Toronto-based renewables developer Amp Energy has closed on a US$155 million tax equity and debt financing round for its solar-plus-storage portfolio in the US.
The community solar portfolio comprises of 13 projects located in the states of Massachusetts and New York with a capacity of 65MW of solar PV and 6.5MWh of energy storage. Most of the projects will reach commercial operation this year, with the rest set to reach during Q2 2023.
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Three of the projects will use bifacial modules coupled with energy storage and will be dispatched with the Amp X optimisation and management platform, which will allow it to automatically optimise the battery’s output.
KeyBank led the construction and term debt, with US Bank investing the tax equity for the portfolio. This was the fourth transaction between the three parties since 2017.
This latest round brings the renewables developer’s financing into US community solar to over US$500 million, said Jared Donald, EVP and head of Amp’s US operations.
Its US portfolio has so far reached 200MW of operating and in-construction assets this year, with a further 500MW to be built in the next two to three years.
Early this year, Amp Energy closed a US$350 million credit facility to accelerate its global portfolio of renewables and battery storage assets with a primary focus on the US, Australian and Japanese markets.