Aspen Power, a distributed energy generation platform building the clean energy future, has acquired two operating rooftop solar projects totaling 6.44 megawatts direct current from multigenerational real estate developer The Avidan Group. The projects, located in PSE&G territory in New Jersey, have operated for more than a decade and produce more than 7 million kilowatt-hours annually, equivalent to the annual electricity use of more than 1,000 homes.
The solar projects were built using American-made materials and provide a majority of the electricity needs of the buildings on which they are installed. Originally developed through PSE&G’s Solar Loan Program, the systems were designed to deliver long-term energy cost stability to the real estate operator. Financial terms were not disclosed.
Aspen Power’s acquisition strategy focuses on stepping in as long-term owners of operating solar assets, allowing real estate partners to transition out of solar ownership while ensuring continued system performance. The company describes itself as a disciplined acquirer of legacy solar assets as part of a broader growth strategy centered on bringing experienced ownership and asset management to operating projects rather than developing new installations from scratch. Vice President of Acquisitions and Structuring Jeff Martin characterized Aspen Power’s role as enabling real estate owners to stay focused on their core business while unlocking additional value from solar assets that may no longer fit their operational or financial priorities.
The Avidan Group, a family-owned and operated industrial real estate developer headquartered in Elizabeth, New Jersey, with more than 60 years of multi-generational experience, manages approximately one million square feet of industrial real estate assets across New Jersey, Maryland, Tennessee, and Florida. Managing Member Josh Avidan noted pride in the role the systems played in reducing energy costs and improving building performance over more than a decade and expressed confidence that Aspen Power brings the scale, operational depth, and long-term investment horizon needed to steward the projects into their next phase.
The deal reflects growing institutional interest in acquiring operating distributed energy assets from real estate owners as the first generation of commercial solar systems approaches or reaches the end of their original financing structures, creating a natural secondary market for experienced operators capable of extending asset lifetimes and managing systems at scale.
KEY QUOTE:
“At Aspen Power, we help real estate owners transition out of solar ownership while ensuring their systems continue to perform. We specialize in stepping in as long-term owners so our partners can stay focused on their core business while unlocking additional value.”
Jeff Martin, Vice President Acquisitions and Structuring, Aspen Power
