A consortium comprising funds managed by Fiera Infrastructure Inc. and Palisade Infrastructure Group has agreed to jointly acquire 100% of the equity interests in Amp US Primary Holdings Inc., a U.S.-based renewable energy generation and battery storage business.
Amp US develops, owns and operates of community solar and storage projects. Since entering the U.S. market in 2016, the company has experienced significant growth, placing the platform in a primary position within the distributed generation market. With headquarters in Denver, the company has built a portfolio with generation capacity of approximately 200 MW DC across 39 projects. Additionally, the company has a large pipeline of solar and storage projects expected to be developed and built across existing and new U.S. markets.
Fiera Infrastructure and Palisade Infrastructure will continue to support the company’s long-term strategy to develop, own and operate its growing portfolio and bring the financial and economic benefits of solar generation and battery storage to local communities across the U.S., including low-to-moderate income households and housing authorities. Furthermore, the company’s existing portfolio comprising operating and under-construction projects is expected to abate approximately 171,000 tons of CO2 annually by 2024.
“We believe community solar is one of the most attractive segments of the U.S. renewables market, and this investment allows us to leverage our strong existing expertise in the broader renewables sector,” says Mike Reynolds, managing director, Americas, of Palisade Infrastructure. “There is growing subscriber demand and policy support nationwide for community solar programs, which provides strong tailwinds for Amp US to build out its diversified project pipeline across the country.”
Fiera Infrastructure’s acquisition is being made on behalf of funds managed by Fiera Infrastructure. Palisade Infrastructure’s acquisition is being made on behalf of funds managed by Palisade Americas Management LLC and its Australian-based affiliate Palisade Impact.
Macquarie Capital acted as financial advisor and DLA Piper LLP US acted as legal advisor to Fiera Infrastructure and Palisade Infrastructure on the transaction. KeyBanc Capital Markets acted as financial advisor and Milbank as legal advisor to Amp Energy on the transaction.
The transaction is expected to close in March.