Aspen Power
Aspen Power, founded in 2020 and launched publicly in 2021, is a leader in community solar and renewable energy solutions, with a portfolio of over 600 projects and expertise in solar development, project finance, and optimization.
Company History
Aspen Power was founded in 2020 and was incubated at Energy Impact Partners. The company launched publicly in 2021 as a leader in community solar. In 2022, Aspen Power secured a significant $350 million investment from Carlyle. The company rebranded in 2023 with a new logo and website, signaling a refreshed corporate identity and vision.
Expansion and Acquisitions
In its growth trajectory, Aspen Power acquired Safari Energy, a leading commercial and industrial solar developer. This acquisition helped Aspen Power expand its portfolio as an independent power producer to over 600 projects. The company has a presence in multiple segments, including community solar, commercial & industrial, solar developers, public sector, multifamily, and landowners.
Financing and Investment
Aspen Power has successfully completed three financings totaling $241 million with J.P. Morgan, Lombard Odier, and Mitsubishi UFJ Financial Group, Inc. (MUFG). These financial milestones underscore the company's robust financial health and its capability to undertake expansive projects in the renewable energy sector.
Renewable Energy Solutions
Aspen Power offers end-to-end renewable energy solutions, including solar and energy storage. The company specializes in project finance, solar development, operations and maintenance (O&M), and project optimization. Their services extend across multiple market segments and include turnkey project development, Power Purchase Agreements (PPAs), and site leases for flexible financial structures.
Advanced Technologies in Solar Energy
Aspen Power utilizes cutting-edge technologies such as photovoltaics, battery storage, EV charging, and artificial intelligence. AI is specifically used to optimize solar panel placement and predict output, enhancing efficiency and productivity of solar projects. Additionally, the company employs machine learning to improve the evaluation process for solar projects, providing competitive advantages in project development and execution.
Market Segments Served
Aspen Power serves a diverse range of market segments. For multifamily real estate owners, the company offers turnkey energy solutions that generate income, ensure code compliance, and improve tenant amenities. Public sector clients benefit from cost savings and improved sustainability. Additionally, Aspen Power provides solar leases to landowners, ensuring predictable and reliable cashflows. The company also works with REITs, real estate portfolio owners, property managers, and tenants at commercial and industrial sites, completing hundreds of solar projects.