Catlin Group and management team are seed investors
OLD GREENWICH, CT November 14, 2013 – Altus Power America Management (“Altus Power”) today announced the formation of Altus Power America through a strategic partnership with the Catlin Group, a global insurance company (LSE: CGL). Catlin Group and Altus Power’s management team are the initial investors in Altus Power America.
Altus Power, based in Old Greenwich, CT, has been originating, investing in, and managing solar power generation projects on behalf of its investors since 2009 and Altus Power America represents the management team’s fourth investment vehicle.
In addition to the strategic relationship with Catlin Group, Altus Power is announcing the addition of Gregg Felton as partner. Gregg was most recently a partner and managing director of Goldman Sachs, where he was the founder and CIO of Liberty Harbor, Goldman Sachs Asset Management’s credit alternatives platform and prior to that held several management roles at prominent asset management platforms. Said Mr. Felton “I’m excited to join Altus Power and continue the work of gathering assets that provide investors with a predictable and attractive yield in a growing field”. Tom Athan, who co-founded Altus Power together with Lars Norell, said “We’re delighted to have added Gregg to our team. His track record of successfully building asset management platforms is well documented and we look forward to growing our company together with Gregg and the Catlin Group”.
Altus Power deploys capital to build and operate distributed solar systems on commercial buildings and properties, schools and municipal buildings (“Hosts”). The electricity generated from these systems is then sold to the Host, or local utility, at a discount to the price paid to the grid. The Host makes no upfront investment. Solar systems use proven technologies and are built to generate stable and sustainable cash flows, providing attractive returns to investors while lowering energy costs for Hosts. These systems have the environmental advantage of lowering a Host’s carbon emissions and reliance on fossil fuels.
About Altus Power
Altus Power is an Old Greenwich, CT-based company that invests in, owns and manages solar power generation assets. Its principals draw on their expertise in asset-based finance, construction, engineering and design to provide distributed solar systems to commercial and public sector clients. For additional information visit the company’s web site www.altuspower.com.
About Catlin: Catlin Group Limited (LSE: CGL) is a global specialty property / casualty insurer, writing more than 30 lines of business. For additional information visit the company’s web site www.catlin.com.