Altus Power Signs $600 M Deal with Trammell Crow for Rooftop Solar

Highlights :

  • Altus will install rooftop solar on 35 million square feet of Trammell’s industrial properties by 2026.
  • It will sell the power generated by the solar projects to the tenants of Trammell at a discounted rate.

Solar power developer Altus Power has signed a deal with commercial real-estate player Trammell Crow Co., under which Altus will install solar panels on 35 million square feet of industrial property in the United States. This is the biggest partnership forged by Altus since its inception in 2009, says the company.

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Lars Norell, Co-Chief Executive Officer, Altus, said that his company will install the solar panels on Trammell’s upcoming properties at a cost of $600 million. Norell also informed that Altus will make more investments in battery storage systems, EV charging facilities and other technologies.

Adam Weers, Chief Operating Officer of Altus, says that the company will install 300 megawatts (MW) of solar generating capacity on the rooftops of industrial or commercial properties in 19 markets by 2026.

The real estate developer will charge rent from the solar power player for occupying spaces on its properties. Altus will have the opportunity to sell energy generated through rooftop solar plants to the tenants of Trammell. The electricity offered will be at a discounted rate compared to the grid price.

Adam Weers also informed that the rooftop solar project will help Trammell reduce its reliance on the power grid. This will help the real estate company to get more tenants and investors who look for commercial spaces with low carbon footprints.

“We’re thinking about this as client service. What’s important to our clients is what’s important to us,” said Weers.

Mike Lafitte, CEO of Trammell Crow, said, “Our partnership with Altus Power will greatly accelerate the integration of clean energy into our properties. We expect it to meaningfully reduce our carbon footprint.”

In December 2021, Altus merged with SPAC, which is sponsored by the world’s largest real estate company, CBRE Group Inc. The strategic merger provided expansion capital to Altus, along with access to the clients of the CBRE Group, of which Trammell Crow Co. is a subsidiary.

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