CBRE-Backed Altus Partners With High Street Logistics To Decarbonize 18M SF Portfolio
High Street Logistics Properties, a private industrial REIT, has partnered with Altus Power to deploy solar electric systems at High Street's 144 industrial assets, totaling over 18.2M SF, with a long-term goal of decarbonizing its portfolio.
High Street’s industrial properties offer large, unused rooftops that are well-suited for commercial-scale solar arrays, according to Altus. The company didn't specify the amount of power that will be generated on High Street properties.
Besides building-sited solar power, Altus Power and High Street plan to install battery storage and electric vehicle charging infrastructure across the portfolio.
As new solar arrays are completed, High Street can use a software platform developed by Altus, called Carbon Dashboard, to monitor savings from each individual solar asset and to measure carbon emitted across its portfolio, which can assist High Street in tabulating ESG benchmarks.
Altus' business model offers property owners relatively inexpensive power in return for a spot — such as a large warehouse rooftop — to develop solar power installations. Altus then sells the surplus power generated by its installations.
In 2021, Altus Power merged in a $1.6B deal with with CBRE Acquisition Holdings, a special-purpose acquisition company, and went public.
The U.S. solar industry is on a roll as supply chain difficulties ease, installing a record 6.1 gigawatts of solar capacity during Q1 2023, according to a report by the Solar Energy Industries Association and Wood Mackenzie.
Wood Mackenzie expects the solar market to triple in size over the next five years, as manufacturing capacity rises and in response to a surge in demand spurred by the Inflation Reduction Act.