Aspen Power Closes Large Funding Round

Aspen Power has completed three financings totaling $241 million with J.P. Morgan, Lombard Odier and Mitsubishi UFJ Financial Group Inc. (MUFG). The expanded credit facilities with J.P. Morgan and Lombard Odier, as well as a new construction-to-term facility with MUFG, are expected to promote Aspen Power’s continued strategic growth and support the timely and efficient construction of new solar energy projects.

“These recent financial closings represent a significant milestone for Aspen Power by more than doubling earlier commitments and establishing critical new relationships,” says Jorge Vargas, CEO of Aspen Power. “Not only do they underscore the confidence our valued financial partners have in our vision and strategy, but they also reflect a recognition of Aspen Power’s unwavering commitment to sustained growth.”

The $124 million construction-to-term facility with MUFG will directly support the construction of new solar assets across multiple states and revenue structures.

To date, Aspen Power has developed or acquired more than 600 renewable energy projects across 26 states.

Carlyle Capital Markets served as Aspen Power’s advisor.