Carlyle makes $350m investment in solar developer for C&I markets

Funds managed by Carlyle have invested $350 million in Aspen Power Partners, a solar and storage developer.

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

“At Carlyle, we believe investing in renewables includes investing across the value chain. This includes investing in not only large utility-scale renewable energy assets, but also community solar and distributed generation more broadly,” said Pooja Goyal, CIO of Carlyle’s infrastructure group. “We are very excited about our partnership with Aspen and look forward to facilitating the growth of their business into a distributed generation platform of scale.”

The acquisition of Safari represents one of the industry’s largest distributed solar C&I transactions to date. Founded in 2008, Saf