Fiera Infrastructure and Palisade Infrastructure Group have reached an agreement to acquire the entire equity stakes in Amp US Primary Holdings (Amp US) from Amp Solar Group, a Canadian company. Amp US is a community solar and storage project developer and operator based in Denver, Colorado. Currently, the company’s portfolio includes 39 projects with a total capacity of about 200 MWdc.
Additionally, it has a pipeline of solar and storage projects that are planned for construction in both new and existing US markets. No financial details have been disclosed. The deal is anticipated to close in March 2023 if it meets customary closing conditions and receives regulatory approvals. Palisade Infrastructure will purchase the stake on behalf of funds managed by Palisade Americas Management and its Australian affiliate Palisade Impact, while Fiera Infrastructure will do so on behalf of funds managed by Fiera Infrastructure.
In September 2022, Amp Energy finalised funding on its $155 million 61 MW/ 6.5 MWh solar plus storage portfolio in Massachusetts and New York. KeyBank led the construction and term debt, with US Bank investing the portfolio’s tax equity in the fourth deal between the three parties since 2017. The majority of the portfolio’s 13 projects would begin operating in commercial capability in 2022, with the remaining projects following in the second quarter of 2023.
REGlobal’s Views: Amp Energy, a global renewable energy platform, is one of the leading players in the US community solar market. This deal comes at a time when US policy interventions are providing strong growth prospects for community solar programs and will help the buyers to establish a strong initial base in the rapidly growing market.