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TPG to Acquire Altus Power for $2.2B, Taking It Private

Global asset manager TPG is acquiring Altus Power, a commercial-scale solar provider, in a Rs220 crore all-cash deal through its TPG Rise Climate Transition Infrastructure. The acquisition, at a 66% premium to Altus Power’s October 15 share price, will take the company private.

Backed by Blackstone, Altus Power aims to scale operations and expand clean energy adoption, particularly as U.S. solar installations are projected to reach 43 GW annually from 2025-2029. CEO Gregg Felton emphasized that the partnership with TPG will accelerate sustainable energy solutions for businesses and communities. The transaction is expected to close in Q2 2025, pending shareholder approval.