Clean energy platform Aspen Power announced today the closing of a $200 million capital raise provided by Deutsche Bank, with proceeds from the financing aimed at accelerating its development of distributed solar and storage projects across the U.S.
Founded in 2020, New York-based Aspen Power is a distributed energy generation platform focused on helping to decarbonize the grid and provide clean and affordable energy to consumers. The company provides end-to-end renewable energy solutions including solar and energy storage to businesses and communities, with services including property and portfolio analysis, development, finance, design build, and operation. To date, the company has financed more than $2.5 billion of renewable energy projects and expanded its portfolio as independent power producer to over 600 projects.
Aspen Power said that the new financing will bolster its financial capacity and support growth initiatives across development, vendor engagement, and project deployment as it scales its platform nationwide, enhancing its flexibility to execute on its pipeline, bring additional vendors on board, and accelerate project delivery for customers across multiple verticals.
Jorge Vargas, Co-Founder and CEO of Aspen Power, said:
“Aspen has consistently earned the trust of leading financial institutions by deploying capital with discipline and executing reliably across a growing national portfolio. We are pleased to welcome Deutsche Bank as a partner alongside other leading financial institutions, and we believe this commitment further strengthens our ability to originate, develop, and deliver high-quality distributed solar and storage projects at scale.”
According to Aspen Power and Deutsche Bank, the new capital commitment comes as solar expands as one of the fastest-growing U.S. energy sectors, driven by declining costs, improving storage options, and strong demand from communities and commercial customers, with the financing positioning the company to respond quickly to increasing demand for clean energy solutions.
Jeremy Eisman, Head of Infrastructure and Energy Financing, Deutsche Bank, said:
“Deutsche Bank recognizes the growing demand for distributed clean energy and the related need for flexible development capital. We believe Aspen Power’s strategy and execution are well-aligned with the transition to a low-carbon future, and we are proud to join Carlyle in supporting Aspen’s next phase of growth and development.”
The new capital commitment follows a $350 million investment in 2022 from global private capital investment firm Carlyle, followed by subsequent financings by firms including J.P. Morgan, Lombard Odier, and Mitsubishi UFJ Financial Group, Inc. (MUFG).
Saurabh Anand, Managing Director at Carlyle, said:
“Aspen Power has built a strong, resilient, and well-capitalized platform positioned to meet growing demand for distributed solar and storage nationwide. Over the past several years, the company has demonstrated disciplined growth, rigorous market selection, and consistent execution across an expanding national footprint. We are pleased to welcome Deutsche Bank as a partner as Aspen enters its next phase of expansion, and we believe this additional scale will strengthen the company’s ability to deliver high-quality projects.”
