Aspen Power has closed a $200 million capital raise led by Deutsche Bank, strengthening its balance sheet as it accelerates the rollout of distributed solar and energy storage projects across the United States. The new financing is intended to support faster project development, deeper vendor engagement, and expanded deployment capacity as demand for local clean energy continues to rise.

Founded in 2020 and headquartered in New York, Aspen Power operates as a distributed energy generation platform focused on decarbonising the grid while delivering affordable energy solutions to businesses and communities. The company provides end-to-end services spanning site and portfolio analysis, project development, financing, design and construction, and long-term operations.

Scaling a National Distributed Energy Platform

Aspen Power said the new capital will enhance its flexibility to execute on a growing national pipeline, onboard additional development and construction partners, and shorten delivery timelines for customers across multiple commercial and community-focused segments. To date, the company has financed more than $2.5 billion in renewable energy assets and expanded its independent power producer portfolio to over 600 distributed projects nationwide.

Chief Executive Officer and Co-Founder Jorge Vargas said the transaction reflects sustained confidence from major financial institutions in Aspen’s execution model and capital discipline. He noted that the Deutsche Bank commitment further strengthens the company’s ability to originate and deliver high-quality distributed solar and storage projects at scale.

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Market Tailwinds for Distributed Solar and Storage

The financing comes as distributed solar continues to rank among the fastest-growing segments of the U.S. energy market. Falling technology costs, improving energy storage economics, and rising demand from commercial customers and local communities are reshaping how power is generated and consumed. Aspen Power and Deutsche Bank said the new capital positions the platform to respond quickly to this demand while supporting the broader transition to a low-carbon energy system.

Jeremy Eisman, Head of Infrastructure and Energy Financing at Deutsche Bank, said the bank sees strong need for flexible development capital to support distributed clean energy growth. He added that Aspen Power’s strategy and track record align well with long-term decarbonisation goals.

Building on Established Institutional Backing

The Deutsche Bank financing builds on a $350 million investment made in 2022 by global private investment firm Carlyle. Since then, Aspen Power has secured additional financing from institutions including J.P. Morgan, Lombard Odier, and Mitsubishi UFJ Financial Group.

Saurabh Anand, Managing Director at Carlyle, said Aspen Power has built a resilient and well-capitalised platform through disciplined growth, careful market selection, and consistent execution. He welcomed Deutsche Bank as a new partner, noting that the added scale is expected to strengthen Aspen’s ability to meet rising nationwide demand for distributed solar and storage solutions.

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Positioning for the Next Phase of Growth

With this latest capital raise, Aspen Power enters its next phase of expansion with increased financial capacity and institutional backing. As utilities, businesses, and communities look for faster-to-deploy clean energy solutions, the company is positioning itself to play a larger role in decentralising power generation and supporting U.S. decarbonisation efforts through scalable, distributed infrastructure.

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