Altus Power to be Acquired for $2.2 Billion by TPG Rise Climate
Deal News | Feb 07, 2025 | Paul Hasting
Paul Hastings LLP has taken the role of legal counsel on ESG advisory for TPG Rise Climate, a division of TPG's global impact investing platform, as it enters a definitive agreement to acquire Altus Power, Inc. Altus Power is the largest owner of commercial-scale solar assets in the United States. The transaction values Altus Power at approximately $2.2 billion, which includes existing debt, and is expected to close in the second quarter of 2025. Upon completion, Altus Power will be privately held and its Class A common stock will no longer be public. The deal does not involve a financing condition but awaits the fulfillment of standard closing prerequisites including shareholder and regulatory approvals. The Paul Hastings team was led by Ruth Knox, alongside partner Jonathan Drimmer and associates Chris Jones and Emma Ireland.
Sectors
- Renewable Energy
- Private Equity
- Legal Services
Geography
- United States – Altus Power operates as the largest owner of commercial-scale solar in the U.S., and the transaction is focused in this region.
Industry
- Renewable Energy – The acquisition involves Altus Power, a significant player in the commercial-scale solar energy sector.
- Private Equity – TPG Rise Climate operates as a private equity firm focusing on climate-related investments.
- Legal Services – Paul Hastings LLP is providing legal counsel for the transaction, emphasizing ESG advisory.
Financials
- $2.2 billion – The transaction value for the acquisition of Altus Power by TPG Rise Climate, including outstanding debt.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Altus Power, Inc. | Target Company | Company | Altus Power is the largest owner of commercial-scale solar power assets in the U.S. |
| TPG Rise Climate | Bidding Company/Buyer | Company | TPG Rise Climate is the climate investing strategy of TPG's global impact investing platform. |
| Paul Hastings LLP | Legal Advisor | Company | A leading law firm providing legal services including ESG advisory for the transaction. |
| Ruth Knox | Global Co-chair of ESG & Sustainable Finance | Person | Led the Paul Hastings team in advising on ESG aspects of the transaction. |
| Jonathan Drimmer | Partner | Person | Partner at Paul Hastings involved in the transaction. |
| Chris Jones | Associate | Person | Associate at Paul Hastings participating in the transaction. |
| Emma Ireland | Associate | Person | Associate at Paul Hastings involved in the transaction. |