Aspen Power, a distributed generation platform headquartered in New York City, has successfully secured a total of $241 million in funding through three separate financial agreements with J.P. Morgan, Lombard Odier, and Mitsubishi UFJ Financial Group, Inc. (MUFG).
This financial boost includes enhanced credit facilities from both J.P. Morgan and Lombard Odier, alongside a novel construction-to-term facility agreement with MUFG. These financial arrangements are set to bolster Aspen Power's strategic expansion plans and underpin the construction of new solar energy projects.
The substantial $124 million construction-to-term facility from MUFG is earmarked specifically for building new solar assets across various states under different revenue models.
Under the leadership of Chief Executive Officer Jorge Vargas, Aspen Power has been at the forefront of distributed energy generation. The company is driven by a two-pronged mission: to hasten the process of decarbonization and make it more accessible to a broader audience. In achieving this, Aspen Power collaborates with a diverse range of partners, including businesses, communities, and other players in the industry, to design, build, own, and manage renewable energy projects.
To this end, Aspen Power has already made significant strides in the renewable energy sector. The company boasts a portfolio of over 600 renewable energy projects spanning 26 states, underscoring its commitment to fostering a more sustainable energy future.