Aspen Power Secures $200 Million Strategic Capital Commitment from Deutsche Bank

Financing accelerates Aspen Power’s development of distributed solar and storage

NEW YORK--(BUSINESS WIRE)--Aspen Power, a leading distributed generation platform backed by Carlyle and dedicated to building the clean energy future, today announced the successful closing of a $200 million capital raise provided by Deutsche Bank. The new capital commitment will bolster Aspen Power’s financial capacity and support growth initiatives across development, vendor engagement, and project deployment as it scales its platform nationwide.

The financing positions Aspen Power to respond quickly to increasing demand for clean energy solutions, enabling expansion of its project pipeline, including community solar, commercial & industrial solar, small utility scale and storage offerings.

“This financing represents an important milestone for Aspen Power and reflects the strength and maturity of the platform we have built,” said Jorge Vargas, Co-Founder and Chief Executive Officer, Aspen Power. “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.”

“Deutsche Bank recognizes the growing demand for distributed clean energy and the related need for flexible development capital,” said Jeremy Eisman, Head of Infrastructure and Energy Financing, Deutsche Bank. “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.”

“Earning the support of an institution like Deutsche Bank speaks to the rigor of Aspen Power’s financial framework and execution capabilities,” said Bill DeLong, Chief Financial Officer, Aspen Power. “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.”

“Aspen Power has built a strong, resilient, and well-capitalized platform positioned to meet growing demand for distributed solar and storage nationwide,” said Saurabh Anand, Managing Director, Carlyle. “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."

Aspen Power’s business model combining origination, development, construction, and asset ownership, is designed to deliver sustainable, cost-effective clean energy at scale. The new capital commitment enhances the company’s flexibility to execute on its pipeline, bring additional vendors on board, and accelerate project delivery for customers across multiple verticals.

Solar continues to expand as one of the fastest-growing U.S. energy sectors, driven by declining costs, improving storage options, and strong demand from communities and commercial customers. Over the past year, Aspen Power has added new projects across New York, Illinois, New Jersey, and Pennsylvania, strengthening its presence in core markets. With this new capital, Aspen is positioned to broaden access to clean energy for customers nationwide.

About Aspen Power

Aspen Power is a distributed energy generation platform that is building the clean energy future. 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 throughout the U.S. For more information, please visit aspenpower.com.

About Deutsche Bank

The Deutsche Bank Private Credit and Infrastructure business (PCI) is Deutsche Bank’s US-based balance sheet lending platform. PCI provides financing to bank clients including corporates, projects and alternative investment managers using bank capital. PCI has a wide mandate to underwrite loan facilities including corporate, holdco, bridge, term, construction and development loans, as well as letters of credit, with a focus across digital, power and conventional infrastructure, venture debt and fund finance. In the last 8 years PCI has underwritten transactions in excess of $50 billion and currently maintains over $21 billion in balances outstanding. The Deutsche Bank Trust and Agency Services team provides administrative services to project, acquisition, corporate and other financings across the infrastructure and energy markets.