Upsized credit facilities with J.P. Morgan and Lombard Odier and new construction-to-term facility with MUFG

Aspen Power, a leading distributed generation platform with a mission to accelerate and democratize decarbonization, today announced it has completed three financings totaling $241 million with J.P. Morgan, Lombard Odier, and Mitsubishi UFJ Financial Group, Inc. (MUFG). The expanded credit facilities with J.P. Morgan and Lombard Odier, as well as a new construction-to-term facility with MUFG, are expected to promote Aspen Power’s continued strategic growth and support the timely and efficient construction of new solar energy projects.

“These recent financial closings represent a significant milestone for Aspen Power by more than doubling earlier commitments and establishing critical new relationships,” said Jorge Vargas, Chief Executive Officer, Aspen Power. “Not only do they underscore the confidence our valued financial partners have in our vision and strategy, but they also reflect a recognition of Aspen Power’s unwavering commitment to sustained growth.”

The $124 million construction-to-term facility with MUFG will directly support the construction of new solar assets across multiple states and revenue structures. “Aspen Power has an established track record and expertise in delivering complex solar projects across diverse sectors and geographies,” commented Alex Wernberg, Managing Director & Head of North American Power Project Finance, MUFG. “We are pleased to support Aspen Power’s near-term construction activities and look forward to further opportunities to work together in the future.”

“We are pleased to further assist in catalyzing Aspen Power’s attractive position in the secular shift towards a distributed, decarbonized economy,” said Christophe Khaw, Chief Investment Officer, Americas at Lombard Odier Investment Managers (“LOIM”). “The team's strategic approach continues to demonstrate market leadership, and the authenticity of their commitment to an inclusive climate transition is deeply aligned with the sustainable investment objective of our Sustainable Private Credit Strategy,” he added.

“J.P. Morgan is proud to provide financing to support Aspen’s next phase of growth, and we applaud the team’s dedication to advancing the energy transition,” said Eric Cohen, Head of Green Economy Banking at J.P. Morgan Commercial Banking. “Our work together is actively helping to decarbonize the globe, grow local economies and build a more sustainable future.”

Today’s announced deals build on Carlyle’s strategic investment in Aspen Power’s platform in 2022. “Aspen Power’s success in securing these financing commitments is a testament to management team’s exceptional execution capabilities paired with the expertise of our capital markets team,” said Saurabh Anand, Managing Director, Carlyle and Lead Board Member, Aspen Power. “We are confident in Aspen's continued growth trajectory as they continue to play a pivotal role in driving global energy transition.”

To date, Aspen Power has developed or acquired more than 600 renewable energy projects across 26 states in its pursuit to build a sustainable energy future.

Carlyle Capital Markets served as Aspen Power’s advisor.

About Aspen Power

Aspen Power is a distributed energy generation platform with the dual mission of accelerating and democratizing decarbonization. We partner with businesses, communities, and others in the industry to develop, construct, own and operate renewable energy assets. Our experienced team is passionate about solving our clients’ energy challenges to deliver a sustainable future throughout the U.S. For more information, please visit aspenpower.com.

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