Distributed generation start-up Aspen Power Partners announced today that has raised $120 million with its latest financing round, and officially launched the distributed solar and storage platform.
Following its stated mission of “accelerating and democratizing decarbonization,” Aspen enables consumers at all income levels and businesses with hard-to-reach properties to access renewable energy through its development and financing of community, multifamily, and other distributed solar and storage installations.
Aspen specializes in early stage distributed generation and storage portfolios, with line of sight to completion in 12 to 24 months, originating its own projects and partnering with local developers on their portfolios. The company has already entered into agreements to acquire or develop 48 community and distributed solar projects totaling over 200 megawatts (MW) across California, Maine, Maryland, New York and Pennsylvania.
The company was founded by David Berv, Scott Delaney, Dan Gulick, Jackson Lehr and Jorge Vargas, who collectively have financed over $1 billion of renewable energy projects, and bring expertise across development, construction, project finance and asset management.
“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.”
Aspen was incubated at energy transition-focused venture capital investor Energy Impact Partners (EIP). Participants in the financing round included Ultra Capital, Redball Power, along with other asset managers, family offices and high net worth individuals.
Sameer Reddy, Managing Partner at Energy Impact Partners, said:
“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.”
Kristian Hanelt, Managing Director at Ultra Capital, added:
“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.”