Decarbonization-focused distributed power generation platform Aspen Power Partners announced a $350 million investment from global private capital investment firm Carlyle today, aimed at supporting its organic and M&A-focused growth strategy targeting the community, multifamily, and commercial & industrial solar and storage markets.
Aspen Power develops, constructs and operates community, multifamily, and C&I solar and storage installations, aimed at enabling consumers and businesses of all income levels to access clean renewable energy. The company’s typical structure involves the acquisition and joint development of a pipeline or portfolio of projects with line of sight to completion within 12 to 24 months.
Pooja Goyal, Chief Investment Officer of Carlyle’s Infrastructure Group, said:
“At Carlyle, we believe investing in renewables includes investing across the value chain. This includes investing in not only large utility scale renewable energy assets, but also community solar and distributed generation more broadly.”
Aspen Power recently announced of the acquisition of Safari Energy from PPL Corporation, marking one of the industry’s largest distributed solar C&I transactions to date. According to the company, combining Safari’s platform and assets with Aspen’s community solar portfolios and multifamily solar pipeline will create a diversified distributed generation independent power producer.
Jackson Lehr, Aspen Co-Founder and CFO, said:
“During this critical climate decade, as demand for solar, storage, and electric vehicle charging continues to expand, the Carlyle investment and Safari transaction provide a clear path forward for our team to execute a step-change in the scale of our impact.”
The investment follows the establishment by Carlyle earlier this year of a new energy transition-focused investment platform, centralizing the firm’s infrastructure and energy capabilities to capture emerging investment opportunities arising from global decarbonization efforts, operating within the company’s Global Infrastructure business.
J.B. Oldenburg, Managing Director on the Renewable and Sustainable Energy team at Carlyle, said:
“Our investment in Aspen is a commitment to accelerating the widespread accessibility and availability of solar and storage, which we believe is accretive to our portfolio by supporting this decade’s ambitious renewable energy and climate change targets.”