Aspen Power Partners Announces $350 Million Investment from Carlyle to Fuel Growth and Acquisition Strategy
Aspen Power Partners LLC (“Aspen”), a distributed generation platform with the mission of accelerating decarbonization, today announced a $350 million investment from funds managed by global investment firm Carlyle (NASDAQ: CG). The investment supports Aspen’s organic and acquisition-driven growth strategy targeting the community, multifamily, and commercial & industrial (“C&I”) solar and storage markets. To launch this strategy, Aspen has acquired Safari Energy, LLC (“Safari”) from PPL Corporation (NYSE: PPL).
The acquisition of Safari represents one of the industry’s largest distributed solar C&I transactions to date. Founded in 2008, Safari has acquired or developed more than 600 C&I solar projects nationwide. Spanning 24 states and Washington, D.C., Safari’s projects have generated more than 893,000 megawatt-hours of electricity, or the equivalent of avoiding more than 632,000 metric tons of CO2 emissions. Aspen has acquired Safari’s complete development platform including its 220 MW portfolio of operating and under-construction distributed generation solar assets. With Carlyle’s investment and the close of the Safari acquisition, Aspen is on track to achieve gigawatt scale by mid-decade.
“At Carlyle, we believe investing in renewables includes investing across the value chain. This includes investing in not only large utility scale renewable energy assets, but also community solar and distributed generation more broadly,” said Pooja Goyal, Chief Investment Officer of Carlyle’s Infrastructure Group. “We are very excited about our partnership with Aspen and look forward to facilitating the growth of their business into a distributed generation platform of scale.”
Photo courtesy of Karsten Würth.