Q CELLS North America closed on an investment into a portfolio of solar-plus-storage projects developed by Amped Solutions using a new ‘Grid Equity’ financing structure. Under these terms, Q CELLS provided Amped Solutions with capital in exchange for the rights to future grid services revenue expected to be generated by the portfolio of operating systems deployed in California.
Amped Solutions and its partners will retain ownership of the systems, and all other revenue streams associated with the systems, such as bill savings, incentives and tax benefits. Q CELLS believes this Grid Equity structure has applications across multiple states, and for C&I and community solar projects under development or already in operation.
Shane Kim, President of Q CELLS North America, said, “As part of our growing suite of complete energy solutions, we’re excited to offer our customers and partners investment capital under a new Grid Equity structure. We believe it can be a valuable co-development tool to help them boost the economics and bankability of their solar-plus-storage projects.”
Dan Martin, CEO of Amped Solutions, added, “This investment from Q CELLS has allowed us to receive capital now and reduce our project risk. We plan to use that capital to upgrade and augment the systems, which will improve their performance for Amped Solutions, for our customers, and for Q CELLS. This is a win-win-win deal.”
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