Altus Power and CBRE Collaborate on Significant Solar Project
Altus Power (NYSE: AMPS), a leader in clean electric power, is thrilled to announce an exciting new partnership with CBRE Investment Management (CBRE IM) and Trammell Crow Company (TCC) to develop a state-of-the-art solar project. This 10.5-megawatt installation will be constructed across three modern logistics buildings, collectively covering over 1.1 million square feet in size.
Advantages of the Solar Initiative
The clean energy generated from this innovative solar array will directly benefit CBRE IM’s tenants and the surrounding community. Through the Altus Power Community Solar program, local New Jersey residents will gain access to affordable, renewable energy. This aligns perfectly with the rising demand for sustainable energy solutions in today’s environmentally conscious market.
A Milestone in Sustainable Energy
Brett Phillips, the Director of Investment and Structured Finance at Altus Power, expressed his enthusiasm for the project. He stated, “The introduction of this solar project in the heart of the Central New Jersey Industrial Market marks a significant milestone in our partnership with CBRE IM and TCC. We are committed to delivering sustainable energy solutions, and this initiative showcases our dedication to benefiting our communities.”
Commitment to Economic Development
Jesse Harty, Head of Logistics for Americas Direct Real Estate at CBRE IM, noted, “The aim of developing the Arsenal Trade Center was to meet the increasing demand for modern logistics space while contributing to the region's economic development. Our tenants seek not only quality facilities but also renewable energy options. This community solar project is designed to help our tenants save on energy costs while enhancing their sustainability efforts.”
Local Impact and Future Benefits
Upon completion, the clean electric power produced by this solar project is expected to benefit approximately 1,800 households. Altus Power’s commitment to distributed solar generation is centered around assisting enterprises and households alike in reaching their sustainability objectives.
The Importance of Community Solar
As pioneers in the Community Solar space, Altus Power provides more than 30,000 subscribers nationwide with the opportunity to enjoy renewable energy. Community solar allows homeowners and renters from diverse income levels to reap the financial benefits of clean energy without the need to install or maintain their own solar panels. This innovative approach democratizes access to solar energy.
Looking Ahead with Renewable Energy
Rob Bernard, CBRE’s Chief Sustainability Officer, highlighted the overall benefits of the partnership, stating, “This project exemplifies how CBRE and Altus Power are accelerating opportunities to deliver customers lower-cost, carbon-free energy. Sustainable buildings not only contribute to the environment but can also be economically beneficial for both property owners and tenants.”
About Altus Power
Founded in Stamford, Conn., Altus Power is at the forefront of developing clean electric power solutions. The company is dedicated to serving a diverse clientele—commercial, industrial, public sector, and community solar customers—with comprehensive, sustainable solutions. Altus Power focuses on locally-built solar generation, energy storage, and charging infrastructure to promote resilience and sustainability across the nation.
Frequently Asked Questions
What is the primary goal of the Altus Power and CBRE partnership?
The partnership aims to construct a 10.5-megawatt solar project to provide clean electric power to tenants and local residents through affordable, renewable energy solutions.
How will the solar project impact local residents?
The clean energy generated by the project is expected to benefit approximately 1,800 households, allowing them to access lower-cost renewable energy through the Altus Power Community Solar program.
What are the long-term environmental benefits of this initiative?
This initiative supports sustainable energy solutions, helping to reduce carbon emissions and contributing to the fight against climate change while providing economic benefits to the community.
Who will have access to the community solar program?
Homeowners and renters from all income brackets can participate in the community solar program, allowing them to benefit from clean energy discounts on their utility bills without installing solar panels.
What is Altus Power's commitment to renewable energy?
Altus Power is dedicated to expanding access to clean energy through its community solar initiatives and aims to support sustainable practices across various sectors, including commercial and industrial clients.
