Altus Power and CBRE Partner on 10.5 MW Project at the Arsenal Trade Center in New Jersey
Clean Electric Power Generated from Project to Benefit New Jerseyans Through the State's Community Solar Energy Program
Altus Power (NYSE:AMPS), the largest commercial scale provider of clean electric power, today announced an agreement to construct a 10.5-megawatt solar project on three modern logistics buildings in New Jersey totaling more than 1.1 million sq. ft., developed by Trammell Crow Company (TCC) and CBRE Investment Management (CBRE IM). Upon completion, the benefits of the clean electric power generated from the solar array will be made available to CBRE IM tenants and local New Jersey residents through the Altus Power Community Solar program, part of the New Jersey Community Solar Energy Program.
"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 and our shared commitment to delivering sustainable energy solutions," said Brett Phillips, Director, Investment and Structured Finance, Altus Power. "With the addition of these assets, we are not only expanding our footprint in the Garden State but also delivering meaningful benefits to the communities we serve."
"CBRE IM and TCC's intent in developing Arsenal Trade Center was to meet the demand for modern logistics space while providing valuable economic development to the area. We also understand that users that want to occupy these next-generation assets are more likely to demand access to lower-cost, renewable energy to support their business operations," said Jesse Harty, Head of Logistics for Americas Direct Real Estate at CBRE IM. "This community solar project with Altus Power has the ability to help our tenants reduce their energy costs and support their sustainability goals, while providing local residents with discounted solar energy."
"This project with Altus is the latest example of how CBRE and Altus are helping to accelerate the opportunities to provide customers with access to lower-cost energy that is also carbon-free," said Rob Bernard, CBRE's Chief Sustainability Officer. "At CBRE, we are working with our clients to show that more sustainable buildings can also be more economical – for property owners and for tenants."
Upon completion the clean electric power generated by the solar project is expected to benefit up to 1,800 households. Altus Power's distributed solar generation systems are at the core of its mission to support enterprises and households in achieving their sustainability goals.
As one of the pioneers of Community Solar, Altus Power currently serves more than 30,000 subscribers nationwide. Community Solar provides homeowners and renters of all income brackets with the benefits of clean energy savings in the form of discounts on their utility bills without requiring customers to install or maintain their own solar panels. To learn more, visit https://www.altuspower.com/community-solar.
About Altus Power
Altus Power, based in Stamford, Conn., is the leading commercial-scale provider of clean electric power serving commercial, industrial, public sector and Community Solar customers with end-to-end solutions. Altus Power originates, develops, owns and operates locally-sited solar generation, energy storage and charging infrastructure across the nation. Visit www.altuspower.com to learn more.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241217355376/en/