Aspen Energy Companions, a US distributed technology developer, has acquired a US$350 million funding from world funding agency Carlyle. It mentioned that the funds shall be used to gasoline its progress and acquisitions technique.
As a part of this acquisition-based progress technique, focusing on the group, multifamily and industrial and industrial (C&I) photo voltaic and storage markets, Aspen has acquired New York-based photo voltaic developer Safari Power from PPL Company. This transaction represents one of many largest photo voltaic C&I transitions within the US up to now, Carlyle mentioned.
Safari Power has acquired or developed over 600 C&I photo voltaic initiatives throughout the US since its basis in 2008, spanning 24 states and Washington DC. Carlyle mentioned that Safari’s initiatives have developed over 893MWh of electrical energy. Aspen has acquired all of Safari’s property and growth platform, together with 220MW of working and under-construction distributed technology photo voltaic property.
Aspen mentioned that following the funding from Carlyle and the Safari acquisition it’s on monitor to attain a gigawatt of capability by mid-decade. “Throughout this important local weather decade, as demand for photo voltaic, storage, and electrical car charging continues to broaden, the Carlyle funding and Safari transaction present a transparent path ahead for our workforce to execute a step-change within the scale of our affect,” mentioned Jackson Lehr, Aspen co-founder and CFO.
Pooja Goyal, chief funding officer of Carlyle’s infrastructure group, mentioned: “At Carlyle, we imagine investing in renewables contains investing throughout the worth chain. This contains investing in not solely massive utility-scale renewable vitality property, but additionally group photo voltaic and distributed technology extra broadly.”
Aspen’s US$120 million fundraise was one of many 5 largest VC-funded offers of Q1 this 12 months, although whole company funding of photo voltaic fell within the US within the first half of 2022, as reported in PV Tech.
Carlyle invested US$374 million in Canadian renewables developer Amp Power final 12 months.