Commercial-scale solar provider Altus Power was acquired by TPG through its Rise Climate Transition strategy firm. The company was purchased in an all-cash transaction at $5.00 per share of Class A common stock for a total of $2.2 billion.
Upon completion of the transaction, Altus Power will no longer be listed or traded on the New York Stock Exchange, becoming a privately-held company.
The purchase price represents a 66% premium to Altus Power’s unaffected closing price on October 15, 2024, the last trading day prior to the company’s announcement of a formal review of strategic alternatives by its board of directors.
“This partnership strengthens our ability to serve both our Community Solar and commercial clients with clean electric power at a time when demand for power is expected to grow substantially,” said Gregg Felton, chief executive officer, Altus Power.
Altus Power’s board of directors unanimously approved the transaction, and said it recommends shareholders adopt the merger agreement with respect to the transaction at a special meeting of stockholders.
The transaction is conditioned upon approval of the holders of at least a majority of the outstanding shares of Class A common stock of Altus Power entitled to vote to adopt the merger agreement.
Stockholders representing approximately 40% of Altus Power’s Class A common stock, including funds managed by Blackstone Credit and Insurance and a subsidiary of CBRE Group, Inc., have entered into voting and support agreements in favor of the transaction, said the company.
The transaction is expected to close in the second quarter of 2025. Altus Power expects to maintain its headquarters in Stamford, Connecticut.
Moelis & Company LLC is acting as financial advisor to Altus Power and Latham & Watkins LLP is acting as legal counsel to Altus Power. PJT Partners is acting as financial advisor to TPG Rise Climate and Kirkland & Ellis LLP is acting as legal counsel to TPG Rise Climate.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.