Carlyle pours USD 350m into DG solar firm Aspen Power
Rooftop solar installation in Natick, Massachusetts. Source: Safari Energy LLC.
Funds managed by private equity major Carlyle (NASDAQ:CG) have invested USD 350 million (EUR 358.9m) in US distributed generation (DG) platform Aspen Power Partners LLC to help it pursue its organic and acquisition-driven growth strategy.
Dallas-based Aspen develops, constructs and operates community, multi-family, and commercial and industrial (C&I) solar and storage systems. Carlyle’s investment in the business comes a bit over a month after Aspen announced a deal to acquire New York City-headquartered peer Safari Energy LLC from PPL Corporation (NYSE:PPL).
Today, Aspen provided more detailed information about the now-closed acquisition, saying that it bought Safari’s entire development platform including its 220-MW portfolio of operating and under-construction DG solar assets. The company further noted that Carlyle’s investment, on the other hand, will help the enlarged firm to become a gigawatt-scale business by mid-decade.
“At Carlyle, we believe investing in renewables includes investing across the value chain. This includes investing in not only large utility-scale renewable energy assets, but also community solar and distributed generation more broadly,” said Pooja Goyal, chief investment officer of Carlyle’s Infrastructure Group.