Fiera Infrastructure and Palisade Infrastructure funds have joined forces to buy Amp Solar’s US renewable energy generation and battery storage business for an undisclosed sum.
Canada-based global energy transition platform Amp Solar, which entered the US market in 2016, is selling its equity interests in Amp US, a developer, owner and operator of community solar and storage projects.
Amp US has a portfolio with generation capacity of approximately 200MWDC across 39 operating or under-construction projects expected to be completed in the short term. The company also has a large pipeline of solar and storage projects expected to be developed and built across existing and new US markets.
Mike Reynolds, managing director, Americas of Palisade Infrastructure, said: “We believe community solar is one of the most attractive segments of the US renewables market and this investment allows us to leverage our strong existing expertise in the broader renewables sector.
“There is growing subscriber demand and policy support nationwide for community solar programsme, which provides strong tailwinds for Amp US to build out its diversified project pipeline across the country.”
Reynolds said the deal will increase the Palisade Infrastructure’s total renewables capacity under management to over 1.8GW and represents the firm’s third North American investment.
Brooks Kaufman, managing director of Fiera Infrastructure, said: “We believe the company is well positioned, with a strong management and operations team, to expand through scale acquisitions and new development in an attractive and growing sector with strong tailwinds.
“We look forward to partnering with Palisade Infrastructure to support the management team and their strategy to provide equitable access to renewable solar power across the communities it serves.”
Alina Osorio, president of Fiera Infrastructure, said: “Amp US will play a meaningful role in Fiera Infrastructure’s continued commitment to support energy transition across our core markets.
“The investment will further diversify our portfolio of clean energy investments in wind, utility-scale solar, energy from waste, and hydroelectric generation.”
Dave Rogers, founder and CEO of Amp Solar, said: “Over the last five years, our US business has grown to become a leading player in the community solar market.
“We are excited to see the US team partner with Palisade Infrastructure and Fiera Infrastructure to continue to accelerate the core mission of building the top distributed generation platform in the US.”
To read the latest edition of the latest IPE Real Assets magazine click here.
