Amp Energy set to build 61 MWh solar + storage portfolio in Northeast
Amp Energy closed financing on its 61 MW | 6.5 MWh solar + storage portfolio in Massachusetts and New York, valued at $155M. Amp Energy is headquartered in Toronto with global operations throughout North America, the UK, Australia, Japan, Spain and Czech Republic. Of the 13 projects that make up the portfolio, the majority will reach commercial operation this year, with the balance occurring in Q2, 2023.
The integrated designs include DC-coupled energy storage, bifacial modules, along with proprietary optimization and design.
Three of the projects will incorporate DC-coupled energy storage and will be dispatched by the Amp X optimization and management platform. These will autonomously optimize the battery output to maximize their fixed SMART program revenues, while participating in the ISO New England wholesale markets.
“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.”
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.
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.
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.
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