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DENVER, August 25, 2022 /PRNewswire/ – Amp Energy, a global energy transition platform and renewable energy developer, today announced the closing of financing for its 61 MW | 6.5 MWh solar plus storage portfolio in Massachusetts and New Yorkestimated at $155 million. KeyBank led construction and term debt, with US Bank investing the portfolio’s tax equity, in the fourth transaction between the three parties since 2017.
Of the 13 projects that make up the portfolio, the majority will reach commercial operation this year, with the remainder occurring in Q2 2023. Three of the projects will integrate DC-coupled energy storage and be shipped through optimization and management of Amp X platform, allowing assets to self-optimize battery output to maximize their fixed SMART program revenue, while participating in the New England ISO wholesale markets.
Integrated designs with DC-coupled energy storage, bifacial modules, plus proprietary optimization and design, once again underscore Amp’s emerging position as a cutting-edge technology leader.
“This Latest Round of Funding in Community Solar Transactions Pushes Amp’s Total Tax Equity and Raised Debt Beyond $500 million in the U.S. community solar market in recent years,” said Jared Donald, executive vice president and head of US operations for Amp. “We are delighted to have again attracted top-tier institutional funding with KeyBank and US Bank, which is a testament to their deep understanding of the market and the diverse knowledge and skills of the Amp team.”
“Community Solar makes the benefits of a cheaper, cleaner energy option available to those who cannot install panels on their roof, and we are proud to support Amp’s expansion into Massachusetts and New York,” said Justin Baker, vice president of the environmental finance team at the US Bancorp Community Development Corporation. “Being responsible stewards of the environment is important to US Bank and we are committed to continuing our investments in solar energy.”
We are excited to continue our partnership with Amp and grow community solar power in Massachusetts and New York,” said Tyler NielsenDirector of the Utilities, Energy and Renewables Group of KeyBanc Capital Markets, “The financing offering to optimize solar power and storage also builds on the success of the national community benefits plan of KeyBank, which focuses on investments in affordable housing, mortgage and small business lending, and renewable energy.”
This strategic portfolio of solar and storage assets continues Amp’s investment in the New York and Massachusetts community solar markets, creating jobs and supporting economic development while meeting growing consumer demand for clean, renewable energy generation.
Amp’s long-term ownership and operation of its projects places a high priority on working with landowners, cities and other local stakeholders to ensure a valuable, long-term partnership in the fight against change. climatic.
Amp’s US operations, established in 2016 and based in Denver, Coloradosaw its real-asset activity exceed 200MW of assets in operation and under construction this year, with an additional 500MW to be built over the next 2-3 years.
About the amp
Amp is a global energy transition platform.
We develop, own and operate clean energy assets in our core markets around the world. Alongside Amp X, our cutting-edge disruptive technology platform using proprietary artificial intelligence expertise, we are reimagining the grid and leading the energy transition. The company is headquartered in Toronto with global operations across North AmericaGreat Britain, Australia, Japan, Spain and Czech Republic.
Founded in 2009, Amp is a high-growth, large-scale disruptor, backed by major investments from institutional capital partners, including most recently carlylewho invested US$374 million for a minority stake in the company at the end of 2020.
SOURCE Ampere energy
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