US solar firm Aspen Power secures US$90 million for project development

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The fund will be used to develop community solar, small-utility and commercial and industrial (C&I) projects. Image: Aspen Power

Solar developer Aspen Power has secured US$90 million to continue developing its community solar, small-utility and commercial and industrial (C&I) projects.

The financing consists of a US$70 million credit facility from J.P. Morgan and a US$20 million revolving equipment supply loan provided by First Citizens Bank’s Energy Finance group.

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“In a relatively short time, drawing on its principals’ long track records, Aspen Power has developed a strong reputation for its skill in developing outstanding clean power solutions for its clients,” said Mike Lorusso, managing director and leader of the CIT Energy business at First Citizens Bank.

Aspen Power provides renewable energy solutions including solar and energy storage to businesses, communities, and other industry constituents to address a diverse array of energy needs. It also develops renewable energy assets as part of its fully integrated platform.

Last year, Aspen Power received a US$350 million investment from global investment firm Carlyle. It said that the funds would be used to fuel its growth and acquisitions strategy.

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