Altus, a full-service solar power company, said it owns and operates 990 megawatts of solar generation assets across 25 states. (Source: Shutterstock)
Global asset manager TPG has closed its approximately $2.2 billion acquisition of commercial-scale clean power provider Altus Power, taking the publicly traded company private.
Connecticut-based Altus announced in early February it agreed to be acquired through the TPG Rise Climate Transition Infrastructure strategy. The transaction’s close was announced April 16. Altus Power stock stopped trading on the New York Stock Exchange before trading began April 16.
“As demand for power continues to rise, businesses, utilities and communities are desperate for scalable, grid-enhancing solutions that generate incremental power in locations where it’s needed,” said Altus Power CEO Gregg Felton. “We expect this partnership to strengthen our ability to deliver clean energy faster and at greater scale, positioning Altus to lead the next phase of clean energy expansion.”
The all-cash transaction, which included outstanding debt, was made through the TPG Rise Climate Transition Infrastructure strategy. Altus Power stockholders will receive $5 cash, without interest and minus applicable withholding taxes, for each share of Altus Power Class A com common stock owned immediately prior to the closing of the transaction, according to the news release.
Altus, a full-service solar power company, said it owns and operates 990 megawatts of solar generation assets across 25 states.
Moelis & Company served as financial adviser and Latham & Watkins LLP acted as legal counsel to Altus Power. PJT Partners served as financial adviser with Kirkland & Ellis as legal counsel to TPG Rise Climate.
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