Aspen Power Announces CEO Transition; Co-Founder Jorge Vargas Leaving, Michael Sheehan Named Chief Executive Officer

Sheehan brings 15+ years of renewable energy experience from NextEra, BrightNight, and Dimension Energy

NEW YORK--(BUSINESS WIRE)--Aspen Power, a leading distributed generation platform dedicated to building the clean energy future, announced that Jorge Vargas, co-founder and Chief Executive Officer, is leaving the role. Michael Sheehan, previously Chief Operating Officer of Dimension Energy, will assume the role of Chief Executive Officer at Aspen Power.

Vargas co-founded Aspen Power in 2021 and served initially as a Managing Partner and subsequently as CEO through every stage of the company's growth, from initial platform inception to raising more than $1 billion and building out a diversified distributed generation portfolio across 19 states. He will stay with the company through a 60-day transition period.

“Carlyle is proud of what Jorge and the Aspen team have accomplished since its investment in 2022, and we are grateful for his leadership and contributions in building Aspen into the platform it is today,” said Saurabh Anand, Managing Director, Carlyle. “This transition positions Aspen for its next phase of growth. Michael brings the operational discipline, commercial judgment, and industry experience needed to scale the platform and execute on the significant opportunities ahead. We remain highly committed to Aspen Power’s long-term success and to supporting the company’s continued growth.”

"Distributed solar has reshaped how communities and businesses across this country access affordable clean energy. Aspen was built to accelerate that, and what this team has delivered is something I am genuinely proud of," said Jorge Vargas, Co-Founder and outgoing CEO, Aspen Power. “The foundation is strong, the mission is clear, and I have no doubt the best is still ahead. I leave with full confidence in where this company is headed."

Sheehan brings more than 15 years of renewable energy experience. At Dimension Energy, he served as the company's first COO, overseeing operations across its 2+ GW community solar pipeline. Earlier, he served as Chief Customer Officer at BrightNight, where he led origination and commercial operations in the U.S. Prior to that, he spent more than a decade at NextEra Energy Resources, where he oversaw development, construction, and operation of electric transmission assets and managed more than 6 GW of renewable and storage projects across the U.S., Canada, and Spain.

"Aspen has built an impressive platform making my focus in the near term straightforward: execute on the pipeline, strengthen partner relationships, and continue building the operational infrastructure that enables disciplined growth," said Michael Sheehan, incoming CEO, Aspen Power. “At the same time, we have an opportunity to scale this platform in a way that delivers consistent value for our partners, investors, and the communities we serve.”

Aspen Power will continue to operate as an independent power producer with a clear focus on execution, disciplined growth, and long-term value creation. The company’s development pipeline, partner relationships, and strategic priorities remain unchanged, with an emphasis on scaling a durable distributed generation platform positioned to meet growing demand for flexible, locally delivered energy solutions across the United States.

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.