DENVER, Aug. 25,
2022 /PRNewswire/ - Amp Energy, a global Energy
Transition Platform and renewable energy developer, today announced
it has closed financing on its 61 MW | 6.5 MWh solar plus storage
portfolio in Massachusetts and
New York, valued at $155M. KeyBank led the construction and term
debt, with U.S. Bank investing the tax equity for the portfolio, in
the fourth transaction amongst the three parties since 2017.
Of the 13 projects that make up the portfolio, the majority will
reach commercial operation this year, with the balance occurring in
Q2, 2023. Three of the projects will incorporate DC-coupled energy
storage and will be dispatched by the Amp X optimization and
management platform, allowing the assets to autonomously optimize
the battery output to maximize their fixed SMART program revenues,
while participating in the ISO New England wholesale markets.
The integrated designs with DC-coupled energy storage, bifacial
modules, along with proprietary optimization and design, once again
highlights Amp's emerging position as a leader in advanced
technology.
"This latest round of financing into community solar
transactions pushes Amp's total tax equity and debt raised past
$500M over the last few years in the
US community solar market," said Jared
Donald, EVP and Head of Amp's US Operations. "We're pleased
to have once again attracted top tier institutional financing with
KeyBank and U.S. Bank, which speaks to their deep understanding of
the market as well as the knowledge and diverse skillset of the Amp
team."
"Community solar makes the benefits of a less expensive, cleaner
energy option accessible to those unable to install panels on their
rooftop, and we're proud to support Amp's expansion in Massachusetts and New York," said Justin
Baker, vice president with U.S. Bancorp Community
Development Corporation's Environmental Finance team. "Being
responsible stewards of the environment is important to U.S. Bank
and we're committed to continued investments in solar."
We're excited to continue our partnership with Amp and grow
community solar in Massachusetts
and New York," said Tyler Nielsen, Director in KeyBanc Capital
Markets' Utilities, Power & Renewable Energy Group, "Providing
financing to optimize solar and storage also builds on the success
of KeyBank's National Community Benefits Plan which focuses on
investments in affordable housing, mortgage and small business
lending, and renewable energy."
This strategic portfolio of solar plus storage assets continues
Amp's investment in the New York
and Massachusetts community solar
markets, creating jobs and supporting economic development while
also responding to growing consumer demand for clean, renewable
power generation.
Amp's long-term ownership and operation of its projects places a
high priority on working together with landowners, towns and other
local stakeholders to ensure a valuable, long-term partnership in
the fight against climate change.
The US operations of Amp, formed in 2016 and headquartered in
Denver, Colorado, saw its real
assets business surpass 200 MW of operating and in-construction
assets this year, with a further 500 MW to be built over the coming
2-3 years.
About Amp
Amp is a global energy transition platform.
We develop, own and operate clean energy assets throughout our
core markets around the world. Alongside Amp X, our disruptive
grid-edge technology platform utilizing proprietary artificial
intelligence expertise, we are reimagining the grid and leading the
Energy Transition. The company is headquartered in Toronto with global operations throughout
North America, the UK,
Australia, Japan, Spain
and Czech Republic.
Founded in 2009, Amp is a high-growth disruptor at scale, backed
by major investments from institutional capital partners including
most recently Carlyle, which
invested US$374 million for a
minority stake in the company in late 2020.
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SOURCE Amp Energy
