Altus Power, Inc., a Market-Leading Clean Electrification Company, Acquires 9.9 MW of Operating Solar Power Generation Assets

Oct 25, 2021 | News

October 25, 2021

STAMFORD, CT – Altus Power, Inc. (“Altus Power” or the “Company”) today announced that it
has acquired a 9.9 megawatt (MW) operating solar generation project in Sussex County, New

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 (“CBRE”). The transaction is expected to close in Q4

The acquired solar project, located in Lafayette Township, New Jersey, has been operational
since 2015. The commercial and industrial project delivers power to local utilities and receives
New Jersey solar renewable energy credits (SRECs). The acquisition is part of Altus Power’s
strategic approach to growth, which includes both greenfield project development and
acquisition of operating assets. The acquisition adds to the Company’s expanding portfolio of
operating projects across New Jersey and the United States.

“This ground-mount project is a great addition to Altus Power’s growing footprint in New
Jersey. We are pleased to provide attractively priced clean energy in support of the state’s
renewable power goals,” said Gregg Felton, Co-CEO of Altus Power.

Following this transaction, Altus Power now operates over 350MWs of solar energy projects.

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 350 megawatts from Vermont to Hawaii. Visit 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 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.

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. 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

For Media:
Cory Ziskind
ICR, Inc.

For Investors:
Caldwell Bailey
ICR, Inc.

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