Aspen Power may be in the market for a warehouse facility later this year and is currently evaluating options following its latest capital raise, according to the company’s CEO Jorge Vargas in an interview with NPM.

The New York-based company announced last month that it secured additional investment from its incumbent sponsorCarlyle and secured a new USD 142m construction-to-term credit facility withMUFG.

The proceeds will allow Aspen to grow its acquire-and-build footprint in the likes of Illinois, Maryland, Virginia, Pennsylvania, and New York.

The next iteration of financing is for Aspen Power to build a steady stream of operating assets, secure a warehouse facility at more competitive rates and then “may drop those into a securitization facility in a six-to-nine-month period.”

Aspen Power has more than 250 MW in community solar and C&I solar in operation and hopes to exceed 400 MW by the end of 2025.

Aspen Power had been in the market for both the equity raise and bank debt raise in the back half of 2024, according to market sources. Despite some headwinds coming from the presidential administration, Vargas observed there was “still capital availability for platforms and plenty of infrastructure and private equity firms in the market looking for a transaction.”

Aspen Power had offered up a “pipeline that was attractive for investors and knew how to operate assets properly,” said Vargas.

One market that Aspen Power has acted as a trailblazer in has been in Pennsylvania. While House Bill 1842 passed in the State House last year, which contemplated the implementation of community solar in the Keystone State, it wound up dying in the Senate, though was widely expected to be re-introduced this year.

However, Aspen Power didn’t wait around for this legislation, instead they bought two portfolios in 2023 and 2024, on top of other deals it had made in previous years, of which a good portion of the combined 83 MWdc in solar projects would be net metered under Pennsylvania’s Alternatives Energy Portfolio Standard Act.

“We are overseeing projects getting built and I’m even encouraging my competitors to enter the market,” said Vargas.

Aspen Power would also like to build more in Maine, but Vargas noted that permitting environment has been more difficult as it sometimes takes up to four years to get projects to get through all the permitting.