TPG Rise Climate to Take Altus Power Private in $2.2 Billion All-Cash Deal
Altus Power operates commercial-scale solar installations serving businesses, public sector entities, and Community Solar customers across the United States. Photo Credit: Altus Power
Key Points
- TPG Rise Climate agreed to acquire Altus Power (NYSE: AMPS) for $5.00 per share in cash, valuing the company at approximately $2.2 billion including outstanding debt.
- The offer represents a 66% premium to Altus Power’s unaffected closing price on October 15, 2024, the last trading day before the company announced a strategic alternatives review.
- The transaction is structured as an all-cash take-private; Altus Power will be delisted from the New York Stock Exchange upon closing.
- Altus Power stockholders representing approximately 40% of Class A shares — including Blackstone Credit and Insurance and a CBRE Group subsidiary — have already entered into voting and support agreements in favor of the deal.
- The transaction is expected to close in the second quarter of 2025, subject to stockholder and regulatory approvals.
Deal Overview
Altus Power, Inc. (NYSE: AMPS) announced on February 6, 2025 that it has entered into a definitive agreement to be acquired by TPG through its TPG Rise Climate Transition Infrastructure strategy1. The transaction is structured as an all-cash take-private, with TPG acquiring all outstanding shares of Altus Power Class A common stock at $5.00 per share.
The deal values Altus Power at approximately $2.2 billion, inclusive of outstanding debt. Upon completion, Altus Power’s shares will be delisted from the New York Stock Exchange and the company will operate as a privately held entity. Altus Power expects to maintain its headquarters in Stamford, Connecticut following the close.
The agreement is the outcome of a comprehensive strategic alternatives review launched by Altus Power’s Board of Directors in October 2024. The review was conducted with the assistance of the company’s financial and legal advisors and evaluated a range of potential transactions before arriving at the TPG partnership.
“This transaction represents a pivotal moment for Altus Power. We are incredibly excited to partner with TPG Rise Climate to continue to build our position as the leading commercial-scale provider of clean electric power to businesses and households from coast to coast. 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.”
— Gregg Felton, CEO of Altus Power
“On behalf of the Altus Power Board of Directors, we’re pleased to have unanimously approved this transaction with TPG Rise Climate and believe this partnership is a natural fit, with strong synergies that will drive growth and innovation. This transaction will unlock significant value for our stockholders, customers and employees and we are confident it is in the best interest of the Company’s long-term success.”
— Christine Detrick, Board Chair of Altus Power
Transaction Terms
The $5.00 per share consideration represents a 66% premium to Altus Power’s unaffected closing stock price on October 15, 2024 — the last trading day prior to the company’s announcement of its formal strategic alternatives review. The transaction is not subject to a financing condition.
Altus Power stockholders representing approximately 40% of the company’s outstanding Class A common stock have already entered into voting and support agreements in favor of the transaction. These include funds managed by Blackstone Credit and Insurance and a subsidiary of CBRE Group, Inc. The remaining stockholder vote requires approval from holders of at least a majority of outstanding Class A shares.
| Term | Details |
|---|---|
| Transaction Value | ~$2.2 billion (enterprise value, including debt) |
| Per Share Price | $5.00 per share (Class A common stock) |
| Consideration | All-cash |
| Premium | 66% to unaffected closing price (October 15, 2024) |
| Financing Condition | None |
| Shareholder Support | ~40% of Class A shares committed (Blackstone Credit & Insurance, CBRE subsidiary) |
| Expected Closing | Q2 2025 |
| Post-Close Status | Privately held; delisted from NYSE |
The transaction is subject to standard closing conditions including approval by a majority of Altus Power’s Class A stockholders and the satisfaction of customary regulatory requirements. The Altus Power Board of Directors has unanimously approved the agreement and intends to recommend that stockholders vote in favor of adoption at a Special Meeting of Stockholders.
Take-Private Transaction
A take-private occurs when a publicly listed company is acquired and its shares are delisted from a stock exchange. The company then operates outside the disclosure requirements and quarterly reporting obligations of public markets. Take-privates by infrastructure-focused funds are common in capital-intensive sectors such as renewable energy, where long-term asset ownership can benefit from patient private capital rather than the shorter investment horizons associated with public market ownership.
Strategic Rationale
Altus Power has positioned the partnership with TPG Rise Climate as a catalyst for accelerating its commercial-scale solar growth agenda. The company cited rising electricity demand and increased appetite for clean power from commercial and Community Solar customers as key drivers behind the decision to take the company private under dedicated infrastructure capital.
As a private company, Altus Power expects to be better positioned to scale operations, pursue acquisitions, and invest in long-duration assets without the constraints of quarterly public market reporting. TPG Rise Climate’s Transition Infrastructure strategy is specifically designed for investment in energy transition assets that require significant upfront capital and generate stable, long-term cash flows — an alignment that management highlighted as central to the transaction rationale.
“We are excited to partner with Altus Power, which has established itself as a leader in commercial scale, clean power solutions with an exceptional track record of growth. The leadership team’s innovation, commitment to its customers and operational excellence aligns with our investment philosophy. We look forward to supporting Altus Power in its next chapter of growth, providing affordable and sustainable power to businesses and households.”
— Scott Lebovitz, Managing Partner and Head of Infrastructure, TPG Rise Climate, and Steven Mandel, Business Unit Partner, TPG Rise Climate
The deal also reflects a broader trend of infrastructure investors consolidating ownership of distributed solar assets. Commercial-scale solar — serving businesses, municipalities, and Community Solar programs — has proven attractive to long-term capital allocators seeking contracted cash flow profiles with limited commodity exposure.
About the Companies
Altus Power, based in Stamford, Connecticut, describes itself as the largest owner of commercial-scale solar in the United States. The company originates, develops, owns, and operates locally sited solar generation, energy storage, and charging infrastructure serving commercial, industrial, public sector, and Community Solar customers nationwide.
TPG Rise Climate is the dedicated climate investing platform of TPG, a leading global alternative asset management firm. TPG Rise Climate operates as part of TPG’s $25 billion global impact investing platform and pursues investments across three thematic areas: clean electrons, clean molecules and materials, and negative emissions. The Transition Infrastructure strategy through which this deal is being executed focuses on established clean energy infrastructure assets with durable long-term return profiles.
Transaction advisors include Moelis & Company as financial advisor to Altus Power and Latham & Watkins as legal counsel. TPG Rise Climate retained PJT Partners as financial advisor and Kirkland & Ellis as legal counsel.