Buyout firm TPG has agreed to acquire solar energy company Altus Power in an all-cash deal worth $2.2 billion, including the assumption of debt. The acquisition is expected to close in the second quarter and will be facilitated by TPG’s climate investment arm, TPG Rise Climate Transition Infrastructure.
Altus Power, one of the largest owners of commercial-scale solar plants in the US, has seen its shares surge 28% after the announcement, reaching $4.90 each. The deal represents a 66% premium to Altus’ closing price on October 15 and is the first investment out of TPG’s transition infrastructure fund.
The acquisition is part of growing demand for power from manufacturers and data centers amid an artificial intelligence boom. TPG Rise Climate Transition Infrastructure will acquire Altus’ Class A common shares for $5 per share, with stockholders representing about 40% of its Class A common stock committing to vote in favor of the transaction.
Altus Power’s CEO Gregg Felton said that the acquisition will allow the company to scale its operations and drive innovation. The deal aligns with TPG’s impact platform, which manages $25 billion in assets focused on backing companies that aim to drive social and environmental impact.
Source: https://www.reuters.com/markets/deals/tpg-acquire-solar-firm-altus-power-22-billion-2025-02-06