Aspen Power buys 6.44-MW NJ rooftop solar portfolio

• Aspen Power acquired two aging NJ rooftop solar systems—6.44 MWdc—built under PSE&G’s Solar Loan Program. Producing 7M+ kWh yearly, they deliver energy savings and long-term stability.

Aspen Power, a U.S. distributed generation firm, said Monday it acquired two operating New Jersey rooftop solar systems totaling 6.44 MWdc from real estate developer The Avidan Group. The arrays are located in the service territory of Public Service Enterprise Group (PSE&G) and have been in service for more than a decade, producing over 7 million kilowatt-hours annually, enough for more than 1,000 homes.

Aspen said the projects were originally developed under PSE&G’s Solar Loan Program and built with domestically sourced materials. The systems supply most electricity for the host buildings, providing long-term energy cost stability. The company said the deal fits its strategy to purchase and manage legacy distributed solar assets, helping property owners monetize existing installations while reducing operational responsibilities.

How does Aspen Power’s acquisition of 6.44 MW New Jersey rooftop solar benefit owners?

• Owners gain an immediate pathway to monetize an already-operating rooftop solar asset through the sale, rather than needing to manage maintenance, performance risk, or long-term system administration themselves.
  
• Transfer of operational responsibility: Aspen’s ownership typically shifts day-to-day oversight (monitoring, maintenance coordination, and performance support) away from the property owners, helping reduce administrative burden.
  
• Continued generation performance: because the systems are already operating and have established output, owners can benefit from predictable electricity production without waiting for a new buildout cycle.
• Long-term energy-cost stability for host properties: the rooftop systems can continue supplying a substantial share of building electricity needs, helping lock in more stable energy pricing compared with volatile utility rates.
  
• Value preservation of “legacy” distributed solar: acquiring mature installations can protect asset value by keeping the systems productive and properly managed rather than risking degradation through gaps in stewardship.
• Possible smoother financing/contracting outcomes: owners may see fewer complications than if they attempted to refinance, re-structure power purchase agreements, or renegotiate terms on their own.
• Reduced exposure to technology obsolescence and compliance updates: experienced distributed generation operators are more likely to manage evolving regulatory and interconnection-related obligations tied to existing projects.
• Domestically sourced project foundation can support continuity: systems built with domestically sourced components may reduce uncertainty for replacement parts and warranty support compared with less traceable supply chains.
• Tenant/host building benefits: stable electricity supply from the rooftop systems can help preserve building operating budgets, which can indirectly support tenant retention and lower escalation risk for commercial leases or property expenses.
• Focus on ongoing asset management: Aspen’s approach to owning and managing legacy distributed generation can help owners maintain the intended return profile of their original solar investment while offloading the complexity of ownership.