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Carlyle makes $350m investment in Aspen Power Partners

Aspen Power Partners, a distributed generation platform, has secured a $350 million investment from funds managed by global investment firm Carlyle and acquired Safari Energy, LLC from PPL Corporation.

Aspen Power Partners (Aspen), a distributed generation platform, has secured a $350 million investment from funds managed by global investment firm Carlyle, and acquired Safari Energy, LLC (Safari) from PPL Corporation.

The investment supports Aspen’s organic and acquisition-driven growth strategy targeting the community, multifamily, and commercial & industrial (C&I) solar and storage markets. To launch this strategy, Aspen has acquired Safari Energy, LLC (Safari) from PPL Corporation (NYSE: PPL).

The acquisition of Safari represents one of the industry’s largest distributed solar C&I transactions to date. Founded in 2008, Safari has acquired or developed more than 600 C&I solar projects nationwide. Spanning 24 states and Washington DC, Safari’s projects have generated more than 893,000 megawatt-hours of electricity, or the equivalent of avoiding more than 632,000 metric tons of CO2 emissions. 

Aspen has acquired Safari’s complete development platform including its 220 MW portfolio of operating and under-construction distributed generation solar assets. With Carlyle’s investment and the close of the Safari acquisition, Aspen is on track to achieve gigawatt scale by mid-decade.

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