US distributed generation platform Aspen Power has secured US$241 million in three financing tranches to support construction of its future solar PV assets.
The financing came through two expanded credit facilities from JP Morgan and Lombard Odier worth a collective US$117 million and a construction-to-term facility with Mitsubishi UFJ Financial Group (MUFG) for US$124 million.
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The latter money from MUFG will directly support construction of new solar assets across the US, Aspen said.
Aspen Power develops community solar, small utility-scale and corporate & industrial (C&I) projects, as well as energy storage systems, across several US states. In the last year, the company has conducted a number of raises to fund its growth and development of distributed solar; in November 2022 it secured a US$350 million investment from Carlyle – a global investment firm – as part of which Aspen acquired New York-based C&I solar developer Safari Energy.
Then in July 2023 it bagged a US$90 million credit facility from JP Morgan alongside First Citizens Bank’s Energy Finance group. The company says that it has developed or acquired over 600 renewable energy projects to date across 26 US states.