Aspen Power Partners, a US-based solar energy company, has sold a “significant” stake in itself to funds managed by global investment firm Carlyle for $350 million. Aspen plans to use the sale’s revenues to further its organic and acquisition-driven growth strategies in the community, multifamily, and commercial and industrial (C&I) solar and storage markets.

PPL Corporation, a US-based gas distribution firm, sold Safari Energy to Aspen as part of its growth strategy. Since its founding in 2008, Safari has acquired or constructed more than 600 C&I solar projects in 24 US states and Washington, DC. More than 893,000 MWh of power have been produced by these projects, which avert more than 632,000 tonnes of carbon emissions. Aspen acquired the complete development platform of Safari, which includes a 220 MW solar asset portfolio made up of both operational and upcoming projects.

Aspen’s community solar portfolios and Safari’s platform would combine to produce a diversified distributed generation independent power producer. Following Carlyle’s investment and the acquisition of Safari, Aspen said that it is on track to achieve GW-scale generation by the end of the decade.