TPG Rise Climate, the climate investment arm of TPG, is in discussions to acquire US-based solar developer Altus Power, according to Reuters sources.
The deal, which could be formalized in the coming weeks, is not yet finalized, and there is still a possibility of no transaction occurring.
Altus Power, a leading clean energy provider for both commercial and residential properties, manages one of the largest portfolios of commercial-scale solar plants in the US.
The company has been considering a sale since October. Its portfolio generates around 1GW of power, and it also offers energy storage and vehicle charging solutions.
Altus went public in 2021 through a $1.5 billion merger with CBRE Acquisition Holdings (CBAH), a special purpose acquisition company (SPAC). CBRE Group holds the largest stake in Altus Power at 15.38%, while Blackstone’s energy division owns 13.2%. In Q3 2024, the company reported a 26% rise in net profit, reaching $8.6 million, and a 30% increase in revenue, totaling $58.7 million.
TPG Rise Climate is part of TPG’s Rise Funds, which invest in companies with a social and environmental impact focus.