US-based investment firm The Carlyle Group has committed $374 million to Amp Energy, a Canada-based renewable energy infrastructure manager, developer, and owner.
According to sources, Amp Energy has developed over 1.8 GW of distributed and utility-scale renewable generation projects, storage-based hybrid projects, and stand-alone battery storage projects globally. Notably, Amp Energy purchased an 11 MW solar plus storage portfolio in Massachusetts just last year. The company also offers a digital energy platform, Amp X, designed to enable real-time autonomous management and optimization. The Carlyle investment aims to support Amp Energy’s growth within its core markets of North America, Japan, Australia, Iberia and the U.K.
Pooja Goyal, Head of Carlyle’s Renewable and Sustainable Energy team and Co-Head of Carlyle’s Infrastructure group said, “This transaction demonstrates Carlyle’s continued focus on identifying and executing upon attractive investment opportunities such as solar projects and battery storage technologies around the world that are being propelled by the energy transition. We see significant value in working with proven management teams through differentiated development platforms with significant global reach such as Amp Energy.”
Dave Rogers, President and CEO of Amp Energy said, “We are pleased to partner with Carlyle, a world-class investment firm that truly understands and values our growth vision. This investment validates Amp’s position as a leading global energy transition platform, and we believe Carlyle’s extensive global experience and network will help expedite our growth strategies to accelerate the energy transition around the world.”
Equity capital for the transaction has been committed from Carlyle’s Global Infrastructure Opportunity Fund and Carlyle’s Renewable & Sustainable Energy Fund. Carlyle has made several solar investments in the US over the past year, including a $100 million partnership with Alchemy Renewable Energy and the acquisition of a large development portfolio from BNRG in Maine.