Aspen Power and Foss & Company Announce $60 Million Tax Equity Partnership

News provided by

Aug 29, 2023, 09:00 ET

Investment deployed across dozens of solar projects spanning four states

NEW YORK, Aug. 29, 2023 /PRNewswire/ -- Foss & Company, a leading institutional investment fund sponsor, along with Aspen Power, a distributed generation platform with the mission of accelerating and democratizing decarbonization, announced a $60 million tax equity deployment into 27 solar projects across four states.

Since their partnership began in 2021, Foss & Company and Aspen Power have successfully closed on tax equity funding to receive federal solar investment tax credits (ITCs) for commercial & industrial scale solar projects in New York, New Jersey, Maine, and Georgia.

"The synergy between Foss & Company and Aspen Power exemplifies our shared dedication to propelling clean energy initiatives forward," said Bryen Alperin, partner and managing director, Foss & Company. "This tax equity investment not only advances our goals of catalyzing solar projects, but it also demonstrates our team's ability to deploy institutional capital into segments that have been historically underserved by tax equity such as DG (distributed generation) solar. We are more than excited to continue developing our partnership with Aspen Power."

Of the 27 solar projects closed since 2021, 19 are now operational, and the full portfolio will represent 82.8 megawatts (MW) of solar generating capacity. That is the equivalent of powering approximately 14,300 homes with clean energy.ⁱ

"Our partnership with Foss & Company has proven that when innovative financial solutions converge with sustainable development goals, we are able to more quickly advance our mission to decarbonize," said Yann Manibog, vice president, project finance, Aspen Power. "Through these projects, we are not only generating clean energy but also improving access for underserved end users."

The ongoing collaboration between Foss & Company and Aspen Power underscores the role that tax equity can play in reshaping the energy landscape. Both teams continue to evaluate further opportunities to accelerate the clean energy transition.

ABOUT FOSS & COMPANY
Founded in 1983, Foss & Company is a national tax equity investor and fund sponsor that has deployed over $8 billion in tax equity on behalf of insurance, banking, and other large corporate clients into historic rehabilitation projects, renewable energy and advanced energy production facilities. Foss & Company is a full-service advisor with proven expertise in helping our partners navigate the world of tax equity investments. For additional information, visit www.fossandco.com.

ABOUT ASPEN POWER
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 www.aspenpower.com.

ⁱ According to the Solar Energy Industries Association

SOURCE Foss & Company