AGP, Hartree launch US solar joint venture with 5GW development target

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on email
An operational solar project in Colorado. Image: Pivot Energy.

Asset management group AGP Sustainable Real Assets and energy trading company Hartree Partners are forming a new joint venture (JV) that will aim to build a 5GW utility-scale solar platform in the US.

AMPYR Energy USA will leverage AGP’s project development experience and Hartree’s power trading analytics to bring forward the platform across “multiple US markets”, the firms said.

The newly launched company represents the second JV between the partners in just over a year, following the launch of independent power producer AMPYR Solar Europe (ASE) alongside developer NaGa Solar in February 2021.

They said ASE is now making “swift progress” towards its target of rolling out 5GW of utility-scale solar across European markets including the UK, the Netherlands and Germany, with the business securing a €400 million (US$455 million) loan facility with investment manager CarVal Investors last month.

Following in the footsteps of ASE, AGP and Hartree said expectations are equally high for AMPYR USA.

Backed by federal and state goals for accelerating the energy transition, the US will be one of the fastest-growing solar markets in the world and a core strategic priority in realising AMPYR’s goals, said Saurabh Beniwal, partner at AGP and board chair for AMPYR USA.

Recent announcements from ASE have seen the company sign a deal to develop and build a pipeline of large-scale solar projects in Germany with an initial capacity of around 200MWp.

It was also revealed earlier this month that ASE will build a 9MW solar farm linked with 1.5MW of battery storage and 40 electric vehicle charging points at Edinburgh Airport, Scotland. The ground-mounted PV project and battery will be located next to the runway and be connected to the airport via a high voltage private wire network.

14 June 2022
Join us in Napa to unlock the key to reliable PV module supply to the U.S. market in 2022 & 2023. We'll also be gathering the main players in the US solar market for some wine tasting!

Read Next

May 13, 2022
Investment management firm Axium Infrastructure has acquired Boston-based solar and energy storage developer BlueWave, its first acquisition of a renewables developer.
May 12, 2022
Energy investment platform CleanCapital has secured a US$200 million credit facility to support its pipeline of distributed solar and energy storage projects.
May 12, 2022
Hanwha Solutions has unveiled plans to invest US$320 million in cell and module manufacturing capacity expansions in the US and South Korea.
May 9, 2022
US Energy Secretary Jennifer Granholm has raised concerns about the country’s ability to move to a carbon pollution-free power sector by 2035 unless there is a quick resolution to the Department of Commerce’s (DOC) solar tariff investigation.
May 9, 2022
Independent power producer (IPP) Cypress Creek Renewables has closed a US$125 million debt facility to fund the expansion of its solar and storage pipeline.
May 6, 2022
US residential solar installer SunPower’s backlog soared to a record 13,800 customers entering Q2 2022 with the installer confirming a series of investments it is making to meet surging demand.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
May 17, 2022
Lisbon, Portugal
Upcoming Webinars
May 17, 2022
4:00 PM (CEST) | About 30 minutes
Solar Media Events
June 14, 2022
Napa, USA
Solar Media Events
October 4, 2022
New York, USA