Aspen Power Secures Major Financings to Propel Distributed Generation Expansion
Aspen Power, a prominent distributed generation platform committed to advancing the clean energy transition, has announced multiple financing agreements to support its continued expansion across the United States. The company has successfully closed an additional investment from Carlyle, reinforcing the financial firm’s initial commitment made in 2022. Additionally, Aspen Power has secured a new $142 million construction-to-term credit facility with MUFG to finance its 2025 project pipeline. Furthermore, the company has replaced its previous financing arrangement with Lombard Odier Asset Management Corp. by securing a $50 million revolving credit facility with BMO. These financings mark a significant milestone for Aspen Power as it strengthens its financial foundation to accelerate the deployment of renewable energy solutions nationwide.
Strengthening Financial Backing for Growth
Jorge Vargas, CEO of Aspen Power, emphasized the importance of these new financial partnerships in propelling the company’s mission to deliver clean energy solutions.
“This additional investment from Carlyle, the facility from BMO, and the financing from MUFG provide Aspen Power with the support and capital necessary to accelerate renewable energy projects that deliver both economic and environmental value for communities and stakeholders,” Vargas stated. “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.”
Aspen Power has been at the forefront of distributed generation, focusing on the development and deployment of community solar, commercial and industrial (C&I) projects, multifamily solutions, and small-scale utility projects. The additional capital injection will enable Aspen Power to scale its operations and accelerate the completion of its project pipeline.
Carlyle’s Deepened Investment in Aspen Power
The renewed investment from Carlyle further solidifies the financial firm’s strategic partnership with Aspen Power. Carlyle has demonstrated confidence in Aspen Power’s ability to drive meaningful economic and environmental impact through distributed generation projects.
“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. “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 investment underscores its commitment to the renewable energy sector, recognizing Aspen Power’s potential to capitalize on emerging market opportunities. Aspen Power plans to utilize the newly acquired funds to accelerate the development of high-impact projects across various segments, including community solar, C&I, multifamily, and small-scale utility solutions.
BMO’s $50 Million Revolving Credit Facility
Aspen Power’s new financing arrangement with BMO enhances its ability to invest in project development, optimize its existing pipeline, and bring more clean energy solutions to businesses and communities nationwide. The revolving credit facility provides Aspen Power with flexible capital, allowing the company to efficiently fund its ongoing and upcoming renewable energy projects.
“BMO is committed to supporting the financial progress of our customers, clients, and the communities we serve—helping economies to thrive,” said Carrie Cook, Global Head of Investment and Corporate Banking at BMO. “We are proud to support Aspen Power with a development facility that will provide energy solutions for communities and businesses across the country.”
The new credit facility will enable Aspen Power to continue expanding its portfolio, increasing access to clean energy for a diverse range of stakeholders, including businesses, property owners, municipalities, and consumers. By providing the financial backing required to execute projects efficiently, Aspen Power is positioning itself as a leader in the distributed generation market.
MUFG’s $142 Million Construction-to-Term Credit Facility
Aspen Power’s successful securing of a $142 million construction-to-term credit facility with MUFG represents another major step forward in its financial strategy. This facility is designed to support the development and construction of projects within Aspen Power’s 2025 pipeline.
“MUFG is proud to continue our collaboration with Aspen Power through this construction-to-term credit facility,” said Alex Wernberg, Managing Director and Head of North American Power Project Finance at MUFG. “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.”
MUFG’s involvement reflects the growing financial sector confidence in Aspen Power’s business model and vision. The construction-to-term credit facility will ensure that Aspen Power has the necessary capital to bring its distributed generation projects from the development phase to completion, further solidifying its presence in the renewable energy market.
Aspen Power’s Commitment to Strategic Growth
Aspen Power continues to prioritize strategic growth by fostering partnerships with property owners, municipalities, consumers, and businesses to create clean energy solutions that drive economic and environmental benefits. The company’s commitment to expanding its footprint in the distributed generation space is evidenced by its proactive approach in securing new financial partnerships and investments.
With the backing of prominent financial institutions such as Carlyle, BMO, and MUFG, Aspen Power is well-positioned to scale its operations, deploy clean energy technologies, and contribute to the broader transition toward a sustainable energy future. The company’s ability to attract major institutional investors underscores its credibility as a leader in distributed generation and reinforces its mission to provide innovative and impactful energy solutions.
Expanding the Impact of Distributed Generation
The distributed generation market is experiencing rapid growth, driven by increased demand for renewable energy solutions, evolving regulatory policies, and advancements in technology. Aspen Power is at the forefront of this expansion, leveraging its expertise and financial backing to deliver high-quality projects that meet the needs of businesses, communities, and energy consumers.
Through strategic investments and financing arrangements, Aspen Power is poised to:
- Expand access to community solar programs, enabling greater participation in clean energy initiatives.
- Develop commercial and industrial solar solutions that reduce operational costs for businesses while lowering carbon footprints.
- Deliver multifamily solar projects that provide tenants and property owners with cost-effective and sustainable energy options.
- Scale small-scale utility projects that contribute to grid resilience and energy independence.
By focusing on these key areas, Aspen Power is reinforcing its role as a leader in the distributed generation space, driving meaningful change in the energy sector while ensuring long-term sustainability and profitability.
The Future of Aspen Power
As Aspen Power continues to build momentum, the company remains committed to its mission of accelerating the transition to clean energy through distributed generation. The latest financing agreements provide Aspen Power with the necessary resources to execute its ambitious plans, expanding its reach and impact across the country.
The partnerships with Carlyle, BMO, and MUFG represent a strong vote of confidence in Aspen Power’s strategic direction and execution capabilities. With these financial resources in place, Aspen Power is well-equipped to navigate the evolving energy landscape, seize new opportunities, and contribute to a more sustainable and resilient energy future.
Aspen Power’s ability to secure significant financial backing underscores the strength of its business model, leadership team, and market positioning. As the company moves forward, it will continue to leverage its financial resources, industry expertise, and strategic partnerships to drive innovation and growth in the renewable energy sector.
