Solar Developer Aspen Power Reloads $200M+ in Financing from Private Capital, Lenders
Distributed energy project developer Aspen Power has secured more than $200 million in new financing from a variety of lenders and investors including early supporter Carlyle.
The new funding will support Aspen Power in expanding across the U.S. One of the financing deals is a $142 million construction-to-term credit facility with MUFG to fund this year’s project pipeline, while Aspen Power also secured a $50 million revolving credit facility with BMO which replaces an earlier arrangement with Lombard Odier Asset Management.
Private capital giant Carlyle also is contributing new financial support which builds on the relationship which began with a $350 million investment in 2022.
“This additional investment from Carlyle, facility from BMO, and financing from MUFG provide Aspen Power with the support and capital to accelerate renewable energy projects that deliver economic and environmental value for communities and stakeholders,” said Jorge Vargas, CEO of Aspen Power, in a statement.
Aspen Power offers a distributed energy platform which focuses on projects decarbonizing the residential, commercial and industrial sectors. These include solar development, renewable energy project financing, construction, operations and management.
Aspen Power will leverage the funds to develop projects across its community solar, commercial and industrial (C&I), multifamily, and small-scale utility portfolios. The developer recently closed on a series of community solar projects in New York, and in late 2024 completed two community solar sites in Maine.
“Aspen Power has consistently demonstrated strong execution in developing distributed generation projects and successfully scaling its platform to drive meaningful economic and environmental impact,” said Saurabh Anand, managing director at Carlyle.
