STAMFORD, CT – Altus Power, Inc. (“Altus Power” or the “Company”) today announced its
financial results for the second quarter ended June 30, 2021.
Altus Power previously announced an agreement for a business combination with CBRE
Acquisition Holdings, Inc. (NYSE: CBAH), which is expected to result in Altus Power becoming
a public company listed on the New York Stock Exchange. CBAH is a special-purpose
acquisition company sponsored by CBRE Group, Inc. The transaction is expected to close in
Second Quarter 2021 and Recent Highlights
- Second quarter 2021 revenues of $17.6 million; up 54% compared to the same period
- Second quarter 2021 net loss of $0.4 million compared to $0.1 million of net income for
same period of 2020. Second quarter 2021 Adjusted EBITDA of $10.9 million; up 60%
compared to the same period in 2020
- $117 million of cash and available liquidity as of June 30, 2021
- Completed acquisition of 79 MW True Green solar generation portfolio; added a new
state, Tennessee, to Altus Power’s portfolio of operating assets
Gregg Felton, Co-CEO of Altus Power, commented “We are pleased to announce a solid
second quarter of execution, building on our strong first-quarter results. As a market-leading
clean electrification company, we believe that our robust end-to-end customer offerings,
combined with our strong balance sheet, which includes investment grade funding facilities, will
continue to differentiate Altus Power in this rapidly expanding market.”
Second Quarter 2021 Financial Results
Revenue increased to $17.6 million for the three months ended June 30, 2021, an increase of
$6.2 million compared to the three months ended June 30, 2020. Revenue increased to $30.1
million for the six months ended June 30, 2021, an increase of $9.2 million compared to the six
months ended June 30, 2020. These increases were primarily the result of an increase in the
number of Altus Power solar energy systems in service subsequent to June 30, 2020.
Net loss was $0.4 million for the three months ended June 30, 2021 compared to net income of
$0.1 million for the three months ended June 30, 2020. Adjusted EBITDA was $10.9 million for
the three months ended June 30, 2021 compared to $6.8 million for the three months ended
June 30, 2020, an increase of $4.1 million. Net loss was $0.2 million for the six months ended
June 30, 2021 compared to net loss of $0.4 million for the six months ended June 30, 2020.
Adjusted EBITDA was $18.5 million for the six months ended June 30, 2021 compared to
$12.4 million for the six months ended June 30, 2020, an increase of $6.1 million. These
increases were the result of revenue growth from new solar energy systems in service
increasing at a faster rate than expenses.
The Company ended the second quarter with $30 million of cash and $87 million of availability
on its credit facility, for a total of $117 million of available liquidity.
In August 2021, Altus Power acquired 79 megawatts (“MW”) of assets from True Green Capital
Management (the “True Green acquisition”). The acquired portfolio was comprised of 28
projects across 7 states. The True Green acquisition brought Altus Power’s cumulative
installed generation base to more than 340 MW.
The number of states in which Altus Power operates increased from 16 to 17 with the addition
of assets operating in Tennessee, which were included in the True Green acquisition.
The Company is currently pursuing projects which would add additional states to our portfolio.
Altus Power continues to collaborate with Blackstone and has begun to collaborate with CBRE
to develop solar projects in various states. The Company believes that the CBRE collaboration
provides an opportunity to accelerate its growth.
In August 2021, Altus Power upsized its senior funding facility, led by Blackstone Credit, by
$135.6 million, to a current size of $503 million. The upsized senior funding facility now carries
a weighted average 3.51% annual fixed rate, reduced from the previous weighted average rate
The Company continued to advance and invest in Altus Power’s proprietary GAIA technology
platform, as well as collaborate with CBRE’s Digital & Technology organization to enable digital
tools to source attractive opportunities and provide exceptional client outcomes.
In September 2021, Altus Power signed a 10-year, 33,000 square-foot lease at 2200 Atlantic
Street in Stamford, CT and relocated its headquarters from Greenwich, CT to Stamford, CT,
increasing the size of its office space significantly to accommodate its growing team.
Altus Power has increased its number of employees by 15% from the first quarter of 2021 and
made several key senior management hires during the second quarter.
These include Sophia Lee, as Chief Legal Officer, and Melissa Boulan, as Chief People Officer.
