TPG Acquires Altus Power for $2.2 Billion
February 6, 2025
Altus Power, a commercial-scale clean energy provider focused on solar and related infrastructure, agreed to be acquired by TPG through its TPG Rise Climate Transition Infrastructure strategy in an all-cash deal valued at about $2.2 billion (including outstanding debt). In the merger, Altus Power stockholders receive $5.00 per share. The transaction closed in April 2025 and Altus Power became privately held, with its NYSE listing removed.
- Buyers
- TPG, TPG Rise Climate Transition Infrastructure (TPG Rise Climate)
- Targets
- Altus Power, Inc.
- Industry
- Infrastructure
- Location
- Connecticut, United States
- Transaction Type
- Buyout
Explore More
Related Acquisitions
-
TPG Rise Climate Acquires Majority Stake in Aurora Energy Research
June 4, 2025
Data & Analytics
TPG Rise Climate (TPG) has agreed to acquire a majority stake in Aurora Energy Research from CGE Partners, with CGE reinvesting alongside 22C Capital and Aurora management. Aurora — an Oxford-based energy market analytics and software platform serving utilities, governments and investors — will scale its data, analytics and software capabilities globally with TPG’s climate investing resources and 22C’s operational support.
-
Alphabet (Google) Acquires Intersect Power for $4.75 Billion; TPG Launches IPX Power
January 2, 2026
Infrastructure
Alphabet (Google) has acquired Intersect Power for $4.75 billion in cash plus the assumption of debt. As part of the transaction, Intersect’s grid-tied power business was spun out into a new independent power producer, IPX Power, with TPG Rise Climate majority backing and existing Intersect investors also participating in the spinout.
-
TPG to Acquire Majority Stake in Sabre Industries
March 21, 2026
Industrial Services
TPG, through its climate investing platform TPG Rise Climate, signed definitive agreements to acquire a majority stake in Sabre Industries. Blackstone Energy Transition Partners will retain a significant minority stake, and the deal is expected to close in the second quarter of 2026 subject to approvals and closing conditions.
-
TPG and La Caisse to Acquire Majority Stake in Pike Corporation
November 17, 2025
Industrial Services
TPG Rise Climate and La Caisse have signed a definitive agreement to acquire a majority interest in Pike Corporation, with La Caisse taking a significant minority position. The investment will support Pike’s growth in grid modernization and climate adaptation for U.S. electric utilities.
-
Altus Power Acquires 4-MW Operating Solar Portfolio from Beltline Energy in Georgia
October 7, 2020
Renewable Energy
Altus Power America, Inc. acquired a 4-megawatt operating solar portfolio in Georgia consisting of four single-axis tracker projects and one fixed-tilt project from Beltline Energy, LLC. The projects sell power to Georgia Power and generate roughly 6.5 million kWh annually; the acquisition expands Altus Power's C&I-scale distributed generation portfolio and strengthens its presence in the Southeast.
-
TPG Rise Climate to Acquire Olympus Terminals
May 7, 2024
Energy
TPG Rise Climate, the climate investing strategy of TPG Rise, has signed a definitive agreement to acquire Olympus Terminals, an independent renewable fuels and refined products storage provider in Southern California. The deal is intended to support TPG Rise Climate’s efforts to reduce transportation-related greenhouse gas emissions by expanding import, storage, and distribution capacity for renewable diesel in California.
Track M&A activity that matters to you
Get real-time deal alerts, build buyer lists with AI, and access our full acquisition database. Start your free trial today.