Advanced Power Projects

About Advanced Power Projects

Advanced Power operates as a developer, manager, and owner of modern power infrastructure, with a focus on low-carbon and renewable energy projects. The company was founded in 2000 and has since focused on advancing a sustainable energy future by developing, financing, and managing power generation assets. The firm's leadership team, including CEO Tom Spang and Executive Board member Peter Ramm, possesses extensive experience in the global energy sector. Prior to co-founding the company, Mr. Spang was a vice president at InterGen, where he led the development of large-scale natural gas facilities designed to displace coal.

The company's business model encompasses the full lifecycle of energy projects: development, financial structuring, and asset management. It originates and advances projects from initial feasibility through permitting and commercialization before securing financing and overseeing construction and operation. Advanced Power partners with large institutional and strategic investors to finance its projects, having raised over $5 billion in equity and debt capital for its ventures. Its client base includes utilities, data center developers, and hyperscalers who require large-scale, reliable power solutions. In July 2025, the company was acquired by ArcLight Capital Partners, which committed an initial $1 billion in equity to accelerate the development of new power infrastructure, particularly to support the growth of AI and data centers in North America.

Advanced Power's portfolio is diverse, including natural gas, solar, wind, and battery storage projects across North America and Europe. It has successfully developed over 6 gigawatts (GW) of generation assets, with a current development pipeline exceeding 12 GW of thermal and renewable projects and more than 10 gigawatt-hours (GWh) of energy storage. Notable projects include the 700 MW Carroll County Energy and the 1,100 MW Cricket Valley Energy natural gas facilities in the U.S. The company also develops utility-scale solar projects, such as Cutlass Solar in Texas, and invests in distributed generation solar portfolios. The firm's strategy focuses on replacing inefficient, high-emission power plants with modern, highly efficient technologies like combined-cycle gas turbines (CCGT), which can reduce CO2 emissions by up to 65% compared to traditional coal generators.