Amp Vitality closed financing on its 61 MW | 6.5 MWh photo voltaic + storage portfolio in Massachusetts and New York, valued at $155M. Amp Energy is headquartered in Toronto with world operations all through North America, the UK, Australia, Japan, Spain and Czech Republic. Of the 13 initiatives that make up the portfolio, the bulk will attain business operation this yr, with the stability occurring in Q2, 2023.
The built-in designs embody DC-coupled power storage, bifacial modules, together with proprietary optimization and design.
Three of the initiatives will incorporate DC-coupled power storage and might be dispatched by the Amp X optimization and administration platform. These will autonomously optimize the battery output to maximise their fastened SMART program revenues, whereas taking part within the ISO New England wholesale markets.
“This newest spherical of financing into neighborhood photo voltaic transactions pushes Amp’s complete tax fairness and debt raised previous $500M over the previous few years within the US neighborhood photo voltaic market,” stated Jared Donald, EVP and Head of Amp’s US Operations. “We’re happy to have as soon as once more attracted high tier institutional financing with KeyBank and U.S. Financial institution, which speaks to their deep understanding of the market in addition to the information and various skillset of the Amp crew.”
“Neighborhood photo voltaic makes the advantages of a inexpensive, cleaner power possibility accessible to these unable to put in panels on their rooftop, and we’re proud to help Amp’s growth in Massachusetts and New York,” stated Justin Baker, vice chairman with U.S. Bancorp Neighborhood Growth Company’s Environmental Finance crew. “Being accountable stewards of the surroundings is essential to U.S. Financial institution and we’re dedicated to continued investments in photo voltaic.”
KeyBank led the development and time period debt, with U.S. Financial institution investing the tax fairness for the portfolio, within the fourth transaction amongst the three events since 2017.
We’re excited to proceed our partnership with Amp and develop neighborhood photo voltaic in Massachusetts and New York,” stated Tyler Nielsen, Director in KeyBanc Capital Markets’ Utilities, Energy & Renewable Vitality Group, “Offering financing to optimize photo voltaic and storage additionally builds on the success of KeyBank’s Nationwide Neighborhood Advantages Plan which focuses on investments in reasonably priced housing, mortgage and small enterprise lending, and renewable power.”
This strategic portfolio of photo voltaic plus storage belongings continues Amp’s funding within the New York and Massachusetts neighborhood photo voltaic markets, creating jobs and supporting financial growth whereas additionally responding to rising client demand for clear, renewable energy technology.
The US operations of Amp, fashioned in 2016 and headquartered in Denver, Colorado, noticed its actual belongings enterprise surpass 200 MW of working and in-construction belongings this yr, with an additional 500 MW to be constructed over the approaching 2-3 years.
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