Foley & Lardner LLP represented J.P. Morgan on the initial closing of a credit facility to Aspen Power, a distributed generation platform with the mission of accelerating and democratizing decarbonization. The financing, totaling $70 million, consists of a $48 million term loan credit facility and a nearly $22 million project letter of credit facility with J.P. Morgan.
Efficient financing of Aspen Power’s operating assets and equipment supports expanded development and growth in the company’s key markets, including community solar, commercial and industrial, and multifamily real estate.
Aspen Power provides end-to-end renewable energy solutions, including solar and energy storage, to businesses, communities, and other industry constituents to address a diverse array of energy needs. As an independent power producer, Aspen Power develops, constructs, owns, and operates renewable energy assets as part of its fully integrated platform.
The credit facility was led by J.P. Morgan’s Green Economy Banking team, which serves companies that are advancing decarbonization through transformative technologies and supports the transition to a low-carbon economy.
The Foley team representing J.P. Morgan was led by partner Darin Lowder and included senior counsel Natalie Neals and associate Erin Drolet.
Foley’s Energy Project Finance Team is comprised of attorneys who regularly practice in the area of project and infrastructure finance, with a particular focus on the energy market. In 2022, the team assisted clients in 214 transactions totaling over $39 billion in 40 states.
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