US renewable energy developers Aspen Creek Power Holdings LLC and Oakhurst Energy Development have announced their intention to merge, creating a unified entity named Headwater Energy LLC. The merged company aims to establish itself as an integrated solar and energy storage enterprise, boasting a substantial 4.3-GWp development portfolio.
Aspen and Oakhurst revealed their plans on Tuesday, emphasizing Headwater Energy's capabilities in handling the entire cycle of photovoltaic (PV) project development, from inception to monetization, with a specific focus on Southeast regulated markets.
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Headwater Energy is launched with an existing 83-MWp portfolio of operating assets and seven projects currently under construction. The company, with 13 employees, will also operate as an independent power producer (IPP).
Sarthak Gupta, Chief Investment Officer (CIO) of Aspen and Headwater Energy, commented on the merger, stating, “We are well-positioned with a robust existing business and the financial stability to support it. In 2024, we will seek additional corporate and project-level funding to fuel our growth, enabling us to expand and mature our project pipeline and fleet.”
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Aspen, established in 2020, focuses on acquiring, financing, and operating late-stage utility-scale solar projects. Oakhurst Energy, formed in 2022, specializes in middle-stage development of PV schemes, primarily in the Southeastern United States.
The merger of these two entities into Headwater Energy positions the new company as a key player in the integrated renewable energy market, combining expertise in solar and storage solutions for the evolving energy landscape.
