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Solar development companies Aspen Creek Power Holdings and Oakhurst Energy Development have announced their strategic merger.
The merger between California and North Carolina companies creates Headwater Energy, 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 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, 83 MWDC of operating projects under ownership, seven projects under construction and 4.3 GWDC 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.
“This is a significant milestone in a journey that began many years ago,” said Patrick Leibach, the CEO of Aspen and Headwater Energy. “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.”
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