Prospect14, a solar energy developer, has partnered with a group of energy investors and operators with expertise in power generation and quantitative trading to launch Ampliform, a joint venture that will originate, develop, build, operate and optimize utility-scale solar and solar + storage projects in the United States.
Ampliform is backed by a significant equity commitment from a consortium of investors led by the Jones Family Office, alongside Barings, the George Kaiser Family Foundation and others.
Prospect14, led by Carl Jackson, Geoff Underwood and Charles Silio, will provide greenfield origination, development and construction services to Ampliform. Also investing in Ampliform and serving on its executive leadership team on behalf of Greens Ledge Renewable Partners (GLRP) are Brad Romine and Steve Culliton, who previously led North American power generation investments, power trading and asset optimization for Castleton Commodities International; John Vivenzio, who previously served as chief technology officer of King Street Capital Management, a global alternative asset manager; and Mikael Andren, who serves as CEO and president of the Jones Family Office and related entities.
“We are very excited to partner with such experienced investors and power plant operators to drive the deployment and optimization of solar + storage projects at scale,” says Jackson, a partner at Prospect14. “Brad, Steve and John have had tremendous success optimizing power plants, managing quantitative energy trading operations, building robust trading and operational data analysis infrastructure, and putting in place innovative financing for energy projects. That experience combined with our ability to pinpoint interconnection opportunities and scale them quickly in targeted markets is unique within the industry and will be invaluable as Ampliform transitions towards a merchant model.”
“We’re partnering with Prospect14 on this joint venture because they have built a unique platform with a track record of using data-driven methods to site and develop solar + storage projects at scale in the nation’s most competitive energy markets,” states Romine, a partner at GLRP. “We are developing our projects with the intent to own and operate them efficiently, so we begin projects with the end in mind and implement creative, data-driven approaches to optimizing plant design, development and construction. This will make Ampliform faster and more efficient at every stage from greenfield development through to operations.”
Ampliform launches with more than 3 GW of early- and mid-stage projects under development, the first of which are expected to begin construction in 2023. Ampliform is actively pursuing additional greenfield project origination as well as acquisition opportunities of solar projects and interconnection capacity, with a plan to build a development pipeline of more than 10 GW by 2025.
“Solar energy is an increasingly important part of the U.S. energy mix. In Ampliform, we see a tremendous opportunity to build a leading, highly differentiated company to help drive the energy transition,” comments Paul Tudor Jones II. “Ampliform has a significant competitive advantage because of its ability to scale rapidly, leverage technology and data, and take innovative approaches in bringing its assets to market.”