Aspen Power has announced the acquisition of two operating rooftop solar projects totaling 6.44 MW of direct current from real estate developer The Avidan Group.
Located within PSE&G territory in New Jersey, the systems were acquired to allow the real estate owner to monetize legacy solar assets and reduce operational burdens while Aspen Power steps in as a long-term owner and operator.
The newly acquired projects — which have been operational for more than a decade — were originally installed by Solar Nation under PSE&G’s Solar Loan Program. The rooftop systems were built using American-made SolarWorld modules and SMA Sunny Central inverters on ballasted SolarRidge racking.
Aspen Power said the systems, which produce over 7 million kilowatt-hours annually, will end their initial period of eligibility for the NJ SREC program in 2027 and will transition to selling Class I PJM RECs going forward.
Aspen Power is actively acquiring legacy solar assets as part of a strategy to partner with real estate owners seeking reliable solar ownership solutions. By bringing experienced ownership and asset management to operating projects, the company aims to ensure continued performance of older distributed generation systems.
“Acquiring operating assets is something we established expertise in when Aspen acquired Safari Energy in 2022, a transaction that included a portfolio of already-energized assets delivering electricity and savings to customers across the country,” said Jeff Martin, Aspen Power VP of contracts execution, in a statement to pv magazine USA. “We are actively evaluating multiple portfolios like this and hope to share more news soon. We also encourage other real estate owners and property managers who currently own solar assets to reach out if they are interested in monetizing them.”
Aspen currently owns and operates more than 160 distributed solar assets totaling hundreds of megawatts across 19 states, with a growing pipeline of development-stage projects in core markets including New York, New Jersey, Massachusetts, and Illinois.
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