Today, Altus Power announced it has entered into a $2.2 billion agreement to be acquired by TPG through its TPG Rise Climate Transition Infrastructure strategy, for $5.00 per share.
Following the transaction, Altus Power’s Class A common stock will no longer be listed or traded on the New York Stock Exchange and Altus Power will become a privately-held company.
Gregg Felton, CEO of Altus Power told investors, “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.”
“Altus Power will be better positioned for continued long-term growth, which we believe will allow us to scale our operations, drive innovation and enhance the value we deliver to our customers. Together with TPG Rise Climate, we believe we are poised to accelerate clean energy adoption and ensure more businesses and communities have access to the power they need for a sustainable future,” Felton concluded.
Scott Lebovitz, a Managing Partner and Head of Infrastructure for TPG Rise Climate said, “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.”
Altus Power is the largest owner of commercial-scale solar in the US.
TPG Rise Climate, which pursues climate-related investments, currently holds a $25 billion global impact investing platform.
By CEO NA Editorial Staff
