High Street Logistics and Altus Power Announce Strategic Partnership
High Street to Decarbonize its National Real Estate Portfolio Under Exclusive Agreement with Altus Power
STAMFORD, Conn. & WOBURN, Mass.–(BUSINESS WIRE)–Altus Power, Inc. (“Altus Power” or the “Company”) (NYSE: AMPS), the premier independent developer, owner, and operator of commercial-scale solar facilities, and High Street Logistics Properties,LLC (“High Street”), today announced an exclusive strategic partnership to develop and construct clean electrification solutions at High Street’s industrial owned real estate properties nationwide.
Altus Power and High Street plan to deploy solar across High Street’s currently owned portfolio of 144 industrial and logistics assets totaling over 18.2 million square feet. In addition to the building-sited, locally generated solar power, Altus Power and High Street plan to implement battery storage and fleet electric-vehicle charging infrastructure across the portfolio. High Street’s industrial properties offer large, unused rooftops which are well suited for Altus Power’s commercial-scale solar arrays.
High Street will also become one of the first Altus Power customers to benefit from its AI-powered Carbon Dashboard. The Carbon Dashboard is a comprehensive software-as-a-service platform developed by Altus Power to deliver clean power usage insights to clients as they strive to achieve ambitious net-zero goals. As new solar arrays are completed, High Street can use the Carbon Dashboard to monitor savings from each individual solar asset and additionally to measure carbon emitted across its portfolio, which can assist in their reporting to real estate ESG benchmarks such as GRESB and other ESG reporting protocols.
“Our partnership with Altus Power will accelerate the achievement of High Street’s sustainability objectives,”, said Bob Chagares, Chief Executive Officer of High Street. “Altus Power’s turnkey solution and national expertise provide High Street with the ideal clean energy partner for our mission of achieving ‘Net Zero’ by 2050.”
“We are excited to partner with a prestigious real estate investment firm like High Street and we, together with our strategic partner CBRE, look forward to delivering tangible value to High Street and their stakeholders,” said Lars Norell, Co-CEO of Altus Power. “High Street’s occupiers and capital partners will benefit from the integration of clean energy into their properties through savings on clean power, the reduction in the carbon footprint and the increase in the net operating income of the portfolio.”
Forward-Looking Statements
This press release contains forward-looking statements. Forward-looking statements may be identified by the use of words such as “aims,” “believes,” “expects,” “intends,” “aims”, “may,” “could,” “will,” “should,” “plans,” “projects,” “forecasts,” “seeks,” “anticipates,” “goal,” “objective,” “target,” “estimate,” “future,” “outlook,” “strategy,” “vision,” or variations of such words or similar terminology 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 analyses and other information that are based on forecasts of future results and estimates of amounts not yet determinable and may also relate to Altus Power’s future prospects, developments and business strategies. These statements are based on 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 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 risk that pending acquisitions may not close in the anticipated timeframe or at all due to a closing condition not being met; (2) failure to obtain required consents or regulatory approvals in a timely manner or otherwise; (3) the ability of Altus Power to successfully integrate the acquisition of solar assets into its business and generate profit from their operations; (4) the ability of Altus Power to retain customers and maintain and expand relationships with business partners, suppliers and customers; (5) the risk of litigation and/or regulatory actions related to the proposed acquisition of solar assets; and (6) the possibility that Altus Power may be adversely affected by other economic, business, regulatory, credit risk and/or competitive factors.
Additional factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements can be found under the heading “Risk Factors” in Altus Power’s Form 10-K filed with the Securities and Exchange Commission on March 30th, 2023, as well as the other information we file with the Securities and Exchange Commission. 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 the information and assumptions underlying such statement as we know it and on the date such statement was made, and Altus Power undertakes 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 press release is not intended to be all-inclusive or to contain all the information that a person may desire in considering an investment in Altus Power and is not intended to form the basis of an investment decision in Altus Power. All subsequent written and oral forward-looking statements concerning Altus Power or other matters and attributable to Altus Power or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above.
About Altus Power, Inc.
Altus Power, based in Stamford, Connecticut, is the premier commercial-scale clean energy company serving commercial, industrial, public sector and community solar customers with an end-to-end solution. Altus Power originates, develops, owns and operates a network of locally sited solar generation, energy storage and charging infrastructure across the nation. Visit www.altuspower.com to learn more.
About High Street Logistics Properties, LLC
High Street Logistics Properties, LLC is a recognized private equity real estate investment management company focused exclusively on institutional quality industrial assets in major markets across the United States. With extensive expertise across all facets of real estate acquisition, finance, development, operations, disposition, portfolio and asset management, it is an experienced, institutional and hands-on operator committed to providing both outstanding service to its tenants and superior risk-adjusted returns to its investors. For further information on the High Street platform, visit: https://highstreetlp.com/
Contacts
Altus Power:
Chris Shelton
Head of IR
