TPG to Acquire US Solar Power Company Altus for $2.2 Billion (1)

TPG Inc. agreed to acquire Altus Power Inc. in an all-cash deal that values the US solar company at $2.2 billion including debt.

Asset management firm TPG, through its climate arm, will pay $5 a share for the Stamford, Connecticut-based company, Altus said in a statement Thursday. That represents a 31% premium to Altus’s closing price Wednesday. Shares jumped about 28% in pre-market trading in New York.

The deal comes as the US solar industry is projected to see slower growth after double-digit year-over-year gains the past few years. Challenges include long wait times to interconnect to the grid as ...