Solar developer Aspen Power secures US$350 million investment from Carlyle

Facebook
Twitter
LinkedIn
Reddit
Email
Aspen has acquired New York-based solar developer Safari Energy. Image: Aspen Power Partners.

Aspen Power Partners, a US distributed generation developer, has received a US$350 million investment from global investment firm Carlyle. It said that the funds will be used to fuel its growth and acquisitions strategy.

As part of this acquisition-based growth strategy, targeting the community, multifamily and commercial and industrial (C&I) solar and storage markets, Aspen has acquired New York-based solar developer Safari Energy from PPL Corporation. This transaction represents one of the largest solar C&I transitions in the US to date, Carlyle said.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

Safari Energy has acquired or developed over 600 C&I solar projects across the US since its foundation in 2008, spanning 24 states and Washington DC. Carlyle said that Safari’s projects have developed over 893MWh of electricity. Aspen has acquired all of Safari’s assets and development platform, including 220MW of operating and under-construction distributed generation solar assets.

Aspen said that following the investment from Carlyle and the Safari acquisition it’s on track to achieve a gigawatt of capacity by mid-decade. “During this critical climate decade, as demand for solar, storage, and electric vehicle charging continues to expand, the Carlyle investment and Safari transaction provide a clear path forward for our team to execute a step-change in the scale of our impact,” said Jackson Lehr, Aspen co-founder and CFO. 

Pooja Goyal, chief investment officer of Carlyle’s infrastructure group, said: “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.”

Aspen’s US$120 million fundraise was one of the five largest VC-funded deals of Q1 this year, though total corporate funding of solar fell in the US in the first half of 2022, as reported in PV Tech.

Carlyle invested US$374 million in Canadian renewables developer Amp Energy last year.

7 October 2025
San Francisco Bay Area, USA
PV Tech has been running an annual PV CellTech Conference since 2016. PV CellTech USA, on 7-8 October 2025 is our third PV CellTech conference dedicated to the U.S. manufacturing sector. The events in 2023 and 2024 were a sell out success and 2025 will once again gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing in the U.S. out to 2030 and beyond.
21 October 2025
New York, USA
Returning for its 12th edition, Solar and Storage Finance USA Summit remains the annual event where decision-makers at the forefront of solar and storage projects across the United States and capital converge. Featuring the most active solar and storage transactors, join us for a packed two-days of deal-making, learning and networking.
16 June 2026
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 16-17 June 2026, will be our fifth PV ModulelTech conference dedicated to the U.S. utility scale solar sector. The event will gather the key stakeholders from solar developers, solar asset owners and investors, PV manufacturing, policy-making and and all interested downstream channels and third-party entities. The goal is simple: to map out the PV module supply channels to the U.S. out to 2027 and beyond.

Read Next

June 30, 2025
Voting on the US tax reconciliation bill is expected to begin in the Senate today, following a draft published on Friday that hit clean energy tax credits hard.
June 30, 2025
US clean energy developer Clearway Energy Group has received corporate credit facilities over US$1 billion.
June 30, 2025
Australian module manufacturer Tindo Solar has secured a 30MW solar module supply agreement to power Australia's first "net zero pipeline”.
June 27, 2025
Renewables investment platform Nexwell Power has signed a round of power purchase agreements (PPAs) with “one of the largest” US tech companies for solar PV capacity to be built in Spain.
June 26, 2025
A round-up of news from the US solar sector this week, including Akuo, Meta and RWE.
June 26, 2025
A group of minority shareholders in Norwegian silicon firm REC Silicon has triggered an investigation into the circumstances surrounding the closure of the company’s US polysilicon production site.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
June 30, 2025
10am PST / 6pm BST
Solar Media Events
July 1, 2025
London, UK
Solar Media Events
July 1, 2025
London, UK
Media Partners, Solar Media Events
July 2, 2025
Bangkok, Thailand
Media Partners, Solar Media Events
September 2, 2025
Mexico City, Mexico