US-based independent power producer (IPP) Altus Power, in which Blackstone and CBRE own approximately 13% and 16% stake respectively, has announced the appointment of Gregg Felton as its sole chief executive officer (CEO).
In his new position, he has replaced Lars Norell who till now was the co-CEO and a director of the company. Norell has resigned from the company he co-founded with Felton.
Before co-founding Altus, Felton was a partner with Goldman Sachs and the chief investment officer of the credit alternatives platform at Goldman Sachs Asset Management (GSAM).
"We continue to be excited about partnering with Altus Power by providing the Company with large scale and efficient financing. We have a high degree of confidence in Gregg and his ability to lead and add value for the Company," said Blackstone Global Head of Infrastructure and Asset-Based Credit, Robert Horn.
According to its 2023 financial results announced in mid-March 2024, Altus said it is approaching a 1 GW portfolio and called itself the largest owner of commercial-scale solar assets in the US. During 2023, it increased its portfolio size by 91% to 896 MW.
In 2024, it expects to achieve operating revenues within the range of $200 million to $222 million and adjusted EBITDA of $115 million and $315 million.
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