Altus Power Acquisition, Valuation, Funding & Investors

Altus Power was acquired by TPG for $2.2B in February 2025, a 11.2x multiple on $196M of revenue.

Altus Power acquisition price

$2.2B

Acquired by TPG · Feb 2025

Altus Power revenue at acquisition

$196M

Last twelve months · Feb 2025

Altus Power revenue multiple at acquisition

11.2x

EV/Revenue · Feb 2025

Altus Power EBITDA multiple at acquisition

22.2x

EV/EBITDA · Feb 2025

Altus Power Overview

About Altus Power

Altus Power is a Stamford-headquartered clean energy provider specializing in commercial-scale solar installations for businesses, industrial sites, municipalities, and community solar projects across the Northeastern United States. The company finances, builds, owns, and operates rooftop and ground-mount systems, selling generated electricity at grid-discounted rates to hosts while leasing underutilized spaces.


Founded

2009

HQ

United StatesStamford, CT

Status

Acquired

Customer focus

B2B

Revenue model

Usage-based

Revenue

$196M (Feb 2025)

Valuation

$2.2B (acquired Feb 2025)

Altus Power Acquisition

Altus Power was acquired by TPG for $2.2B on 6 February 2025.

The acquisition price implies a 11.2x revenue and 22.2x EBITDA multiple on $196M of revenue.

Before the acquisition Altus Power had raised $1.2B across 3 funding rounds.

Altus Power, Inc., the largest owner of commercial-scale solar power generation in the U.S. and a leading provider of clean electric power to businesses, utilities, and communities, entered into a definitive agreement on February 6, 2025, to be acquired by TPG through its TPG Rise Climate Transition Infrastructure strategy, part of TPG's $27 billion global impact investing platform focused on clean electrons, molecules, materials, and negative emissions. The all-cash take-private transaction values Altus Power at approximately $2.2 billion, including outstanding debt, with stockholders receiving $5.00 per share of Class A common stock. The deal received stockholder approval on April 9, 2025, and closed as announced on April 16, 2025, after which Altus Power delisted from the New York Stock Exchange and became a privately held company. TPG Rise Climate, TPG's dedicated climate investing platform, pursued the acquisition to leverage Altus Power's domain expertise in commercial-scale solar alongside its own investment capabilities, enabling faster scaling to meet surging power demand from rising needs in businesses, utilities, and communities for scalable, grid-enhancing clean energy solutions. CEO Gregg Felton highlighted the partnership's alignment on long-term clean energy vision, unlocking stockholder value and accelerating growth in community solar and commercial segments amid substantial power demand growth. The Board Chair Christine Detrick noted strong synergies for innovation and long-term success as a private entity. Advisors included Moelis & Company and Latham & Watkins for Altus Power, and PJT Partners and Kirkland & Ellis for TPG, with Paul, Weiss handling antitrust aspects; the transaction was subject to customary closing conditions including stockholder approval, initially expected in Q2 2025.

Altus Power acquisition details
AcquirerDateTypePriceEV/RevenueEV/EBITDA
6 Feb 2025PE buyout$2.2B11.2x22.2x

Altus Power Funding History

Altus Power has raised a total of $1.2B across 3 funding rounds.

Altus Power's first fundraising round was a $205M undisclosed-stage round in October 2016. The most recent completed round was a $850M undisclosed-stage round in January 2020.

