Private equity firm to acquire CT-based solar power company in $2.2B deal
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An Altus Power solar facility.
Stamford-based Altus Power Inc., which is the largest owner of commercial-scale solar in the United States, has agreed to be acquired by private equity firm TPG.
Altus believes the merger will help scale its operations to meet the “surging demand for increased power generation,” according to an announcement.
TPG, based in San Francisco, has more than $220 billion in assets under management.
TPG’s Rise Climate Transition Infrastructure fund will acquire Altus for $5 per share of its Class A common stock in an all-cash transaction, the announcement states.
The sale values Altus at about $2.2 billion, including outstanding debt
Once completed, Altus will become a private company and will no longer be traded on the New York Stock Exchange.
“This transaction represents a pivotal moment for Altus Power,” said Gregg Felton, CEO of Altus Power. “... 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.”
The Board of Directors of Altus Power has unanimously approved the transaction. A special meeting of stockholders will be held to vote on the merger agreement.
Altus expects the transaction to close in the second quarter of 2025.
Altus said its headquarters will remain in Stamford.
On Thursday morning, Altus shares were trading at about $4.90, up about 28% from Wednesday’s close.
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