Aspen Power, a leading distributed generation platform committed to advancing clean energy, has secured multiple new financings to support its expansion across the U.S. The company received an additional investment from Carlyle, building on its initial backing in 2022. Additionally, Aspen Power secured a $142 million construction-to-term credit facility from MUFG to fund its 2025 project pipeline and a new $50 million revolving credit facility with BMO, replacing its previous financing from Lombard Odier Asset Management Corp.
Jorge Vargas, CEO of Aspen Power, said “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. We are deeply grateful to Lombard for their early and steadfast support, which played a crucial role in establishing Aspen Power as a market leader. Their confidence in our vision provided the foundation for our growth, positioning us to secure new strategic partnerships like the one with BMO and to continue expanding our impact in the clean energy sector.”
Saurabh Anand, Managing Director, Carlyle, stated “Aspen Power has consistently demonstrated strong execution in developing distributed generation projects and successfully scaling its platform to drive meaningful economic and environmental impact. We are proud to deepen our partnership and support Aspen’s continued growth. Their innovative approach and strategic vision position them as a key force in accelerating the clean energy transition.”
Carlyle’s renewed investment strengthens its partnership with Aspen Power and reflects confidence in the company’s potential within the renewable energy market. Aspen Power will use the funding to accelerate the growth of its community solar, commercial and industrial (C&I), multifamily, and small-scale utility projects.
Carrie Cook, Global Head of Investment and Corporate Banking, BMO, commented “BMO is committed to supporting the financial progress of our customers, clients and the communities we serve – helping economies to thrive. We are proud to support Aspen Power with a development facility that will provide energy solutions for communities and businesses across the country.”
“MUFG is proud to continue our collaboration with Aspen Power through this construction-to-term credit facility. Aspen’s strong pipeline of distributed generation projects aligns with our commitment to financing innovative clean energy solutions. We look forward to supporting their efforts in expanding access to renewable energy nationwide,” mentioned Alex Wernberg, Managing Director and Head of North American Power Project Finance, MUFG.
The new credit facility with BMO enhances Aspen Power’s ability to invest in new projects, optimize its development pipeline, and expand clean energy solutions for businesses and communities across the country. Through strategic partnerships with property owners, municipalities, and businesses, Aspen Power remains focused on driving the clean energy transition forward.
Discover more from SolarQuarter
Subscribe to get the latest posts sent to your email.
