- TPG Rise Climate to acquire Altus Power for $5.00 per share, a 66% premium to its pre-announcement price.
- Altus Power to go private, strengthening its ability to scale and expand clean energy solutions.
- Deal expected to close in Q2 2025, pending shareholder and regulatory approvals.
Altus Power , the largest owner of commercial-scale solar in the U.S., has entered into a definitive agreement to be acquired by TPG through its Rise Climate Transition Infrastructure strategy. The $2.2 billion all-cash deal, including debt, will take Altus Power private, removing it from the New York Stock Exchange.
Why it matters:
Altus Power expects the move to accelerate its commercial and Community Solar expansion by leveraging TPG Rise Climate’s investment expertise and its own leadership in solar energy solutions.
“This transaction represents a pivotal moment for Altus Power,“ said CEO Gregg Felton. “As a private company, we will be better positioned for long-term growth, scale operations, and enhance customer value.”
The agreement follows a strategic review process, with the $5.00 per share price representing a 66% premium to Altus Power’s October 15, 2024, closing price.
“This partnership strengthens our ability to meet growing power demands sustainably,“ added Felton. “We believe we are poised to accelerate clean energy adoption.”
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Leadership and Approval:
- Altus Power’s Board unanimously approved the deal, with stockholders representing 40% of shares already supporting it.
- Christine Detrick, Board Chair, said the transaction “unlocks significant value for stockholders, customers, and employees.”
- Scott Lebovitz, TPG Rise Climate Managing Partner, called Altus Power “a leader in clean power solutions with an exceptional track record.”
What’s next:
- A shareholder vote will be held, requiring approval from a majority of Class A stockholders.
- Regulatory approvals must be met before closing in Q2 2025.
- Altus Power will maintain its headquarters in Stamford, Connecticut.
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