Aspen Power Acquires Operating New Jersey Rooftop Solar Portfolio

Projects in PSE&G territory acquired from industrial real estate developer

NEW YORK--(BUSINESS WIRE)--Aspen Power, a leading distributed generation platform building the clean energy future, today announced the acquisition of two operating rooftop solar projects totaling 6.44 megawatts direct current (MWdc) from multigenerational real estate developer The Avidan Group. The projects, located in PSE&G territory in New Jersey, have operated for more than a decade and produce over 7 million kilowatt-hours annually, equivalent to the annual electricity use of more than 1,000 homes or charging nearly 400 million smartphones each year.

The solar projects were built using American-made materials and provide a majority of the buildings’ electricity needs. Originally developed through PSE&G’s Solar Loan Program, the systems were designed to deliver long-term energy cost stability.

“At Aspen Power, we help real estate owners transition out of solar ownership while ensuring their systems continue to perform,” said Jeff Martin, Vice President, Acquisitions and Structuring, Aspen Power. “We specialize in stepping in as long-term owners so our partners can stay focused on their core business while unlocking additional value.”

Aspen Power is actively acquiring legacy solar assets like these as part of its disciplined growth strategy. By bringing experienced ownership and asset management to operating projects, the company helps ensure continued performance while providing real estate owners with a clear path to monetize legacy solar assets and reduce operational burden.

“We’re proud of the role these systems have played in helping reduce energy costs and improve building performance over the past decade plus,” said Josh Avidan, Managing Member at The Avidan Group. “Aspen Power brings the scale, operational depth, and long-term investment horizon needed to steward these projects into their next phase while we continue to focus on growing and managing our real estate portfolio.”

The acquisition reflects Aspen Power’s continued focus on acquiring assets in core distributed generation markets and partnering with real estate owners seeking reliable solar ownership solutions.

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 The Avidan Group

The Avidan Group is a family-owned and operated industrial real estate developer headquartered in Elizabeth, New Jersey, with more than 60 years of multi-generational experience, focused on the development, ownership, and hands-on management of high-quality, strategically located single- and multi-purpose industrial properties. Today, The Avidan Group actively manages approximately one million square feet of industrial real estate assets, including warehouse and distribution facilities, flex space, and outdoor storage, with a strong footprint in New Jersey, Maryland, Tennessee, and Florida. For more information, please visit www.theavidangroup.com.