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Aspen Power plans to use the financing to advance its US pipeline. Image: Aspen Power.
US distributed generation platform Aspen Power has raised US$200 million in capital to support what it called “growth initiatives” across the US.
The financing was secured through Deutsche Bank and will be used to facilitate “vendor engagement” and project deployment in the US.
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While Aspen did not specify whether these projects would consist of new developments or the acquisition of existing projects, its work towards the end of 2025 focused largely on the latter, acquiring seven projects with a combined capacity of 25.8MW in the states of Illinois, New Jersey, New York and Pennsylvania. The news also follows the company’s raising of US$241 million for similar work in the US in 2024.
“We are pleased to welcome Deutsche Bank as a partner alongside other leading financial institutions, and we believe this commitment further strengthens our ability to originate, develop and deliver high-quality distributed solar and storage projects at scale,” said Aspen co-founder and CEO Jorge Vargas.
Deutsche Bank has made a number of investments into the solar industry in recent years, including the distributed sector. Last year, the bank led an investment of US$150 million into a 3.5GW community solar development pipeline, owned by Dimension Energy, which took place against the backdrop of record community solar additions in the US in 2024.
However, the US community solar sector has struggled more recently, with figures from Wood Mackenzie and the Coalition for Community Solar Access (CCSA) showing that community solar capacity additions fell by 36% year-on-year in the first half of 2025. While figures from the Solar Energy Industries Association (SEIA) showed that community solar additions increased by 12% quarter-on-quarter by the third quarter of last year, the general trend is less positive.
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 16-17 June 2026, will be our fifth PV ModulelTech conference dedicated to the U.S. utility scale solar sector. The event will gather the key stakeholders from solar developers, solar asset owners and investors, PV manufacturing, policy-making and and all interested downstream channels and third-party entities. The goal is simple: to map out the PV module supply channels to the U.S. out to 2028 and beyond.
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https://www.pv-tech.org/aspen-power-raises-us200-million-us-solar-pipeline/
