Aspen Power Expands Solar Footprint with New York & Illinois Portfolio

NEW YORK, NY – March 12, 2026 – In a significant move highlighting the rapid expansion of community solar, distributed generation platform Aspen Power has announced its acquisition of a multi-state solar portfolio from developer Cipriani Energy Group. The deal initially includes five projects in New York totaling 19.9 megawatts (MWdc), with an additional six projects expected to close later this year, bringing the total portfolio to over 51 MWdc across New York and Illinois.

The first phase of the acquisition, centered in New York’s North Country and Capital District, is set to begin construction in the coming months. Once operational, these initial projects are expected to generate nearly 29 million kilowatt-hours of clean electricity in their first year alone—enough to power hundreds of homes and meaningfully contribute to the state's ambitious climate goals.

This transaction underscores a powerful trend in the U.S. energy sector: the strategic consolidation and scaling of distributed energy assets, fueled by strong state-level incentives and growing consumer demand for affordable, clean power.

A Surge in Community Solar

The deal lands in two of the nation's most fertile markets for community solar. New York stands as a national leader, boasting over two gigawatts of installed community solar capacity, which accounts for nearly a third of the entire U.S. market. This growth is a direct result of the state's NY-Sun initiative, which aims to install 10 gigawatts of distributed solar by 2030 as part of a broader plan to achieve 100% zero-emission electricity by 2040.

Similarly, Illinois has cultivated a robust market through progressive legislation like the Climate and Equitable Jobs Act (CEJA). The state’s Illinois Shines program has been pivotal, helping it become the fourth-largest community solar market in the country. These programs democratize solar energy, allowing residents, renters, and businesses who cannot install their own panels to subscribe to a local solar farm and receive credits on their utility bills.

“Community solar remains one of the most effective tools for expanding access to clean energy while helping customers manage rising energy costs,” said Dan Gulick, Executive Vice President at Aspen Power, in a statement. “These projects reflect the type of disciplined development and market fundamentals we look for as we continue to scale our community solar portfolio across key states.”

Policy as a Power Source: The VDER Effect

Central to the viability and attractiveness of the New York projects is the state's innovative compensation mechanism: the Value of Distributed Energy Resources (VDER). Implemented in 2017 to replace traditional net metering, VDER provides a more nuanced and market-reflective way of valuing the electricity that distributed resources like solar farms feed into the grid.

Compensation under VDER is calculated using a “Value Stack” that considers not just the energy produced but also its capacity value, its environmental benefits, and its contribution to reducing demand and relieving grid congestion. By creating specific incentives for projects located in areas where the grid is most constrained, the policy steers development to locations where it can deliver the most system-wide benefits.

This framework has been instrumental in deploying over two gigawatts of community solar in New York, providing developers with a predictable revenue stream and ensuring projects are financially sound. For subscribers, it's the mechanism that translates solar generation into tangible bill savings.

Strategic Expansion in a Competitive Market

For Aspen Power, this acquisition is not an isolated event but a calculated step in a broader national strategy. Backed by a $350 million investment from Carlyle in 2022 and, more recently, a $200 million capital commitment from Deutsche Bank, Aspen has been aggressively expanding its footprint. The company now owns and operates over 600 renewable energy projects nationwide, with a strong community solar presence in Maine, New York, New Jersey, Maryland, Illinois, and California.

This deal combines the development and construction expertise of Cipriani Energy Group with Aspen Power’s financial strength and long-term operational focus. Cipriani, with a claimed track record of developing over 860 MW of solar capacity, has been active in New York, successfully developing projects like a 2.375 MW array on a capped landfill in Guilderland. This history demonstrates an ability to navigate local zoning and permitting to bring projects to fruition.

“Our focus is on developing and constructing reliable, high-quality community solar projects in markets where they can deliver real long-term value,” noted Juan Urquidi, Co-CEO of Cipriani Energy Group. “Aspen Power’s experience and long-term ownership approach make them a strong partner as these projects advance.”

Local Impact and Future Growth

Beyond corporate strategy and state policy, the ultimate impact of these projects will be felt in local communities. The construction phase is expected to generate local jobs, and once operational, the solar farms will contribute to the local tax base. For landowners leasing their property for the arrays, it provides a stable, long-term source of income.

However, the development process is not always without friction. While many communities welcome the economic and environmental benefits, projects can face local opposition. Cipriani, for instance, recently encountered a 12-month moratorium for a proposed project in the Town of Chenango, NY, after residents raised concerns about drainage and construction impacts. This highlights the critical importance of community engagement and careful site selection in the development process.

Ultimately, the partnership between Aspen Power and Cipriani Energy Group represents a model that is becoming increasingly common: experienced developers identify and prepare projects, which are then acquired by long-term owner-operators with the capital to build and manage them at scale. As states like New York and Illinois continue to push for a decentralized, decarbonized grid, such collaborations will be essential to meeting their ambitious renewable energy targets.