Aspen Power Partners Launches with $120 Million in Funding, 200 MW of Community and Distributed Solar
Aspen Power Partners, a distributed generation platform with the dual mission of accelerating and democratizing decarbonization, recently announced with its latest financing round it has raised $120 million of capital from providers including Ultra Capital, Redball Power, and a global Swiss asset manager, as well as family offices and high net worth individuals. Aspen was incubated at Energy Impact Partners, a leading global investor in the transition to a sustainable future.
Aspen originates its own projects and partners with local developers on their portfolios to accelerate the deployment of solar and storage assets across the U.S. “We are proud of the expert team we have assembled over the past year, which was purpose-built to deliver developers and customers with the best possible outcome at any stage in the project lifecycle. We look forward to innovating with our key stakeholders as we develop and finance distributed generation solar, storage, and electric vehicle charging projects during this critical climate decade,” said Jorge E. Vargas, Managing Partner at Aspen Power Partners.
Currently active in the community solar, multifamily, and commercial and industrial rooftop markets, Aspen is pioneering new frontiers with its partners—expanding access to clean distributed energy for consumers and businesses across all income levels and hard-to-reach property types. The firm has entered into agreements to develop or acquire 48 community and distributed solar projects totaling over 200 megawatts (MW) across California, Maine, Maryland, New York and Pennsylvania.
“We have had a front-row seat to the formation and growth of the world-class team at Aspen Power Partners over the past couple of years and are excited to see them tackle one of the fastest growing segments of the energy transition market” said Sameer Reddy, Managing Partner at Energy Impact Partners.
At the end of 2021, the Biden administration set an ambitious target of powering 5 million American homes with community solar projects by 2025. This growth requires nearly a 700% increase in current capacity. On a state level, Governor Kathy Hochul of New York announced a framework for the state to achieve at least 10 gigawatts of distributed solar by 2030. Aspen will help achieve these and other federal and state targets by embracing sound environmental, social, and governance (ESG) practices and providing consumers of all income levels with access to clean energy.
“We are thrilled to partner with the Aspen team as they execute on their mission and vision. Our focus is to sponsor platforms like Aspen with flexible equity capital and serve as a financing partner to support their platform’s growth and expansion. We look forward to collaborating with Aspen further as they execute on their gigawatt pipeline and serve a vital role in the energy transition,” said Kristian Hanelt, Managing Director at Ultra Capital.
Aspen was founded by David Berv, Scott Delaney, Dan Gulick, Jackson Lehr and Jorge Vargas with expertise across the development, construction, project finance and asset management disciplines. Collectively, the team has financed over $1 billion worth of renewable energy projects and has decades of experience across all stages of project development and ownership.
For more information about Aspen Power Partners, please visit aspenpower.com.
Source: Aspen Power Partners