Altus Power, a commercial-scale solar company in the US, has agreed to be acquired by TPG Rise Climate for $5.00 per share in cash. The deal values the company at about $2.2 billion, including debt. After the deal closes, Altus Power’s stock will no longer be traded on the NYSE, and it will become a private company. The price was 66% higher than its closing stock price on October 15, 2024. The decision came after a strategic review by the Board. The partnership aims to help Altus Power expand clean energy access by using TPG Rise Climate’s investment support. The deal was approved by Altus Power’s Board and needs stockholder and regulatory approvals. It is expected to close in the second quarter of 2025. Altus Power will keep its headquarters in Stamford, Connecticut.