Pike Corp. has been a workhorse of the US energy transition. As utilities deal with growing power demand, aging lines and the rush to connect new solar and battery projects, Pike is one of the companies that carries out the day-to-day work of building and maintaining the grid.
Crews from the Mount Airy, NC–based contractor install and repair power lines, connect renewable projects, and restore electricity after storms that are growing more frequent and severe.
TPG Rise Climate acquired a majority stake in Pike as part of its expanding effort to build out climate-critical infrastructure. Canadian pension giant Caisse de dépôt et placement du Québec took a minority stake. The transaction values Pike at more than $5 billion, according to data provider Octus.
TPG’s climate expansion
TPG has raised $6.2 billion toward the $8–10 billion target for its second TPG Rise Climate fund, launched in late 2023.
Alongside Rise Climate, TPG also runs the Transition Infrastructure strategy, which backs large-scale infrastructure tied to clean power and electrification. Together, those climate strategies have deployed roughly $2.3 billion so far this year.
“When you look at the trends going on around in the world in terms of the demand for power on a global basis, electrification, co-location opportunity, storage, etc – we’re seeing really interesting opportunities.” said TPG’s Jon Winkelried during their Q3 earnings call earlier this month.
Earlier this month, TPG also invested in electric-bus operator Kinetic and saw another portfolio company, electric-aircraft developer Beta Technologies, price a $1 billion IPO.
