Altus Power, Inc., the largest commercial-scale solar provider in the U.S., has agreed to be acquired by TPG through its TPG Rise Climate Transition Infrastructure strategy. The all-cash transaction values Altus Power at approximately $2.2 billion, including debt.

Under the agreement, TPG will acquire all outstanding shares of Altus Power’s Class A common stock at $5.00 per share, a 66% premium over its unaffected closing price on October 15, 2024. Upon completion, Altus Power will become privately held and delist from the New York Stock Exchange.

The transaction aims to accelerate Altus Power’s growth and expand access to clean energy solutions. Gregg Felton, CEO of Altus Power, emphasized that the deal will enhance the company’s ability to serve both commercial and Community Solar clients at a time of increasing demand for renewable energy. Christine Detrick, Chair of the Board, highlighted that the move aligns with the company’s long-term strategic vision.

Scott Lebovitz, Managing Partner at TPG Rise Climate, stated that the investment will support Altus Power’s continued expansion in clean energy. Steven Mandel, Business Unit Partner at TPG Rise Climate, added that the acquisition aligns with TPG’s commitment to sustainable infrastructure.

The Altus Power Board has unanimously approved the deal, and stockholders representing 40% of the company’s shares have agreed to support it. The transaction is expected to close in Q2 2025, subject to regulatory and shareholder approvals.

Altus Power will maintain its headquarters in Stamford, Connecticut.