North American Clean Energy: Aspen Power Expands Pennsylvania Portfolio wiht New Solar Projects
NORTHAMPTON, PA – September 10, 2024 – Aspen Power, a leading distributed generation platform, today announced teh successful acquisition of two solar projects located in Northampton, Pennsylvania. The projects boast a combined capacity of 6.85 megawatts direct current (MWdc) and represent the first completed acquisitions from a larger 18 MWdc portfolio agreement with Syncarpha Capital,LLC.
The expansion solidifies Aspen Power’s commitment to Pennsylvania’s growing renewable energy sector and contributes to the state’s goal of sourcing 18% of its electricity from renewables by 2025. Industry estimates from the Solar Energy industries Association (SEIA) project the new projects will generate approximately 9 million kilowatt-hours (kWh) of clean energy annually – enough to power over 800 homes – and create around 130 jobs.
“Aspen Power is proud to expand our presence in Pennsylvania and deliver the lowest-cost form of new power to communities across the state,” said Jorge Vargas, Chief Executive Officer of Aspen Power. “Solar is now the most affordable source of new electricity in the U.S., and even in a tough national political environment, we are executing and bringing projects online. Together with our partners at Syncarpha Capital, we are creating reliable, long-term income for landowners, affordable clean energy for residents, and tangible progress toward a more resilient grid.”
The ground-mounted systems are part of Aspen Power’s significant investment in Pennsylvania, where the company currently has over 100 MW of operating and in-construction renewable energy assets.
Cliff Chapman, co-founder and CEO of Syncarpha Capital, highlighted the strategic partnership. “We chose Aspen Power as they are a reliable counterparty with strong financial backing and a proven ability to execute,” Chapman stated. “These transactions represent a fraction of syncarpha’s organically developed Pennsylvania pipeline, and we look forward to continuing to play a significant role in expanding the state’s clean energy future.”
Aspen Power’s activity comes at a time when the speed of solar deployment is increasingly critical to meeting growing electricity demand. Nationwide, the company has developed or acquired over 600 renewable energy projects across 26 states, furthering its mission to deliver a more affordable, reliable, and sustainable energy future.
More information about Aspen Power can be found at aspenpower.com.
