Aspen Power's $241M boost for Expanding Solar Portfolio.

Aspen Power, a leading distributed generation platform focused on accelerating decarbonization through the efficient construction of clean solar energy projects, has completed three financing rounds totaling $241 million, reinforcing its commitment to sustainable energy projects.

The company has secured $241 million in financing through strategic partnerships with J.P. Morgan, Lombard Odier, and Mitsubishi UFJ Financial Group, Inc. (MUFG).

The financing includes two expanded credit facilities from J.P. Morgan and Lombard Odier, collectively amounting to $117 million. Additionally, a construction-to-term facility with MUFG, valued at $124 million, will play a pivotal role in supporting the construction of new solar assets and revenue structures across multiple states.

“These recent financial closings represent a significant milestone for Aspen Power by more than doubling earlier commitments and establishing critical new relationships,” said Jorge Vargas, Chief Executive Officer, Aspen Power.

Perspective on Aspen Power’s Expertise

Alex Wernberg, Managing Director & Head of North American Power Project Finance at MUFG, expressed confidence in Aspen Power’s capabilities. He cited the company’s established track record and expertise in delivering complex solar projects.

These latest financial deals build upon Carlyle’s strategic investment in Aspen Power’s platform in 2022. Carlyle’s backing has positioned Aspen Power as a formidable player in the renewable energy sector. Its support facilitates developing or acquiring over 600 renewable energy projects across 26 states.

“Aspen Power’s success in securing these financing commitments is a testament to the management team’s exceptional execution capabilities paired with the expertise of our capital markets team,” said Saurabh Anand, Managing Director, Carlyle and Lead Board Member, Aspen Power.

Aspen Power’s Solar Expansion

The distributed energy generation platform is partnering with businesses, communities, and industry stakeholders. The company develops, constructs, owns, and operates renewable energy assets. The company aims to address clients’ energy challenges and contribute to a sustainable future throughout the U.S.

The $124 million construction-to-term facility with MUFG will directly support the construction of new solar assets facilitating decarbonization across various states. Aspen Power is actively involved in developing community solar, small utility-scale, and corporate & industrial (C&I) projects and energy storage systems across multiple U.S. states.

Meanwhile, J.P Morgan and Aspen Power is working together to actively decarbonize the globe, grow local economies and build a more sustainable future.

“J.P. Morgan is proud to provide financing to support Aspen’s next phase of growth, and we applaud the team’s dedication to advancing the energy transition,” said Eric Cohen, Head of Green Economy Banking at J.P. Morgan Commercial Banking.

Strategic Funding Moves

In November 2022, Aspen Power secured a substantial $350 million investment from Carlyle. This investment enabled Aspen Power to acquire New York-based C&I solar developer Safari Energy. Subsequently, in July 2023, the company secured a $90 million credit facility from J.P. Morgan alongside First Citizens Bank’s Energy Finance group.

Aspen Power’s latest financial milestones underscore its commitment to driving the transition towards decarbonization by promoting clean and sustainable energy solutions.

“The team’s strategic approach continues to demonstrate market leadership, and the authenticity of their commitment to an inclusive climate transition is deeply aligned with the sustainable investment objective of our Sustainable Private Credit Strategy,” said Christophe Khaw, Chief Investment Officer, Americas at Lombard Odier Investment Managers (“LOIM”).

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