Altus Power develops, owns, and operates commercial-scale solar photovoltaic systems across the U.S., claiming to be the largest owner-operator in its segment with over 1 GW across 25 states. Altus installs solar arrays on rooftops, ground mounts, and carports at commercial, industrial, municipal, and school properties, then sells the electricity generated under long-term contracts, typically 25 years. Altus serves two customer types: commercial and industrial customers who buy power directly from on-site solar under power purchase agreements (PPAs), and community solar subscribers — mostly residential customers — who subscribe to a share of an off-site solar facility and receive a credit on their utility bill. Altus grows its portfolio through acquisitions of operating solar assets (roughly 75% of new capacity) and new-build development (roughly 25%), with key origination partnerships with Blackstone and CBRE providing access to real estate rooftops and enterprise clients. About 54% of Altus's PPAs are priced at a floating rate tied to utility rates, meaning Altus benefits when retail electricity prices rise. Altus monetizes federal solar investment tax credits through tax equity partnerships and ITC transfers to third parties. Altus finances growth primarily through project-level debt, a Blackstone-provided construction facility, and tax equity proceeds, and has emphasized avoiding dilutive equity issuance. In February 2025, Altus entered into a merger agreement with TPG Rise Climate at $5.00 per share in cash, which would take the company private.