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.