Aspen Power acquires two operating rooftop solar projects from The Avidan Group — 6.44 MWdc combined in PSE&G territory, NJ; the systems have operated more than a decade and produce ~7 million kWh/yr (~1,000-home equivalent)
Aspen Power acquired two operating rooftop solar PV systems totaling 6.44 MWdc from multigenerational New Jersey real estate developer The Avidan Group. The assets are part of the PSE&G Solar Loan Program, have run for >10 years, and produce ~7M kWh/yr. Jeff Martin, VP, Acquisitions and Structuring at Aspen Power, framed the acquisition as part of Aspen’s strategy of stepping in as a long-term DG owner so commercial real-estate sellers can exit solar ownership and refocus capital. Closes the same week Aspen announced its CEO transition to Michael Sheehan.
Deal Value
6.44MW
Capacity
Solar
Technology
NJ
Location
Deal Details
- Deal Type
- Asset acquisition (operating)
- Seller / Sponsor
- The Avidan Group
- Buyer / Financier
- Aspen Power
- Stage
- Operating
- ISO/RTO
- PJM
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