Aspen Power Closes on Initial Community Solar Sites in New York Portfolio

Initial portfolio from Greenwood Sustainability Infrastructure totals 23 MWdc

NEW YORK--(BUSINESS WIRE)--Aspen Power, a leading distributed generation platform dedicated to building the clean energy future, announced today that it has closed on a community solar portfolio from Greenwood Sustainability Infrastructure (GSI), totaling 23 megawatts of direct current (MWdc) capacity.

The projects, located in the New York State Electric and Gas (NYSEG) and National Grid utility territories, are set to enhance renewable energy access in the region. These projects will participate in New York’s Value of Distributed Energy Resources (VDER) program, offering subscribers a discount on prevailing utility rates while contributing valuable clean energy to the grid.

“This marks an important milestone in Aspen Power’s partnership with GSI as we continue to expand our presence in New York’s renewable energy market,” said Jorge Vargas, Chief Executive Officer, Aspen Power. “By closing on these initial sites, we are advancing our mission to support New York’s clean energy goals and provide tangible benefits to the communities we serve.”

“This transaction exemplifies the value of strategic collaboration in advancing renewable energy projects while recognizing GSI’s development acumen within the solar industry” said Mazen Turk, CEO, Greenwood Sustainability Infrastructure. "By working with Aspen Power, we’re ensuring that these projects will deliver meaningful benefits to New York communities while unlocking the value of our assets in alignment with GSI’s overall market strategy.”

Incorporating advanced Single-Axis Tracking (SAT) systems, these projects are designed to maximize energy production by following the sun’s trajectory throughout the day. This technology underscores Aspen Power’s commitment to enhancing the efficiency and impact of its renewable energy projects.

Through this strategic collaboration, GSI benefits from Aspen Power’s expertise and resources in scaling and managing community solar assets, ensuring their successful deployment and long-term operation.

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.

About GSI

Greenwood Sustainable Infrastructure (GSI) is one of the clean energy subsidiaries of Libra Group. GSI is a renewable energy company focused on the development, construction, and operation of distributed generation and utility-scale solar energy and battery storage projects in North America. As of September 2024, the company developed approximately 388 MW DC across 71 renewable energy projects, many of which are still owned or operated by GSI and have an additional project pipeline of 2.3 GW. GSI’s seasoned team has a proven track record of investing in power assets and partnering with multiple top-tiered investors. For more information on Greenwood Sustainable Infrastructure (GSI), visit: http://www.greenwoodinfra.com.