Aspen Power, a distributed generation platform, announced the acquisition of two operating rooftop solar projects totaling 6.44 megawatts direct current (MWdc) from multigenerational real estate developer The Avidan Group. The projects, located in PSE&G territory in New Jersey, have operated for more than a decade and produce over 7 million kilowatt-hours annually, equivalent to the annual electricity use of more than 1,000 homes or charging nearly 400 million smartphones each year.
The solar projects were built using American-made materials and provide a majority of the buildings’ electricity needs. Originally developed through PSE&G’s Solar Loan Program, the systems were designed to deliver long-term energy cost stability.
“At Aspen Power, we help real estate owners transition out of solar ownership while ensuring their systems continue to perform,” said Jeff Martin, vice president, acquisitions and structuring, Aspen Power. “We specialize in stepping in as long-term owners so our partners can stay focused on their core business while unlocking additional value.”
Aspen Power is actively acquiring legacy solar assets like these as part of its disciplined growth strategy. By bringing experienced ownership and asset management to operating projects, the company helps ensure continued performance while providing real estate owners with a clear path to monetize legacy solar assets and reduce operational burden.
“We’re proud of the role these systems have played in helping reduce energy costs and improve building performance over the past decade plus,” said Josh Avidan, managing member at The Avidan Group. “Aspen Power brings the scale, operational depth and long-term investment horizon needed to steward these projects into their next phase while we continue to focus on growing and managing our real estate portfolio.”
The acquisition reflects Aspen Power’s continued focus on acquiring assets in core distributed generation markets and partnering with real estate owners seeking reliable solar ownership solutions.
