In a move that sends ripples through the clean energy sector, Altus Power has officially become a privately held company following its acquisition by TPG through its TPG Rise Climate transition infrastructure strategy. The all-cash transaction, valued at $2.2 billion including outstanding debt, marks a significant shift for the commercial-scale clean electric power provider. Altus Power’s Class A common stock ceased trading on the New York Stock Exchange before the market opened on April 16, 2025, signaling the end of an era for public trading of the company’s shares.
Stockholders of Altus Power will receive $5 in cash for each share of Class A common stock owned before the close, minus any applicable withholding taxes. This transaction, initially announced on February 6, 2025, received stockholder approval on April 9, 2025, paving the way for today’s completion.
Gregg Felton, CEO of Altus Power, expressed his enthusiasm about the partnership, stating, “The successful close of this transaction marks a pivotal moment for Altus Power, our stockholders, employees, and partners. By partnering with TPG Rise Climate, 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.”
Felton’s comments underscore the strategic importance of this acquisition. As power demand continues to surge, the need for scalable, grid-enhancing solutions has never been more urgent. Businesses, utilities, and communities are increasingly seeking clean energy solutions that can be rapidly deployed where they are most needed. This partnership is poised to strengthen Altus Power’s ability to deliver clean energy faster and at a greater scale, positioning the company to lead the next phase of clean energy expansion.
The acquisition raises several intriguing questions about the future of the clean energy sector. How will this partnership influence the competitive landscape? Will other clean energy providers follow suit, seeking similar strategic acquisitions to accelerate their growth? Moreover, what does this mean for innovation and technological advancements in the clean energy space? Will the infusion of capital and strategic guidance from TPG Rise Climate drive Altus Power to push the boundaries of what is possible in clean energy generation and distribution?
The involvement of major financial and legal advisors in this transaction—Moelis & Company and Latham & Watkins for Altus Power, and PJT Partners and Kirkland & Ellis for TPG Rise Climate—highlights the complexity and significance of this deal. It also underscores the growing interest of private equity firms in the clean energy sector, recognizing the immense potential for growth and impact.
As the clean energy sector continues to evolve, this acquisition serves as a stark reminder that the future of energy is being shaped by bold moves and strategic partnerships. The coming years will be crucial in determining how these changes unfold and what they mean for the broader energy landscape.
