Exclusive-TPG in talks to acquire solar firm Altus Power, sources say

By David French

NEW YORK (Reuters) – Buyout firm TPG’s climate investment arm is in talks to acquire Altus Power, a provider of solar power to commercial property owners and residential homes, people familiar with the matter told Reuters on Monday.

If the talks between TPG Rise Climate and Altus are successful, a deal could be signed in the coming weeks, the sources said, requesting anonymity as the discussions are confidential.

The transaction is yet to be finalized, the sources cautioned, adding that another suitor could also approach Altus and it’s possible that no deal with any party is reached.

Stamford, Connecticut-based Altus, which is one of the largest owners of commercial-scale solar plants in the United States, had said in October it was working with advisers to explore options including a potential sale.

Altus, which has a market value of about $650 million, declined to comment. TPG also declined to comment.