Ms. Lee joined Altus Power from IEX, where she was a senior executive and notably led IEX
through the highly scrutinized SEC approval process to become a national securities
exchange. Ms. Lee leads the Company’s legal and compliance areas and helps set the legal,
governance, and ESG strategy for the Company.
Prior to joining the Company, Ms. Boulan led human resources at Vatera Holdings and Viking
Global Investors. Ms. Boulan drives Altus Power’s strategies for talent acquisition, retention,
and professional development while building a diverse, inclusive and productive culture at Altus
Use of Non-GAAP Financial Measures
We present our operating results in accordance with accounting principles generally accepted
in the U.S. (“GAAP”). We believe certain financial measures, such as Adjusted EBITDA provide
users of our financial statements with supplemental information that may be useful in
evaluating our business. The presentation of non-GAAP financial information is not intended to
be considered in isolation or as a substitute for, or superior to, the financial information
prepared and presented in accordance with GAAP.
We define Adjusted EBITDA as net income (loss) plus net interest expense, depreciation,
amortization and accretion expense, income tax expense, acquisition and entity formation
costs, non-cash compensation expense, and excluding the effect of certain non-recurring items
we do not consider to be indicative of our ongoing operating performance such as, but not
limited to, state grants, and other miscellaneous items of other income and expenses.
Adjusted EBITDA is a non-GAAP financial measure that we use as a performance measure.
We believe that investors and securities analysts also use Adjusted EBITDA in evaluating our
operating performance. This measurement is not recognized in accordance with GAAP and
should not be viewed as an alternative to GAAP measures of performance. The GAAP
measure most directly comparable to adjusted EBITDA is net income. The presentation of
adjusted EBITDA should not be construed to suggest that our future results will be unaffected
by non-cash or non-recurring items. In addition, our calculation of adjusted EBITDA is not
necessarily comparable to adjusted EBITDA as calculated by other companies.
We believe Adjusted EBITDA is useful to management, investors and analysts in providing a
measure of core financial performance adjusted to allow for comparisons of results of
operations across reporting periods on a consistent basis. These adjustments are intended to
exclude items that are not indicative of the ongoing operating performance of the business.
Adjusted EBITDA is also used by our management for internal planning purposes, including
our consolidated operating budget, and by our board of directors in setting performance-based
compensation targets. Adjusted EBITDA should not be considered an alternative to but viewed
in conjunction with GAAP results, as we believe it provides a more complete understanding of
ongoing business performance and trends than GAAP measures alone. Adjusted EBITDA has
limitations as an analytical tool, and you should not consider it in isolation or as a substitute for
analysis of our results as reported under GAAP.
GAAP to Non-GAAP Reconciliation
About Altus Power
Altus Power, based in Stamford, Connecticut, is creating a clean electrification ecosystem,
serving its commercial, public sector and community solar customers with locally-sited solar
generation, energy storage, and EV-charging stations across the U.S. Since its founding 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 formed solely for the
purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase,
reorganization or similar business combination with one or more businesses. CBAH is
sponsored by CBRE Acquisition Sponsor, LLC, which is a subsidiary of CBRE Group, Inc.
No Offer or Solicitation
This communication is not a proxy statement or solicitation of a proxy, consent, or authorization
with respect to any securities or in respect of the planned business combination between Altus
Power and CBAH (the “Business Combination”) and the other transactions contemplated by
the business combination agreement entered into by Altus Power and CBAH (the “Business
Combination Agreement”) and shall neither constitute an offer to sell or the solicitation of an
offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which
the offer, solicitation or sale would be unlawful prior to the registration or qualification under the
securities laws of any such jurisdiction.
Important Information About the Business Combination and Where to Find It
CBAH has filed with the U.S. Securities and Exchange Commission (“SEC”) a Registration
Statement on Form S-4 (the “Registration Statement”), which includes a preliminary proxy
statement/prospectus in connection with the proposed Business Combination and will mail a
definitive proxy statement/prospectus and other relevant documents to its stockholders.
CBAH’s stockholders and other interested persons are advised to read, when available, the
preliminary proxy statement/prospectus, and amendments thereto, and the definitive proxy
statement/prospectus in connection with CBAH’s solicitation of proxies for its stockholders’
meeting to be held to approve the Business Combination because the proxy
statement/prospectus will contain important information about CBAH, Altus Power and the
Business Combination. The definitive proxy statement/prospectus will be mailed to
stockholders of CBAH as of a record date to be established for voting on the Business
Combination. Stockholders will also be able to obtain copies of the Registration Statement and
the proxy statement/prospectus, without charge, once available, at the SEC’s website at
www.sec.gov or by directing a request to CBRE Acquisition Holdings, Inc., 2100 McKinney
Avenue, Suite 1250, Dallas, TX 75201.
