Aspen Power, Basis Climate and Excelsior Complete Tax Capital Commitment for 30-Project Community Solar Portfolio
Aspen Power, Basis Climate Corp. and Excelsior Energy Capital have completed a tax capital commitment covering investment tax credits (ITCs) generated by Aspen Power’s 2026-2027 community solar portfolio, marking a significant step in the financing of distributed renewable energy projects across multiple U.S. states.
The transaction supports a portfolio of up to 30 community solar projects designed to provide affordable and reliable electricity to residential and commercial subscribers in their respective host communities. By securing tax capital for the portfolio, Aspen Power can strengthen the financial foundation supporting project construction and long-term ownership while creating a more predictable pathway for monetizing federal clean energy tax incentives.
The transaction was originated and structured through the partnership between Basis Climate and Excelsior Energy Capital. The partnership was established to deploy as much as $150 million in minority equity capital into distributed generation solar and battery storage projects. Its objective is to provide developers and asset owners with access to capital through an investment process designed to reduce the time and complexity traditionally associated with renewable energy financing.
For Aspen Power, the transaction is particularly important because tax credit monetization is an integral part of its capital strategy. Community solar projects typically require substantial upfront investment before they begin generating long-term operating revenue. The ability to convert eligible tax credits into capital can therefore help project owners improve liquidity, support construction schedules and maintain the pace of development across their portfolios.
Basis Climate contributed its diligence platform and underwriting capabilities to the transaction. The platform was used to evaluate the portfolio on an accelerated timeline, allowing the 30 projects to move through a coordinated diligence, investment and closing process. Rather than treating each project as an entirely separate financing, the parties were able to evaluate the portfolio through a unified process.
That approach is designed to address one of the challenges facing distributed generation developers: managing numerous projects with different development schedules, locations and operating characteristics while maintaining an efficient financing structure. Portfolio-level execution can potentially reduce duplication in diligence, documentation and transaction management while helping investors deploy capital more efficiently.
Aspen Power has established a growing presence in the U.S. community solar market. The company currently has more than 300 megawatts of operating assets across 10 states and maintains a development pipeline aimed at serving increasing electricity demand. Its business model centers on developing, acquiring, owning and operating distributed energy assets for the long term.
The company said that predictable timing and certainty around tax credit monetization are important elements of its financial planning. By securing a tax capital commitment for its 2026-2027 portfolio, Aspen Power can better align tax credit proceeds with its broader project development and construction activities.
“With over 300 MW of operating assets across 10 states and a robust development pipeline, Aspen is well positioned to serve the growing power needs of our customers,” said Michael Sheehan, CEO of Aspen Power. “Tax credit monetization timing and certainty are important components of Aspen’s financial planning. Just as speed to power is important, so is the ability to convert tax credits to cash in an efficient manner.”
Sheehan also highlighted the portfolio-based nature of the transaction, noting that Basis Climate and Excelsior were able to underwrite 30 projects through a single process. For Aspen Power, that approach provides a financing model capable of supporting the scale and complexity of its growing community solar operations.
The transaction also represents an important milestone for the Basis Climate and Excelsior partnership. The two companies established their collaboration with the goal of combining clean energy investment expertise with technology-enabled diligence and underwriting capabilities.
According to Erik Underwood, Co-Founder of Basis Climate, the completed transaction demonstrates the partnership’s ability to provide developers with a faster and more coordinated route to capital.
“Closing this first transaction validates the model we’ve built with Excelsior—speed, certainty, and value for developers,” Underwood said. “Aspen brought a 30-project portfolio to our platform, and we were able to underwrite it quickly, match it with a qualified buyer, and close with integrated insurance—all through a single process.”
Underwood said the streamlined approach is intended to address the financing needs of distributed generation companies as they expand their portfolios. Community solar developers often manage a large number of relatively smaller projects, making transaction efficiency increasingly important as deployment volumes increase.
The partnership’s model is also intended to support broader investment in solar and battery storage. As electricity demand grows and distributed energy resources become an increasingly important component of the power system, developers require financing structures capable of supporting projects across multiple markets.
Excelsior Energy Capital views the transaction as an early demonstration of the partnership’s investment thesis. The firm brings clean energy investment experience to the collaboration, while Basis Climate contributes technology and diligence capabilities intended to accelerate the investment process.
“This transaction is a proof point for the partnership’s thesis: that combining deep clean energy expertise with a best-in-class technology platform can meaningfully accelerate capital deployment into solar and battery storage,” said Ryan Fegley, Co-Founder and Partner at Excelsior Energy Capital. “We look forward to building on this success with additional transactions across our pipeline.”
Under the completed transaction, the portfolio consists of community solar projects located across multiple states. The projects are expected to deliver electricity to residential and commercial subscribers, expanding access to distributed solar generation in the communities where the assets are located.
The tax capital commitment covers investment tax credits generated by the projects. The credits are intended to be transferred under Section 6418 of the Inflation Reduction Act, a provision that has created an additional mechanism for renewable energy project developers to monetize eligible federal tax incentives.
Aspen Power remains the owner and operator of the projects and intends to hold the assets over the long term. This ownership structure allows the company to maintain control of the projects while using tax credit monetization as part of its overall financing strategy.
Another notable feature of the transaction is its emphasis on standardized execution. Basis Climate’s diligence expertise and asset management capabilities were used to underwrite the full portfolio on an accelerated timeline. Standardized documentation and a single closing process were designed to simplify the transaction and reduce friction associated with financing a large collection of distributed generation assets.
The transaction is also expected to provide a foundation for future activity between Basis Climate and Excelsior. The partnership is targeting up to $150 million in annual investment in solar and battery storage projects, creating the potential for additional transactions with renewable energy developers and asset owners.
For the broader community solar market, the financing highlights the increasing importance of flexible capital solutions as developers seek to expand distributed generation capacity. Community solar allows customers who may not have suitable rooftops or the ability to install their own solar systems to participate in renewable energy projects. As these projects expand, access to efficient financing can play an important role in maintaining development momentum.
The Aspen Power transaction therefore combines several elements of the evolving renewable energy financing landscape: community solar deployment, federal tax credit monetization, portfolio-level underwriting and institutional investment in distributed energy infrastructure.
With the first transaction now completed, Basis Climate and Excelsior intend to build on the partnership’s initial success by pursuing additional opportunities in solar and battery storage. For Aspen Power, the tax capital commitment provides another source of financial support as the company advances its 2026-2027 project portfolio and continues expanding its presence in the U.S. distributed generation market.
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