Altus Power funding rounds

Altus Power funding rounds
DateStageInvestorsRaisedDeal Summary
Jan 2020Undisclosed stageBlackstone (lead)$850MAltus Power America, a Connecticut-based developer, owner, and operator of commercial-scale solar facilities since 2009, secured $850 million in funded and committed capital from Blackstone units GSO Capital Partners and Blackstone Insurance Solutions in January 2020. The financing included preferred and minority equity, investment-grade rated debt, and a construction-to-term loan facility from commercial banks, aimed at recapitalizing the company, supporting its existing capital structure, and funding solar development to expand its portfolio beyond $1 billion. The deal, announced on January 14, 2020, positioned Altus Power for accelerated growth to meet demand for solar arrays often combined with battery storage from private and public clients. Blackstone led the recapitalization, enabling Altus to more than double its solar capacity over the next two years. This partnership marked the start of a long-term relationship, with Blackstone providing approximately $1.5 billion total to Altus by later years for select solar initiatives, including subsequent facilities for asset acquisitions and construction.
Dec 2017Undisclosed stage-$150MAltus Power is a solar power project investor focused on distributed generation for commercial and industrial markets, offering financial services to solar developers including investments in operational, construction-ready, and developmental projects. Around 2017, the company partnered with four Franklin Square-sponsored funds sub-advised by GSO Capital Partners (a Blackstone company) to form Altus Power America, Inc., its fifth solar-focused operation, with capacity to fund $200 million in solar generation projects. This capital infusion aimed to accelerate growth in the expanding commercial and industrial solar marketplace, positioning Altus Power as a major investor. Previously, Altus Power raised $10 million in Series A in 2010 and $30 million in Series B in 2015 to support expansion, including its first California project in 2012 and East Coast operations in 2013. By 2017, it had surpassed 100 MW of installed solar capacity.
Oct 2016Undisclosed stageFS Credit Opportunities; Goldman Sachs$205MAltus Power America (now Altus Power) raised over $200 million in capital commitments in October 2016 from investors including Goldman Sachs, Global Atlantic Financial Group, and GSO Capital Partners (a Blackstone credit business, related to FS Credit Opportunities). The funding was intended to support future solar project development as the company positioned itself as a solar developer. The funding was described as an upsizing of capital for solar projects, with investors betting on Altus' growth in commercial-scale solar. Altus Power specializes in commercial-scale clean electric power, including solar generation, energy storage, and charging infrastructure. This 2016 raise predates its public listing (NYSE: AMPS) and later financings, such as a $100 million credit facility from Goldman Sachs and CPP Investments in 2024, or a $200 million Blackstone construction facility in 2023.

Who has invested in Altus Power?

3 investors have backed Altus Power across its funding rounds, including Goldman Sachs, Blackstone and FS Credit Opportunities.

Lead investors include Blackstone.


Altus Power Investors

Investors in Altus Power by funding rounds participated
InvestorHQRoundsRoleFirst check
FS Credit OpportunitiesUnited StatesPhiladelphia, PA1ParticipantOct 2016

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Altus Power Competitors

Altus Power competitors include listed companies like Auren Energia, Verbio, Nofar Energy and Cadeler, and private ones like Montana Renewables and Enel Green Power Hellas.

Public and private companies comparable to Altus Power
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Auren EnergiaBrazilBrazilPublicly listed$2.6B$673M$2.4B2.9x
Montana RenewablesUnited StatesWashington, DCPrivate--$2.3B-
Enel Green Power HellasGreeceAthensPrivate--$2.3B-
VerbioGermanyGermanyPublicly listed$1.8B($59M)$2.3B1.2x
Nofar EnergyIsraelIsraelPublicly listed$103M$95M$2.1B-
CadelerDenmarkDenmarkPublicly listed$714M$479M$2.5B4.2x

Altus Power Public Comps

Altus Power is no longer listed, but its public comps include Aker Solutions, SMA Solar Technology, Arabian Drilling, SolarEdge, Orygen Peru, Rockpoint Gas Storage, Indraprastha Gas, Promigas, Central Puerto and Alupar Investimento.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Aker Solutions$6.6B$505M0.3x0.3x4.0x3.9x
SMA Solar Technology$1.7B($77M)1.2x1.1x(26.4x)14.3x
Arabian Drilling$916M$297M3.1x3.1x9.6x8.7x
SolarEdge$1.2B($365M)1.8x1.6x(5.7x)(86.7x)
Orygen Peru$831M$478M2.7x-4.7x-
Rockpoint Gas Storage$479M$362M7.3x7.5x9.6x9.0x
Indraprastha Gas$1.7B$241M1.0x1.0x7.2x9.0x
Promigas$2.3B$979M2.3x3.1x5.6x8.7x

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Common questions about Altus Power

When was Altus Power founded?Altus Power was founded in 2009.
Where is Altus Power headquartered?Altus Power is headquartered in Stamford, CT, United States.
Is Altus Power publicly listed?No, Altus Power was acquired by TPG in February 2025.
Who acquired Altus Power?Altus Power was acquired by TPG in February 2025.
How much was Altus Power acquired for?Altus Power was acquired for $2.2B in February 2025, a 11.2x revenue multiple.
How much funding has Altus Power raised?Altus Power has raised $1.2B across 3 funding rounds.
What was Altus Power's last funding round?Altus Power's last funding round was a $850M undisclosed-stage round in January 2020, led by Blackstone.
Who are Altus Power's investors?Altus Power's investors include FS Credit Opportunities, Blackstone and Goldman Sachs.
Which companies are comparable to Altus Power?Companies comparable to Altus Power include Auren Energia, Montana Renewables, Enel Green Power Hellas, Verbio, Nofar Energy and Cadeler.

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