Aspen Power, a distributed generation platform with the dual mission of accelerating and democratizing decarbonization, has acquired 53 MW of community solar projects in Maryland and Pennsylvania from Trajectory Energy Partners, an Illinois-based solar developer.
Trajectory Energy Partners will lead the development of the sites. Aspen will provide approximately $96 million of financial support and oversee the design, subscriber management, and long-term ownership of the assets.
The portfolio consists of ten projects across the mid-Atlantic region. Four of the sites are in Maryland and will participate in the state’s pilot community solar program. The remaining six sites are in Pennsylvania and will be developed in advance of that state’s pending community solar legislation.
Megan Strand, Partner, and Co-Founder of Trajectory Energy Partners: “We are excited to partner with Aspen on such a significant portfolio of projects. Aspen brings a wealth of experience and resources to developing community solar projects. With Aspen’s financial backing, we can deliver projects that provide clean energy and local economic development to the surrounding communities.”
Aspen’s mission is to accelerate and democratize decarbonization. Through its new partnership with Trajectory, Aspen will expand access to clean distributed energy for consumers and businesses across all income levels. Along with the community solar projects in Maryland and Pennsylvania, Aspen is also developing community, multifamily, and commercial and industrial rooftop projects in California, Maine, and New York.
According to Mercom’s Q4 2021 solar funding and M&A report, over 68 GW of solar projects were acquired in 2021, compared to 39.5 GW in 2020, a 74% increase. In February 2022, Aspen Power Partners, raised $120 million in its latest funding round. The funding round was led by Ultra Capital, Redball Power, and others. Aspen was incubated at Energy Impact Partners, a global investor in the sustainable energy transition.
