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M&A Deal Summary

TPG Acquires Altus Power

On February 6, 2025, private equity firm TPG acquired renewable energy company Altus Power for 2.2B USD

Acquisition Highlights
  • This is TPG’s 8th transaction in the Renewable Energy sector.
  • This is TPG’s 38th largest (disclosed) transaction.
  • This is TPG’s 290th transaction in the United States.
  • This is TPG’s 5th transaction in Connecticut.

M&A Deal Summary
Date 2025-02-06
Target Altus Power
Sector Renewable Energy
Buyer(s) TPG
Deal Type Going Private
Deal Value 2.2B USD
Advisor(s) Moelis & Co. (Financial)
Latham & Watkins (Legal)

Target

Altus Power

Stamford, Connecticut, United States
Altus Power is a commercial-scale provider of clean electric power serving commercial, industrial, public sector and Community Solar customers with end-to-end solutions. Altus Power originates, develops, owns and operates locally sited solar generation, energy storage, and charging infrastructure across the nation. Altus Power was founded in 2009 and is based in Stamford, Connecticut.

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Buyer(S) 1

Buyer

TPG

Fort Worth, Texas, United States

Investor Investor Investor Investor

Category Private Equity Firm
Founded 1992
PE ASSETS 296.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

TPG Capital is a global, mega-sized private investment firm that manages a family of funds focused on private equity, real estate, venture capital, public equity and debt investing. TPG invests in opportunities across a broad range of industries and geographies. TPG generally seeks to invest in established businesses that can benefit from the Firm's operational experience and connections. Industries of interest include consumer, retail, healthcare, industrials, digital media, natural resources, energy, real estate, technology, and software. TPG was formerly known as Texas Pacific Group and was originally established in 1992 by David Bonderman, James Coulter and William Price. The Firm is based in Forth Worth, Texas with additional offices in Europe, Asia, and Australia.

DEAL STATS #
Overall 441 of 451
Sector: Renewable Energy M&A 8 of 8
Type: Going Private M&A Deals 37 of 39
State: Connecticut M&A 5 of 5
Country: United States M&A 290 of 298
Year: 2025 M&A 2 of 12
Size (of disclosed) 38 of 113
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-02-04 Elevated Materials

Santa Clara, California, United States

Elevated Materials is at the forefront of battery innovation, delivering ultra-thin, uniform lithium films through their advanced vapor deposition process. Its lithium films unlock battery performance, enhancing energy density, lifespan and charge rates. Elevated Materials was founded in 2025 and is based in Santa Clara, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-03-31 Novotech

Sydney, Australia

Novotech is a full-service contract research organization (CRO) that provides biotech and small- to mid-sized pharmaceutical companies. Novotech was founded in 1997 and is headquartered in Sydney, New South Wales.

Sell -
Mergr

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