Aspen Power secures $200 million from Deutsche Bank | Projects Weekly
This edition of Projects Weekly highlights a slew of financial deals in the solar industry, including Aspen Power’s $200 million strategic capital commitment from Deutsche Bank, Summit Ridge Energy securing $290 million with MUFG, and Renewable Properties adding $40 million from AB CarVal. In addition, Origis Energy and Meta have partnered on a landmark project in Texas, Swift Current Energy executed the sale of Prospect Power to Elevate, and PowerBank is building a 5 MW solar DG and BESS project in New York. To wrap things up, we present Altus Power’s acquisition of 105 MW of in-construction solar projects from Cordelio Power and a 237 MW solar and storage portfolio from Greenbacker, CleanCapital has secured $300 million from Infranity to accelerate renewable energy growth. Read on to keep up with all the latest solar project news from the last week.
Aspen Power secures $200 million from Deutsche Bank
Aspen Power closed on a $200 million capital raise provided by Deutsche Bank. The new capital commitment will bolster Aspen Power’s financial capacity and support growth initiatives across development, vendor engagement, and project deployment as it scales its platform nationwide.
“This financing represents an important milestone for Aspen Power and reflects the strength and maturity of the platform we have built,” said Jorge Vargas, cofounder and CEO of Aspen Power, a distributed generation provider backed by Carlyle. “Aspen has consistently earned the trust of leading financial institutions by deploying capital with discipline and executing reliably across a growing national portfolio.”
Bright spot: The financing positions Aspen Power to respond quickly to increasing demand for clean energy solutions, enabling expansion of its project pipeline, including community solar, C&I, small utility-scale and storage offerings. The company’s business model combining origination, development, construction and asset ownership is designed to deliver sustainable, cost-effective clean energy at scale. The new capital commitment enhances the company’s flexibility to execute on its pipeline, bring additional vendors on board, and accelerate project delivery for customers across multiple verticals. Over the past year, Aspen has added new projects across New York, Illinois, New Jersey, and Pennsylvania, strengthening its presence in core markets.
“Deutsche Bank recognizes the growing demand for distributed clean energy and the related need for flexible development capital,” said Jeremy Eisman, head of infrastructure and energy financing at Deutsche Bank. “We believe Aspen Power’s strategy and execution are well-aligned with the transition to a low-carbon future, and we are proud to join Carlyle in supporting Aspen’s next phase of growth and development.”
Summit Ridge closes $290 million to expand commercial solar portfolio
Summit Ridge Energy has secured a $290 million facility with MUFG (Mitsubishi UFJ Financial Group). The facility will finance the development and construction of solar projects, furthering Summit Ridge’s commitment to meeting the increasing demand for energy. This latest financing agreement marks another major step in Summit Ridge’s growth and highlights MUFG’s ongoing support for U.S. energy infrastructure.
“We are pleased to continue our partnership with MUFG, who we consider as one of the premier financial institutions operating in the renewable energy sector,” said Phil Schapiro, VP of project finance for Summit Ridge Energy. “This financing enables us to further expand our operations and execute on our growing energy pipeline, delivering locally generated power that strengthens the grid while providing meaningful cost savings to thousands of customers.”
Bright spot: Totaling close to $1 billion, this is the fifth facility partnership between the companies, enabling Summit Ridge to develop numerous solar projects and offer energy savings to local communities and businesses. The commercial solar projects financed through this facility are expected to:
- Support U.S. manufacturing: Projects will use U.S.-made components and local labor, advancing domestic content and energy security.
- Create economic opportunity: Each project generates skilled jobs in construction, engineering, and long-term operations.
- Strengthen grid resilience: Adds distributed solar capacity that enhances reliability and reduces strain on regional grids.
- Speed to power: Enables faster energy delivery, bringing megawatts online in months rather than years to support the exponential growth of digital power demand.
Origis Energy, Meta partner on 303 MW solar project in Texas
Origis Energy and Meta have signed a long-term power purchase agreement for the Greyhound A Solar project in West Odessa, Texas. At 303 MWdc / 240 MWac, the project is expected to achieve commercial operations by mid-2026.
“With this collaboration, we are continuing to match 100% of our electricity use with clean energy to support our data center operations,” said Urvi Parekh, director of global energy, Meta.
Bright spot: The Greyhound A partnership between Origis and Meta joins a larger energy infrastructure complex in West Texas that includes approximately 1 GW of fully subscribed solar capacity, about 500 MW of which is already operational, with the remainder coming online in 2026.
