Aspen Power, Basis Climate and Excelsior Energy Capital Complete Tax Capital Commitment for 30-Project Community Solar Portfolio

NEW YORK / MINNEAPOLIS, August 25, 2026 - Aspen Power, ("Aspen"), Basis Climate Corp. ("Basis Climate") and Excelsior Energy Capital ("Excelsior") today announced a tax capital commitment covering the Investment Tax Credits (ITCs) generated by Aspen's 2026-2027 community solar portfolio. The portfolio comprises up to 30 solar projects across multiple states.

The transaction was originated and structured through the Basis Climate-Excelsior partnership, which was formed to deploy up to $150 million of minority equity in distributed generation solar and battery storage projects. Basis Climate's diligence platform will underwrite the portfolio on an accelerated timeline, enabling a streamlined investment diligence and closing process.

Aspen Power's 2026-2027 community solar portfolio delivers affordable, reliable power to residential and commercial subscribers across the projects' host communities. Aspen Power owns and operates the projects and holds these assets for the long term, making predictable tax credit monetization central to how the company funds construction and keeps capital moving.

"With over 300 MW of operating assets across 10 states and a robust development pipeline, Aspen is well positioned to serve the growing power needs of our customers. Tax credit monetization timing and certainty are important components of Aspen's financial planning. Just as speed to power is important, so is the ability to convert tax credits to cash in an efficient manner," said Michael Sheehan, CEO of Aspen Power. "Basis and Excelsior underwrote 30 projects on one timeline through a single process, which is the commercial discipline we look for in a capital partner."

"Closing this first transaction validates the model we've built with Excelsior-speed, certainty, and value for developers," said Erik Underwood, Co-Founder of Basis Climate. "Aspen brought a 30-project portfolio to our platform, and we were able to underwrite it quickly, match it with a qualified buyer, and close with integrated insurance-all through a single process. That's exactly the kind of frictionless execution that leading distributed generation platforms like Aspen need to finance their businesses at scale."

"This transaction is a proof point for the partnership's thesis: that combining deep clean energy expertise with a best-in-class technology platform can meaningfully accelerate capital deployment into solar and battery storage," said Ryan Fegley, Co-Founder and Partner at Excelsior Energy Capital. "We look forward to building on this success with additional transactions across our pipeline."

Transaction Highlights

Portfolio: Portfolio of community solar projects across multiple states, delivering power to residential and commercial subscribers.

Credit Type: Investment Tax Credits (ITCs) committed for transfer under IRA Section 6418.

Owner and Operator: Aspen Power, which developed and acquired the projects and will own and operate them for the long term.

Platform Execution: Basis Climate's diligence expertise and asset management services underwrote the full portfolio on an accelerated timeline, with standardized documentation and a single closing process.

Partnership Pipeline: This transaction is the first under the Basis Climate-Excelsior partnership, which targets $150 million in annual investment in solar and storage.

About Aspen Power

Aspen Power is a distributed energy platform that develops, acquires, owns, and operates solar and storage projects across 10 states, from community solar to small utility-scale. Backed by Carlyle since 2022, Aspen takes projects from origination through decades of operation with one vertically integrated team. The company owns, operates or is actively building nearly 400 MW today.

About Basis Climate

Basis Climate is a leading platform for buying and selling clean energy tax credits in the United States. Basis connects sponsors generating clean energy tax credits with corporate buyers, streamlining price discovery, due diligence, transaction execution, and embedded insurance products. Basis has completed more than 60 transactions to date and continues to expand its offerings to better serve clean energy deployment. For more information, visit www.buildwithbasis.com.

ABOUT EXCELSIOR ENERGY CAPITAL

Excelsior Energy Capital is a clean energy infrastructure fund focused on middle-market investments in wind, solar and battery storage plants, and businesses across North America. The highly specialized team brings over 100 years of combined experience and a comprehensive set of strategic, financial, legal and operational expertise; making Excelsior Energy Capital a valuable partner for developers and operators, and a trusted manager for investors. Based in Minneapolis, Minnesota, the firm was founded in 2017 with two active funds totaling over $1.5 billion of equity capital. For more information, visit www.excelsiorcapital.com.