New investments and facilities from Carlyle, BMO, and MUFG fuel expansion

Aspen Power, a leading distributed generation platform dedicated to building the clean energy future, announced multiple new financings to support its expansion across the U.S. The company announced the successful closing of an additional investment from Carlyle, building on the firm’s initial commitment in 2022, while also securing a new $142 million construction-to-term credit facility with MUFG to fund its 2025 project pipeline.

Aspen Power also announced a $50 million revolving credit facility with BMO, replacing its prior financing arrangement with Lombard Odier Asset Management Corp.

“This additional investment from Carlyle, facility from BMO, and financing from MUFG provide Aspen Power with the support and capital to accelerate renewable energy projects that deliver economic and environmental value for communities and stakeholders,” said Jorge Vargas, CEO of Aspen Power. “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 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, 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.”

The Carlyle investment further solidifies Carlyle’s strategic relationship with Aspen Power and underscores the firm’s confidence in Aspen’s ability to capture emerging market opportunities within the renewable energy sector. Aspen Power will leverage these funds to accelerate the development of high-impact projects across its community solar, commercial and industrial (C&I), multifamily, and small-scale utility portfolios.

Aspen’s new facility 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.

“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, BMO. “We are proud to support Aspen Power with a development facility that will provide energy solutions for communities and businesses across the country.”

“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, 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.”

Aspen Power continues to prioritize strategic growth by partnering with property owners, municipalities, consumers, and businesses to create clean energy solutions.

About Aspen Power

Aspen Power is a distributed energy generation platform that is building the clean energy future. We partner with businesses, communities, and others in the industry to develop, construct, own, and operate renewable energy assets. Our experienced team is passionate about solving our clients’ energy challenges throughout the U.S. For more information, please visit aspenpower.com.

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