Participants in the Solicitation
CBAH, Altus Power and certain of their respective directors and officers may be deemed
participants in the solicitation of proxies of CBAH’s stockholders with respect to the approval of
the Business Combination. CBAH and Altus Power urge investors, stockholders and other
interested persons to read the Registration Statement, including the preliminary proxy
statement/prospectus and amendments thereto and the definitive proxy statement/prospectus
and exhibits thereto, as well as other documents filed with the SEC in connection with the
Business Combination, as these materials will contain important information about Altus Power,
CBAH and the Business Combination. Information regarding CBAH’s directors and officers and
a description of their interests in CBAH is contained in the Registration Statement.
This press release contains “forward-looking statements” within the meaning of the “safe
harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of words such as “anticipate”, “believe”, “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 matters. These statements, which involve risks and uncertainties, relate to the use of
proceeds for the new credit facility and analyses and other information that are based on
forecasts of future results and estimates of amounts not yet determinable and may also relate
to CBAH’s and Altus Power’s future prospects, developments and business strategies. In
particular, such forward-looking statements include statements concerning the timing of the
Business Combination, the business plans, objectives, expectations and intentions of CBAH
once the Business Combination and the other transactions contemplated thereby (the
“Transactions”) and change of name are complete (“New Altus”), and New Altus’s estimated
and future results of operations, business strategies, competitive position, industry environment
and potential growth opportunities. These statements are based on CBAH’s or Altus Power’s
management’s current expectations and beliefs, as well as a number of assumptions
concerning future events.
Such forward-looking statements are subject to known and unknown risks, uncertainties,
assumptions and other important factors, many of which are outside CBAH’s or Altus Power’s
control, that could cause actual results to differ materially from the results discussed in the
forward-looking statements. These risks, uncertainties, assumptions and other important
factors include, but are not limited to: (1) the occurrence of any event, change or other
circumstances that could give rise to the termination of the Business Combination Agreement;
(2) the inability to complete the Transactions due to the failure to obtain approval of the
stockholders of CBAH or Altus Power or other conditions to closing in the Business
Combination Agreement; (3) the ability of New Altus to meet NYSE’s listing standards (or the
standards of any other securities exchange on which securities of the public entity are listed)
following the Business Combination; (4) the inability to complete the private placement of
common stock of CBAH to certain institutional accredited investors; (5) the risk that the
announcement and consummation of the Transactions disrupts Altus Power’s current plans
and operations; (6) the ability to recognize the anticipated benefits of the Transactions, which
may be affected by, among other things, competition, the ability of New Altus to grow and
manage growth profitably, maintain relationships with customers, business partners, suppliers
and agents and retain its management and key employees; (7) costs related to the
Transactions; (8) changes in applicable laws or regulations and delays in obtaining, adverse
conditions contained in, or the inability to obtain 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
impact of COVID-19 on Altus Power’s and New Altus’s business and/or the ability of the parties
to complete the Transactions; (11) the outcome of any legal proceedings that may be instituted
against CBAH, Altus Power, New Altus or any of their respective directors or officers, following
the announcement of the Transactions; and (12) the failure to realize anticipated pro forma
results and underlying assumptions, including with respect to estimated stockholder
redemptions and purchase price and other adjustments.
Additional factors that could cause actual results to differ materially from those expressed or
implied in forward-looking statements can be found in the Registration Statement and CBAH’s
proxy statement/prospectus when available. 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 upon any forward-looking statements, which speak only
as of the date made, and CBAH and Altus Power undertake no obligation to update or revise
the forward-looking statements, whether as a result of new information, changes in
expectations, future events or otherwise.
This communication is not intended to be all-inclusive or to contain all the information that a
person may desire in considering an investment in CBAH and is not intended to form the basis
of an investment decision in CBAH. All subsequent written and oral forward-looking statements
concerning CBAH and Altus Power, the Transactions or other matters and attributable to CBAH
and Altus Power or any person acting on their behalf are expressly qualified in their entirety by
the cautionary statements above.
Altus Power Contacts