Aspen Power Partners acquires Safari Energy after funding from Carlyle

Aspen Power Partners, a US-based distributed generation platform, has acquired Safari Energy from PPL Corporation, following a $350 million investment from Carlyle.

The acquisition forms part of the organic and acquisition-driven growth strategy of Aspen Power Partners, which targets the multifamily, community, and commercial & industrial (C&I) solar and storage markets to achieve gigawatt scale by mid-decade.

Under the transaction, Aspen Power Partners has acquired the complete development platform of Safari Energy, which includes its 220MW portfolio of distributed generation solar assets, both operating and under construction.

Safari Energy had either acquired or developed over 600 C&I solar power projects across the US since its inception in 2008.

Aspen Power Partners acquires Safari Energy after $350m funding from Carlyle. Photo courtesy of StockSnap from Pixabay.

J.B. Oldenburg — Carlyle Renewable and Sustainable Energy team Managing Director, said: “We are thrilled to support Aspen at this inflection point and believe the platform is well-positioned to benefit from the transformational shift we see in decarbonizing the economy.

“Our investment in Aspen is a commitment to accelerating the widespread accessibility and availability of solar and storage, which we believe is accretive to our portfolio by supporting this decade’s ambitious renewable energy and climate change targets.”

Safari Energy’s projects, that are spread across 24 states and Washington, D.C., have produced over 893GWh of electricity, or the equivalent of eliminating over 632,000 metric tons of carbon emissions.

Jackson Lehr — Aspen Power Partners Co-Founder and CFO said: “During this critical climate decade, as demand for solar, storage, and electric vehicle charging continues to expand, the Carlyle investment and Safari transaction provide a clear path forward for our team to execute a step-change in the scale of our impact.”