TPG Rise Climate To Acquire Altus Power For $2.2 Billion

Leading global alternative asset management firm TPG has made the move to acquire US-based 'largest' owner of commercial-scale solar Altus Power valuing it at approximately $2.2 billion, including outstanding debt.  

Altus Power currently owns and operates 990 MW of solar generation assets across 25 states in the US. It calls itself the largest owner and operator of on-site commercial solar in the country. The company is backed by Blackstone and CBRE.  

Currently being traded on the New York Stock Exchange, Altus Power’s Class A common stock will no longer be listed here as it will become a privately held company post the completion of the transaction, expected in Q2 2025.

This purchase price, explained TPG, is a 66% premium to Altus Power’s unaffected closing price on October 15, 2024. TPG will acquire the company through its $25 billion global impact investing platform TPG Rise Climate Transition Infrastructure strategy.  

Gregg Felton, the Altus Power CEO called it a pivotal moment for his company as he sees the transaction strengthening its position as a leading commercial-scale provider of clean energy to businesses and households. 

Felton shared, “TPG Rise Climate’s deep expertise in the clean energy sector, investment-oriented mindset and value-driven approach to infrastructure development aligns perfectly with our vision. This partnership strengthens our ability to serve both our Community Solar and commercial clients with clean electric power at a time when demand for power is expected to grow substantially.”   

The company appointed Felton as the CEO in mid-2024 as this former Goldman Sachs executive replaced Altus co-founder and co-CEO Lars Norell (see Gregg Felton New Chief Executive Officer Of Altus Power).