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Lars Norell, co-CEO of solar power specialist Altus Power, resigned from his position as a director of the company. The company's board of directors named Gregg Felton, Norell's co-CEO, as sole CEO.
Before co-founding Altus with Norell, Felton was a partner of Goldman Sachs and the chief investment officer of the credit alternatives platform at Goldman Sachs Asset Management. Norell had been a principal and managing director at Cohen & Co., where he served as head of capital markets.
“The company’s vision to deliver clean power to its customers is as relevant today as it was when we started,” Norell said in a statement, but did not offer a reason for the resignation.
Altus, founded 15 years ago, was acquired in 2021 by a special-purpose acquisition company created by CBRE in a deal that valued Altus at more than $1.5B and took the company public.
Altus offers commercial property owners relatively inexpensive power in return for a place, such as a warehouse rooftop, to develop solar power installations. Altus then sells the surplus power generated by those installations.
The company has been in an expansion phase recently, acquiring sustainable energy specialists Unico Solar Investors and Project Hyperion last year, which expanded Altus' footprints in the Southeast and West. Earlier this year, Altus acquired 84 megawatts of solar arrays from Vitol for about $118M.
Along with announcing Norell's resignation, the company reaffirmed previous guidance for fiscal 2024, which put operating revenues at $200M to $222M. Altus stock ticked up 1.5% on Monday, though it is down about 17% from this time last year.
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