Aspen Power Completes Initial Closing on Credit Facilities Totaling $90 Million with Top Global Financial Institutions

Financing secured through J.P. Morgan and First Citizens Bank will support Aspen Power’s continued growth and development in key markets.

NEW YORK–(BUSINESS WIRE)–#cleanenergyfinance–Aspen Power, a distributed generation platform with the mission of accelerating and democratizing decarbonization, today announced that it completed the initial closing on a $70 million credit facility with J.P. Morgan and a $20 million equipment supply loan with First Citizens Bank. Efficient financing of Aspen’s operating assets and equipment supports expanded development and growth in Aspen’s key markets including community solar, commercial and industrial (C&I), and multifamily real estate.

Aspen Power provides end-to-end renewable energy solutions including solar and energy storage to businesses, communities, and other industry constituents to address a diverse array of energy needs. As an independent power producer, Aspen develops, constructs, owns, and operates renewable energy assets as part of its fully integrated platform.

“We are very proud of the partnerships we are building with our banking partners at J.P. Morgan and First Citizens Bank,” said Yann Manibog, Vice President of Project Finance & Investments at Aspen Power. “Despite recent volatility, the trust, expertise, and shared vision of our partners strengthens our ability to deliver innovative renewable energy solutions.”

The financing consists of a $70 million credit facility from J.P. Morgan that is underpinned by a portfolio of operating community solar, small-utility, and C&I projects, and a $20 million revolving equipment supply loan provided by First Citizens Bank’s Energy Finance group, part of the CIT division.

“This financing for Aspen Power underscores our commitment to accelerating the transition to a low-carbon economy,” said John Beebe, Executive Director, J.P. Morgan Green Economy Banking. “We’re proud to support Aspen’s expansion and continued innovation in renewable energy, which is helping to build a more sustainable future.”

J.P. Morgan is a leader in commercial and investment banking, as well as financial transaction processing and asset management. With assets of $3.7 trillion and operations worldwide, J.P. Morgan serves many of the world’s most prominent corporate, institutional, and government clients globally.

“In a relatively short time, drawing on its principals’ long track records, Aspen Power has developed a strong reputation for its skill in developing outstanding clean power solutions for its clients,” said Mike Lorusso, Managing Director and leader of the CIT Energy business at First Citizens Bank. “We appreciate the opportunity to support the Aspen team with this financing and look forward to future opportunities to work together.”

First Citizens’ CIT Energy business leverages its deep industry knowledge and expertise to offer comprehensive financing solutions for renewable and conventional power generation. The unit manages a large, diverse portfolio that includes investments in all asset classes across the energy sector.

About Aspen Power Partners

Aspen Power is a distributed energy generation platform with the dual mission of accelerating and democratizing decarbonization. We partner with businesses, communities, and others in the industry to develop, construct, own and operate renewable energy assets. Our experienced team is passionate about solving our clients’ energy challenges to deliver a sustainable future throughout the U.S. For more information, please visit aspenpower.com.

About First Citizens Bank

First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. Headquartered in Raleigh, N.C., and now celebrating the 125th anniversary of its founding, First Citizens has built a unique legacy of strength, stability and long-term thinking that has spanned generations. First Citizens offers an array of general banking services including a network of more than 550 branches in 23 states and commercial banking expertise delivering best-in-class lending, leasing and other financial services coast to coast. Parent company First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $200 billion in assets. First Citizens Bank, Member FDIC. Discover more at firstcitizens.com.

Contacts

MEDIA CONTACTS
Aspen Power

Darius Razgaitis

646-465-8114

media@aspenpower.com

MEDIA RELATIONS:
First Citizens Bank

John M. Moran

212-461-5507

john.moran2@firstcitizens.com