Aspen Power Partners Receives $350 Million from Carlyle for Growth and Acquisition Strategy
CARLYLE GROUP INC
Aspen Power Partners LLC (Aspen), a distributed generating platform to speed decarbonisation, received a $350 million investment from funds managed by Carlyle.
This investment supports Aspen's organic and acquisition-driven growth strategy in the community, multifamily, and commercial & industrial (C&I) solar and storage industries. Aspen has acquired Safari Energy, LLC (Safari) from PPL Corporation to implement this strategy.
The purchase of Safari is one of the largest distributed solar C&I deals that has ever happened. Since it started in 2008, Safari has bought or built more than 600 C&I solar projects across the country. Safari's projects have produced more than 893,000 megawatt-hours of electricity, which is the same as avoiding more than 632,000 metric tonnes of CO2 emissions. These projects are in 24 states and Washington, D.C.
Aspen has acquired Safari’s complete development platform, including its 220 MW portfolio of operating and under-construction distributed generation solar assets. With the investment from Carlyle and the closing of the Safari deal, Aspen is on track to reach the gigawatt scale by the middle of the 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. "Our partnership with Aspen is very exciting, and we're looking forward to helping their business grow into a large-scale platform for distributed generation."
J.B. Oldenburg, Managing Director on the Renewable and Sustainable Energy team at Carlyle, said:
"We are thrilled to support Aspen at this inflection point and believe the platform is well-positioned to benefit from the transformational shift we see in decarbonising the economy. Our investment in Aspen is a commitment to accelerating the widespread accessibility and availability of solar and storage, which we believe is accretive to our portfolio by supporting this decarbonisation."
When Safari's leading platform and assets are combined with Aspen's community solar portfolios and multifamily solar pipeline, a diversified distributed generation independent power producer is created.
Aspen will continue to support Safari's solutions-oriented service approach and expects the merged firm to be more flexible in meeting clients' increasing needs in the traditionally underserved distributed generation market. The company is well-positioned to offer creative and adaptable solutions to the rapidly expanding solar and storage markets.
“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.
“We want to thank our existing investors Ultra Capital, Lombard Odier, Redball Ventures, and Two Seven Ventures for supporting our growth to date and welcome the Carlyle team as our partners for this next stage of growth,” said Jorge E. Vargas, Aspen Co-Founder and CEO. “We also welcome our newest teammates from Safari and look forward to all we can accomplish together in the months and years ahead.”