrupted Altus Powers current plans and operations; (6) the ability to see the anticipated benefits of the Transactions which, among other things, may be affected by competition, New Altus’ ability to grow and manage growth profitably, to maintain relationships with customers, business partners, suppliers and agents, and that Retain management and key employees; (7) costs related to the Transactions; (8) changes in any applicable law or regulation and delays in obtaining them, adverse conditions contained therein or the inability to obtain the necessary regulatory approvals required to complete the Transactions; (9) the possibility that Altus power and New Altus may be adversely affected by other economic, business, regulatory and / or competitive factors; (10) the effects of COVID-19 on Altus Powers and New Altus’ business and / or the ability of the parties to complete the Transactions; (11) the outcome of legal proceedings that may be initiated against CBAH, Altus power, New Altus or any of their respective directors or officers, upon the announcement of the Transactions; and (12) failure to realize pro forma expected results and underlying assumptions, including with respect to estimated shareholder redemptions and purchase price and other adjustments.

Additional factors that could cause actual results to differ materially from those expressed or implied in any forward-looking statement can be found in the CBAH registration statement and proxy statement / prospectus, if available. From time to time new risks and uncertainties will arise and it will be impossible for us to predict these events or how they will affect us. You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this publication, and CBAH and Altus power assume no obligation to update or revise the forward-looking statements, whether as a result of new information, changed expectations, future events or for other reasons.

This announcement is not intended to be all-inclusive or to contain all of the information any person may desire in considering investing in CBAH and is not intended to form the basis of any decision to invest in CBAH. All subsequent written and oral forward-looking statements regarding CBAH and Altus power, the transactions or other matters pertaining to CBAH and Altus power or any person acting on their behalf is expressly identified in their entirety by the warning notices above.

Altus power contacts

For media:
Cory Ziskind
ICR, Inc.
AltusPowerPR@icrinc.com

For investors:
Caldwell Bailey
ICR, Inc.
AltusPowerIR@icrinc.com

Altus Power, Inc. (PRNewsfoto / Altus Power, Inc.)Altus Power, Inc. (PRNewsfoto / Altus Power, Inc.)

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