Aspen Power, a distributed energy generation platform, has acquired the first two projects in an 18 MWdc portfolio of community solar projects located in upstate New York from CTEC Solar, a solar and energy storage project developer, engineering, procurement, and construction (EPC) provider, and operations and maintenance (O&M) provider.
The two projects acquired have a combined capacity of 7 MW and are expected to cumulatively generate approximately 10 million kWh of electricity in their first year of operation.
The projects will participate in the state’s Value of Distributed Energy Resources (VDER) program, which compensates renewable energy projects for the grid services they provide while offering subscribers savings compared to prevailing utility rates.
“Acquiring these projects from CTEC Solar reflects the strength and resilience of New York’s community solar market,” said Dan Gulick, senior vice president, community solar and asset acquisition, Aspen Power. “Even in a challenging policy environment, well-structured solar projects deliver meaningful economic and environmental value close to where the energy is produced, supporting local jobs and advancing the state’s clean energy objectives.”
In January 2026, the company closed a $200 million capital raise provided by Deutsche Bank. According to the company, the financing enhances its ability to execute its project pipeline, attract additional vendor engagement, and accelerate project delivery.
In 2025, Aspen Power acquired two community solar projects with a total capacity of 6.85 MWdc, located in Northampton, Pennsylvania, from Syncarpha Capital, a solar and storage distributed generation project developer.
Carlyle, a global investment firm, acquired a majority stake in Aspen Power Partners in November 2022 for $350 million. In addition, Aspen Power agreed in September of the same year to acquire solar power developer Safari Energy from the giant electricity PPL Corporation.
According to Mercom’s Annual and Q4 2025 Solar Funding and M&A report, approximately 37.4 GW of solar projects were acquired in 2025, compared to 37.7 GW in 2024.
