Next phase of the business will oversee solar projects from inception to monetization
RALEIGH, N.C., Dec. 12, 2023 /PRNewswire-PRWeb/ -- Aspen Creek Power Holdings, LLC ("Aspen"), a renewable energy development and finance company based in California, and Oakhurst Energy Development, LLC ("Oakhurst"), a renewable energy development company from North Carolina, are pleased to announce their strategic merger.
The merger creates Headwater Energy, LLC ("Headwater"), an integrated solar and energy storage developer and independent power producer (IPP).
Founded in 2020, Aspen has focused on the acquisition, financing, operation, and ownership of late-stage utility-scale solar projects nationwide. Oakhurst, established in 2022, brings its expertise in the origination and middle-stage development of utility-scale solar projects, with a particular emphasis on the Southeastern United States.
The merger of Aspen and Oakhurst is the culmination of a longstanding partnership and mutual respect between the two companies, initiated with Aspen's investment in Oakhurst in early 2022. This partnership has flourished, with Aspen lending its financing expertise and Oakhurst contributing its development capabilities to develop and finance numerous successful projects across all stages of development, construction, and operation.
The combined company will do business under the name Headwater Energy. Altogether, Headwater has 13 employees, 83MWdc of operating projects under ownership, seven projects under construction, and 4.3GWdc of projects across all stages of development.
Headwater Energy is now positioned to oversee solar projects from inception to monetization, leveraging its combined expertise in origination, development, financing, and long-term ownership, with a continued focus on Southeast regulated markets.
Patrick Leibach, the CEO of Aspen and Headwater Energy, expressed his enthusiasm about the merger: "This is a significant milestone in a journey that began many years ago. Our leadership teams have a shared history and mutual respect that spans nearly a decade, and I am excited to continue building Headwater Energy alongside such a talented group."
Latham Grimes, CEO of Oakhurst, echoed these sentiments, stating: "Our collaboration with the Aspen team has been extremely rewarding. We have forged a strong bond, working shoulder to shoulder to create substantial value. This merger is a natural progression of our partnership, and we are eager to embark on this new chapter together."
As Headwater Energy sets its sights on the future, Sarthak Gupta, Chief Investment Officer (CIO) of Aspen and Headwater Energy, outlined the next steps: "Our focus now shifts to capital formation. 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."
About Headwater Energy
Headwater Energy is a solar and energy storage developer and independent power producer born from the strategic merger of Aspen Creek Power Holdings and Oakhurst Energy Development in 2023. Leveraging years of industry expertise, Headwater Energy oversees the full lifecycle of solar projects, from origination and development to financing, operation, and long-term ownership. Headquartered in North Carolina, and with a strong focus on the Southeast regulated markets, the company is committed to driving innovation and sustainable growth in the renewable energy sector. Headwater Energy is dedicated to creating lasting value for its stakeholders and contributing to a cleaner, more sustainable future.
Media Contact
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SOURCE Headwater Energy, LLC
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