“This agreement is a testament to Meta’s leadership and their unprecedented U.S. investments,” said Vikas Anand, CEO of Origis Energy. “We are proud to support their growth trajectory, and to partner with them in building competitive and enduring American energy infrastructure,”
In addition to the 1 GW of fully subscribed solar capacity, Origis is developing more than 1 GW of solar and battery storage, creating a more than 2 GW energy complex to be fully operational by 2029. Collectively, these projects will represent approximately $2.5 billion in infrastructure investments in Ector County and West Texas.
Renewable Properties adds $40 million capital facility from AB CarVal
Renewable Properties has increased its existing corporate capital facility with funds managed by AB CarVal by $40 million to a total of $120 million. The funds will be used to secure new project opportunities and acquisitions, expand Renewable Properties’ development into new markets, and accelerate project development in existing markets.
“Despite the sunset of Federal tax credits, Renewable Properties is experiencing significant demand in small-scale utility, community solar, energy storage and EV charging markets,” said Aaron Halimi, founder and CEO of Renewable Properties. “Our mission is to drive energy forward for local communities, and this additional investment accelerates that mission while providing long-term value for our capital partners.”
Funds managed by AB CarVal, part of AllianceBernstein’s Private Alternatives business, first invested in Renewable Properties in 2020, expanding its commitment in 2022 and 2023. The $40 million increase reflects AB CarVal’s continued conviction in Renewable Properties’ disciplined execution, project diversity, and strategic plans for growth in new markets.
Bright spot: Renewable Properties currently has more than 1.7 GW of solar and energy storage under development across 17 states, with more than 300 MW under construction or in operation. AB CarVal’s enlarged capital facility will not only enable RP to advance its development pipeline, but it will also further diversify RP’s portfolio into more U.S. states and new technology sectors, such as powered land for edge data centers in key metro locations throughout the U.S.
“The current market environment continues to create compelling opportunities for skilled operators, and we are confident in Renewable Properties’ ability to capitalize on them,” said Alex Flamm, managing director with AB CarVal. “Renewable Properties consistently demonstrates disciplined development and execution across a diversified set of energy transition assets.”
Swift Current Energy sells Prospect Power project to Elevate
Swift Current Energy has sold Prospect Power, the largest battery storage project in Virginia and PJM, to Elevate Renewables. The sale of the 150 MW / 600 MWh battery storage project further supports Swift’s near-term growth strategy, as the company advances projects through development and supports a multi-gigawatt portfolio of energy projects in various stages of construction.
“Prospect Power is indicative of the high-value energy facilities that Swift Current Energy develops,” said Eric Lammers, CEO and cofounder of Swift Current Energy. “Swift Current is currently constructing a multi-gigawatt portfolio of competitive projects like Prospect Power that will come online over the next five years and support America’s growing need for affordable and reliable energy.”
Bright spot: Swift Current Energy is managing the construction of Prospect Power, and the project is on track to reach commercial operation in 2026. Located in Rockingham County, Virigina, the project is fully contracted under a 15-year power purchase agreement, positioning the project as an essential resource for grid resilience and supporting the accelerating demand for power across the Mid-Atlantic region.
Swift previously raised $242 million in project financing from Truist Securities, Canadian Imperial Bank of Commerce (CIBC), KeyBank, and Natixis to support the project’s construction. Swift Current Energy also recently closed on tax equity financing. These two financings, along with Swift Current Energy’s own equity, provided the full capital needed to construct Prospect Power.
PowerBank to build 5 MW distributed solar + BESS project in New York
PowerBank Corp. has executed a lease agreement on a 5 MWac hybrid solar + battery energy storage project known as the NY-Holland Glnwd project in New York. The project is expected to be eligible for incentives under the New York State Energy Research and Development Authority (NYSERDA) NY-Sun and Retail Energy Storage Incentive Programs, along with federal Investment Tax Credits under the Inflation Reduction Act of 2022 and the One Big Beautiful Bill Act of 2025.
The company is in the process of initiating the preliminary screening analysis as part of the interconnection process. Assuming receipt of interconnection approval, the company will work to complete the permitting process and secure the necessary financing for the construction of the project.
Bright spot: Once completed, the NY-Holland Glnwd project will likely be operated as a hybrid community solar + energy storage project. Once the project is connected and generating electricity, energy from the site feeds into the local power grid.
Depending on the size and number of panels the project has, dozens or even hundreds of renters and homeowners can save money from the electricity that is generated by the project. By subscribing to a project, an electricity customer can earn credits on their electric bill every month from their portion of the solar that’s generated by the project, accessing the benefits of solar and energy storage without installing any equipment at their location. This allows electricity customers to realize a reduced cost per kilowatt-hour from the power they consume versus standard utility rates.
