Aspen Power, developer of a distributed generation platform focused on solar and storage assets across the U.S., along with Foss & Company, an investment fund sponsor, announced a $60 million tax equity funding for 27 solar projects across four states totaling 82.8 MW.
Since the beginning of their partnership in 2021, both companies together have successfully closed on tax equity funding to receive federal solar investment tax credits (ITCs) for commercial & industrial scale solar projects in New York, New Jersey, Maine, and Georgia.
“The synergy between Foss & Company and Aspen Power exemplifies our shared dedication to propelling clean energy initiatives forward,” said Bryen Alperin, partner and managing director, Foss & Company. “This tax equity investment not only advances our goals of catalyzing solar projects, but it also demonstrates our team’s ability to deploy institutional capital into segments that have been historically underserved by tax equity such as DG (distributed generation) solar. We are more than excited to continue developing our partnership with Aspen Power.”
Of the 27 solar projects closed, 19 are operational, and the full portfolio represents 82.8 MW of solar generating capacity.
“Our partnership with Foss & Company has proven that when innovative financial solutions converge with sustainable development goals, we are able to more quickly advance our mission to decarbonize,” said Yann Manibog, vice president of project finance at Aspen Power. “Through these projects, we are not only generating clean energy but also improving access for underserved end users.”
According to Mercom’s 1H and Q2 2023 Solar Funding and M&A Report, the announced large-scale project funding in Q2 2023 reached $9.5 billion in 51 deals, a 79% increase QoQ compared to $5.3 billion raised in 62 deals in Q1 2023.
Lynher Energy, a joint venture between Napier Park Global Capital, an alternative asset manager, and Ethical Power, an integrated renewable energy solutions provider, recently secured a bank facility of £52.7 million (~$66.85 million), comprising development and term loans.