Amp Energy, a global energy transition platform and renewable energy developer, has closed financing on its 61 MW / 6.5 MWh solar plus storage portfolio in Massachusetts and New York, valued at $155 million.
KeyBank led the construction and term debt, with U.S. Bank investing the tax equity for the portfolio, in the fourth transaction among 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.
“This latest round of financing into community solar transactions pushes Amp’s total tax equity and debt raised past $500 million over the last few years in the U.S. community solar market,” says Jared Donald, EVP and head of Amp’s U.S. 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,” states Justin Baker, vice president with U.S. Bancorp Community Development Corp.’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,” comments 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.”