TPG's Climate Investment Acquires Altus Power for $2.2 Billion

New York, NY – TPG Rise Climate Transition Infrastructure, the climate investment arm of buyout firm TPG, has agreed to acquire Altus Power for $2.2 billion in an all-cash transaction. The deal is expected to close in the second half of 2023.

Altus Power is a leading provider of solar power solutions to commercial and residential customers in the United States. The company has a portfolio of over 800 solar projects representing over 2 gigawatts of capacity.

TPG Rise Climate Transition Infrastructure is a fund dedicated to investing in companies that are helping to transition the global economy to a low-carbon future. The fund has a target size of $10 billion and has already invested in a number of renewable energy and clean technology companies.

The acquisition of Altus Power is a major step forward in TPG's climate investment strategy. The deal will give TPG a significant presence in the solar power market and will help to accelerate the transition to a clean energy future.

"Altus Power is a leader in providing clean and sustainable energy solutions," said Jonathan Weinberger, Managing Partner of TPG Rise Climate Transition Infrastructure. "We are excited to partner with the Altus team to help them continue to grow their business and achieve their mission of providing affordable, reliable solar power to their customers."

"We are thrilled to be partnering with TPG Rise Climate Transition Infrastructure," said Greg Landry, CEO of Altus Power. "TPG's experience and expertise in the energy sector will be invaluable as we continue to grow our business and expand our reach into new markets."