Aspen Power announced it has closed a $200 million capital raise from Deutsche Bank, bolstering the Carlyle-backed distributed generation platform’s financial capacity as it scales development of solar and storage projects across the U.S.
The New York-based company said the commitment will support growth initiatives across development, vendor engagement and project deployment, positioning Aspen to move faster on an expanding pipeline that includes community solar, commercial and industrial solar, small utility-scale solar and energy storage.
Aspen said its platform model spans origination, development, construction and long-term asset ownership, giving it flexibility to execute projects at scale while adding vendors and accelerating delivery for customers across multiple market segments.
The financing comes as U.S. solar continues to grow, supported by falling costs, improving storage economics and rising demand from both communities and commercial customers. Aspen said it added projects over the past year in New York, Illinois, New Jersey and Pennsylvania, strengthening its footprint in core markets as it looks to broaden access to distributed clean energy nationwide.
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“This financing represents an important milestone for Aspen Power and reflects the strength and maturity of the platform we have built. Aspen has consistently earned the trust of leading financial institutions by deploying capital with discipline and executing reliably across a growing national portfolio. We are pleased to welcome Deutsche Bank as a partner alongside other leading financial institutions, and we believe this commitment further strengthens our ability to originate, develop, and deliver high-quality distributed solar and storage projects at scale.”
Jorge Vargas, Co-Founder and Chief Executive Officer, Aspen Power
“Deutsche Bank recognizes the growing demand for distributed clean energy and the related need for flexible development capital. We believe Aspen Power’s strategy and execution are well-aligned with the transition to a low-carbon future, and we are proud to join Carlyle in supporting Aspen’s next phase of growth and development.”
Jeremy Eisman, Head of Infrastructure and Energy Financing, Deutsche Bank
“Earning the support of an institution like Deutsche Bank speaks to the rigor of Aspen Power’s financial framework and execution capabilities. This capital enhances our ability to manage growth thoughtfully, partner effectively with vendors, and deliver projects that meet the expectations of our investors and lenders.”
Bill DeLong, Chief Financial Officer, Aspen Power
“Aspen Power has built a strong, resilient, and well-capitalized platform positioned to meet growing demand for distributed solar and storage nationwide. Over the past several years, the company has demonstrated disciplined growth, rigorous market selection, and consistent execution across an expanding national footprint. We are pleased to welcome Deutsche Bank as a partner as Aspen enters its next phase of expansion, and we believe this additional scale will strengthen the company’s ability to deliver high-quality projects.”
Saurabh Anand, Managing Director, Carlyle
