Altus Power to Go Private in $2.2B Deal with TPG Rise Climate
Deal News | Feb 07, 2025 | Paul Hastings
Paul Hastings LLP has been appointed as ESG counsel for TPG Rise Climate in their definitive agreement to acquire Altus Power, Inc. The acquisition, valued at approximately $2.2 billion including outstanding debt, will be conducted through TPG Rise Climate's Transition Infrastructure strategy. This transaction will transform Altus Power into a privately held company, delisting its Class A common stock from the New York Stock Exchange. The transaction is expected to finalize in the second quarter of 2025, pending shareholder approval and regulatory clearances. The legal team from Paul Hastings is led by Ruth Knox alongside partner Jonathan Drimmer and associates Chris Jones and Emma Ireland. Paul Hastings is known for its extensive services across 17 practices and its global reach in servicing leading investment banks and corporations.
Sectors
- Renewable Energy
- Legal Services
- Private Equity
Geography
- United States – Altus Power is the largest owner of commercial-scale solar in the U.S., and the transaction involves U.S.-based companies.
Industry
- Renewable Energy – Altus Power, Inc. is involved in commercial-scale solar power, making this an important element of the renewable energy industry.
- Legal Services – Paul Hastings provides legal counsel, particularly for ESG advisory work in this transaction.
- Private Equity – TPG Rise Climate, part of TPG's global impact investing platform, represents the private equity sector in this acquisition.
Financials
- $2.2 billion – The total value of the acquisition of Altus Power, including outstanding debt.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Paul Hastings LLP | Legal Advisor | Company | A premier law firm providing ESG advisory services for the transaction. |
| TPG Rise Climate | Acquiring Company | Company | Dedicated climate investing strategy of TPG's global impact investing platform. |
| Altus Power, Inc. | Target Company | Company | The largest owner of commercial-scale solar power in the U.S., being acquired. |
| Ruth Knox | Lead Counsel | Person | Global co-chair of ESG & Sustainable Finance at Paul Hastings. |
| Jonathan Drimmer | Partner | Person | Partner at Paul Hastings involved in the transaction. |
| Chris Jones | Associate | Person | Associate at Paul Hastings involved in the transaction. |
| Emma Ireland | Associate | Person | Associate at Paul Hastings involved in the transaction. |