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Gregg Felton
Co-Founder & CEO, Altus Power, Inc.
Gregg Felton is the CEO of Altus Power, Inc., a leading commercial-scale provider of clean electric power.14 He co-founded the company and has been instrumental in its growth to become the largest commercial-scale solar company in the United States.15
Career Background
Before co-founding Altus Power, Felton had an impressive career in finance:
- Partner at Goldman Sachs
- Chief Investment Officer of the Credit Alternatives platform at Goldman Sachs Asset Management (GSAM)
- Senior portfolio manager at Amaranth Advisors, where he led the global corporate credit investment team from 2000 to 2006
- Vice president at Chase Manhattan Bank46
Education
Felton holds:
- BA in Economics from Tufts University
- JD and MBA from Georgetown University Law Center and School of Business46
Recent Developments
On April 26, 2024, Felton was appointed as the sole Chief Executive Officer of Altus Power, taking over the responsibilities of former co-CEO Lars Norell.15 Under his leadership, Altus Power has continued to grow and recently entered into an agreement to be acquired by TPG Rise Climate, which is expected to close in the second quarter of 2025.3
Felton is known for his optimism about the future of Altus Power and his commitment to delivering clean power to customers.15 His leadership has been instrumental in establishing Altus Power as a leader in the rapidly growing commercial-scale solar space.2
Highlights
Some key investor observations following a busy period of industry discussions:
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Altus is the leader in the rapidly growing commercial scale solar space, building systems of scale that generate clean power where it is being consumed. We believe there are opportunities to increase our market share, while also increasing general market education about our industry.
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Altus is well positioned to take advantage of macro tailwinds that investors believe are supporting growth in the renewables industry:
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After 20 years of relatively flat energy consumption, the industry is bracing for dramatic growth in the demand for power.
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While electricity prices are expected to rise, build costs are likely to decline benefitting from significant growth in domestic manufacturing.
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Investors are focused on companies that can benefit from these tailwinds, with utility stocks being some of the best performers in 1H ‘24.
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Increased volume of renewable M&A across Europe and the US, driven by a depth of private capital investing in these long-term infrastructure assets.
It’s a great time to be a clean power company.
As I said last week at our inaugural Investor Day, this is a great time to be a clean power company. The demand for power is set to rise at the fastest pace in decades, driven by AI and associated data centers, reshoring of manufacturing, electrification of vehicles, cryptocurrency mining, and more. U.S. electricity demand is projected to grow by 1,300 terawatt hours by 2033, a 3% annual increase—compared to less than 0.5% annually over the past two decades. This surge in power demand will require significant new power generation, likely at an increased retail power price. At the same time, there is a desire for that power to be clean - and solar power is predicted to be the largest source of new renewable power. The renaissance in domestic manufacturing, particularly in solar equipment production is expected to reduce costs for solar installations. As a clean power company, we're excited and energized about the opportunities ahead.
