Amp Energy Closes $350 Million Credit Facility to Boost its Renewable Assets
The funding to be used for construction stage assets in the US, Australia, and Japan
January 24, 2022
Amp Energy, a Toronto-based renewable energy assets owner and developer, announced the closure of an innovative $350 million cross-jurisdictional credit facility with a consortium of leading institutional investors.
The consortium was led by Brookfield Asset Management and a leading sovereign wealth fund, also backed by Nomura Securities. AP has retained Nomura Securities International as the sole lead arranger. Energy Capital Partners (ECP) to join the consortium after the closing.
The credit facility potentially could increase up to a maximum of $700 million, which the company plans to use to support the construction of its growing renewables and battery storage assets globally.
The investment will initially focus on the construction stage assets the company owns in the US, Australia, and Japan, with an intent to expand into other investment-grade markets eventually.
Expressing his thoughts on the financing, Amp Energy’s Founder, CEO & President Dave Rogers, said, “This landmark financing broadens our reach, optimizes our cost of capital, and enables us to accelerate the decarbonization of flexible power generation infrastructure across our core markets.”
Amp Energy owns and operates clean energy assets across North America, Australia, Japan, Spain, the Czech Republic, and the UK. With the help of its grid-edge technology platform Amp X, it utilizes artificial intelligence to enhance energy transition.
The company recently announced that four projects within its Japanese portfolio with an aggregated capacity of 69.2 GW have achieved commercial operation in Q4, 2021, and will generate 77,000 MWh per year.
Last year, Amp Energy announced that it is on track to install nearly 100 MW of community solar projects across its northeastern territory in the US.
The company recently secured a ‘Shinsei Green Loan’ valued at JPY17 billion (~$151 million) from its standing financing partner, Shinsei Bank, to construct the 60 MW Fukushima West solar project in Fukushima City. A Shinsei Green Loan designates the use of funds for businesses or projects that will provide clear environmental benefits and must align with the “Shinsei Green Finance Framework.”
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