Altus Power, a commercial-scale provider of clean electric power, has announced the completion of its acquisition by TPG through its TPG Rise Climate transition infrastructure strategy.
The all-cash transaction valued Altus Power at $2.2bn, including outstanding debt.
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Altus Power is now a privately held company, and its Class A common stock has ceased trading on the New York Stock Exchange.
Altus Power stockholders will receive $5 in cash for each share of Class A common stock owned before the close, minus any applicable withholding taxes.
The transaction initially announced on 6 February 2025 received stockholder approval on 9 April 2025.
Altus Power CEO Gregg Felton stated: “The successful close of this transaction marks a pivotal moment for Altus Power, our stockholders, employees and partners. By partnering with TPG Rise Climate transition infrastructure, which shares our long-term vision for the future of clean energy, we believe we are unlocking significant value for our stockholders and accelerating our long-term growth strategy.
“As power demand continues to rise, businesses, utilities and communities are desperate for scaleable, grid-enhancing solutions that generate incremental power in locations where it’s needed. We expect this partnership to strengthen our ability to deliver clean energy faster and at greater scale, positioning Altus to lead the next phase of clean energy expansion.”
Moelis & Company is serving as the financial advisor to Altus Power, with Latham & Watkins as legal counsel.
PJT Partners is advising TPG Rise Climate financially, while Kirkland & Ellis is providing legal counsel.
