“The Massachusetts-based portfolio, valued at approximately $100M, holds some of the first non-residential DC-coupled solar + storage systems to be successfully financed in the United States and marks Amp’s first solar + storage project financing
The 4 projects under the portfolio will be the first in the US to be dispatched by Amp’s proprietary digital energy platform, Amp X, using its VPP trading platform.
Amp’s next US portfolio, moving into construction in Q1 2021, includes >100 MW of solar projects paired with >50 MWh of DC-coupled energy storage across Massachusetts and New York.
Denver, CO – September 24, 2020 – Amp, a global renewable energy infrastructure platform company, today announced it has closed financing on its 29.4 MW | 42 MWh Massachusetts Community Solar portfolio, valued at approximately $100M. KeyBank will provide construction and term debt, with US Bank investing the tax equity for the portfolio.
The 4 projects under the portfolio will be the first in the US to be dispatched by the Amp X trading 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 and the Massachusetts Clean Peak Standard program.
The integrated design that includes DC-coupled energy storage, bifacial modules along with proprietary optimization and design, once again highlights Amp’s emerging position as a leader in advanced technology.
Amp has signed offtake agreements with investment grade counterparties Lowe’s and Hannaford grocers as anchors for the community solar projects, and is working with its long-standing partner BlueWave Solar to source the small offtakers for the projects that will reach commercial operation between Q1 2021 and Q2 2022.
“As the energy markets continue to evolve it is increasingly important for asset owners, like Amp, to employ these multi-variable optimization strategies to maximize project returns while ensuring the final solutions be fully vetted and bankable in order to attract institutional financing” said Jared Donald, Amp’s SVP and Head of USA “I am really proud of the Amp team members who, through their deep understanding and diverse skillset, allowed us to achieve these two, often conflicting, goals and I’m very appreciative of our financial partners for their continued trust in Amp to deliver this solution”.”
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Amp Solar 24 September 2020.