Amp Energy, a renewable energy developer, secured financing of $155 million for its 61 MW and 6.5 MWh solar plus storage portfolio in Massachusetts and New York. U.S. KeyBank led the construction and term debt, with U.S. Bank investing the tax equity for the portfolio. This was the fourth transaction between 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 projects will incorporate DC-coupled energy storage and be dispatched by the Amp X optimization and management platform.
“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.”
Recently, North American Development Bank (NADBank) announced the signing of a $46.9-million loan for the Zier Solar and Energy Storage Project, located in Kinney County, Texas. The project is being developed by Cypress Creek Renewables, a project developer, and consists of a 208 MW solar and a 40 MW battery energy storage system (BESS). Upon completion, the project is expected to increase the installed capacity of renewable energy resources and energy storage in the Texas grid.
According to Mercom’s 1H and Q2 2022 Solar Funding and M&A Report, announced large-scale project funding in Q2 2022 came to $6.9 billion, a 24% decrease compared to $9 billion in Q1 2022.