Altus Power acquires 105 MW of solar projects from Cordelio
Altus Power has acquired 105 MWdc of in-construction solar assets from Cordelio Power in the form of four ground-mounted projects in New York state. The four projects have entered into 20-year Renewable Energy Standard (RES) contracts with NYSERDA. This partnership provides a stable, long-term revenue profile to support Altus’ investment while delivering committed clean energy to the state.
“New York continues to demonstrate how smart, long-term policy frameworks can unlock private investment and deliver power at scale,” said Matt Marlow, co-head of investment and structured finance at Altus Power. “Working closely with Cordelio, our teams executed a seamless acquisition of approved, in-progress projects, demonstrating our ability to step in and advance development efficiently to deliver reliable, affordable power in support of NYSERDA’s mission.”
Bright spot: Altus Power continues to expand its footprint in the Empire State, already its largest market, through the ownership and operation of 65 projects totaling approximately 265 MW across New York.
“These projects reflect our focus on developing high-quality assets that deliver long-term value,” said Nick Karambelas, chief development officer at Cordelio Power. “Altus Power’s operational expertise and long-term ownership approach make them a strong partner to take these projects forward.”
Through NYSERDA’s RES program, New York has established a long-term, market-based framework that supports renewable energy deployment, provides price certainty for clean energy generation, and advances the state’s nation-leading climate goals under the Climate Leadership and Community Protection Act. The program also helps drive local economic development and supports the creation of clean energy jobs across the state.
Greenbacker sells 237 MW solar + storage portfolio to Altus Power
Speaking of Altus Power, Greenbacker has sold a 237 MW portfolio of solar generation and storage assets to the long-term owner and operator of U.S.-based commercial-scale solar assets. The portfolio sale, which comprises more than 100 projects across 18 states, underscores Greenbacker’s commitment to fleet optimization as the company sharpens its focus on scaled renewable energy infrastructure projects.
“This transaction advances Greenbacker’s strategic focus on larger, utility-scale projects that drive greater efficiency and long-term value creation, while strengthening the U.S. energy system,” said Dan de Boer, CEO of Greenbacker. “We believe it reflects our disciplined approach to portfolio management and to deploying capital where it can achieve the greatest impact for shareholders, project partners, and the energy transition.”
Bright spot: The transaction with Altus Power follows Greenbacker’s sale of a 51 MW distributed solar portfolio earlier in 2025, reinforcing solar investment and IPP firm’s broader strategy to optimize its project fleet for long-term growth with selective sales of non-core assets. It also follows the company’s milestone financing of nearly $1 billion to construct its largest project to date — the 674 MWdc utility-scale solar farm in New York, which is expected to become the state’s largest solar energy project upon completion, expected at the end of 2026.
“This acquisition demonstrates Altus Power’s ability to transact at scale and deliver reliable, cost-effective power solutions nationwide,” said Abhi Parmar, CIO of Altus Power. “Our disciplined approach and deep operational expertise enable us to serve as a long-term steward for these assets, creating enduring value for our customers, investors, and all stakeholders involved.”
KeyBanc Capital Markets Inc. (KBCM), the corporate and investment banking arm of Cleveland-based KeyCorp served as the exclusive financial advisor to Greenbacker on the transaction.
CleanCapital secures $300 million to accelerate renewable energy growth
CleanCapital and investment firm Infranity have closed on a $300 million HoldCo debt financing. The financing will support the company’s continued expansion by funding the development, construction, acquisition, and operations of a portfolio of distributed generation (DG) solar and energy storage assets across the United States.
“Securing this financing is a decisive milestone that positions CleanCapital as one of the best-capitalized leaders in this sector,” stated Thomas Byrne, Chief Executive Officer at CleanCapital. “Partnering with Infranity will enhance our capabilities to develop, build, and operate solar and battery assets. This capital will accelerate the conversion of our development pipeline into high-performing operating projects – reinforcing our commitment to build and operate a best-in-class DG portfolio.”
Bright spot: Over the past year, CleanCapital has continued to advance its development pipeline, including bringing three brownfield development projects online, acquired over 100 solar and energy storage projects, added nearly 200 MW to its operating portfolio, and recently closed a $185 million private placement debt issuance.
“Following our recently announced debt private placement, this transaction further underscores our financial strength and our leadership in advancing scalable distributed generation assets,” said Melinda Baglio, General Counsel and Chief Financial Officer at CleanCapital. “We are thrilled to partner with Infranity to help strengthen the U.S. energy supply. The significant depth and breadth of capital we’ve secured enhances our ability to swiftly capitalize on emerging opportunities across the renewable energy sector.”
PJT Partners served as financial advisor to CleanCapital. Milbank LLP provided legal counsel to CleanCapital in connection with the transaction. McDermott Will and Schulte LLP provided legal counsel to Infranity in connection with the transaction.
