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AGP Sustainable Real Assets and Hartree Partners Announce US Expansion of Global Solar Partnership

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AGP Sustainable Real Assets and Hartree Partners Announce US Expansion of Global Solar Partnership

Date
March 23, 2022
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AGP Sustainable Real Assets Pte Ltd (AGP) and Hartree Partners, LP (Hartree) today announce the launch of AMPYR Energy USA, the second joint venture between the two organizations in just over a year.

AMPYR Energy USA will be headquartered in New York and is targeting to build a 5GW utility-scale solar PV platform across multiple US markets. With experienced renewables development professionals on the ground, the newly-created company will continue to leverage AGP’s experience in developing large-scale renewable power projects globally, and Hartree’s cutting-edge power trading analytics and zero-carbon solutions.

“With the 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 realizing AMPYR’s ambition of becoming one of the largest independent renewables developer and operator globally,” said Saurabh Beniwal, Partner at AGP and Board Chair for AMPYR USA.

Since its inception in February 2021, Hartree and AGP’s European solar venture, AMPYR Solar Europe (ASE), is making swift progress towards its goal of rolling out 5GW of large-scale solar projects to establish itself as one of the largest utility scale solar platforms in Europe. ASE also recently closed a €400 million facility to support this plan.

Following in the footsteps of ASE, expectations are equally high for AMPYR USA.

“We are excited to take another step forward with AGP into the US market,” said Stephen Semlitz, Managing Director of Hartree. “This new venture allows us to further demonstrate our decades of experience in finding investment solutions, consulting, and generating sustainable and commercially viable strategies for energy renewal and regeneration.”

To learn more about the new US venture visit: www.ampyrenergyusa.com

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AMPYR Solar Europe Signs Deal with Edinburgh Airport to Develop Renewable Infrastructure

AMPYR Solar Europe (ASE), a pan-European solar developer, and Edinburgh Airport Limited today announce the…

AMPYR Solar Europe (ASE), a pan-European solar developer, and Edinburgh Airport Limited today announce the signing of a deal to develop a new solar farm linked with battery technology and electric vehicle charging infrastructure at Scotland’s busiest airport.

Under the agreement, ASE along with its local construction partner, Absolute Solar & Wind will build approximately 9MW of solar PV, 1.5MW of battery storage and 40 EV charging points. The large ground-mounted solar PV system and battery will be situated next to the runway on a 16-acre plot of land, connected to the airport via a high voltage private wire network.

The development will be a cornerstone of Edinburgh Airport’s goal to achieve Net-Zero by 2040 by generating clean, renewable energy that will cover about 30% of the airport’s total consumption.

“Our commitment to a net zero future is underpinned by the various strands of work we have going on across the airport as part of our Greater Good sustainability strategy and one of the most visible projects will be this solar farm,” said Gordon Dewar, Edinburgh Airport’s Chief Executive. “We are happy to confirm our partners in this exciting step and our collaboration will enable us to implement this technology and allow us and Scotland to benefit from it as soon as possible.”

The project is in the late stage of design, with construction planned to start this summer and be fully operational by the start of next year.

“We are really pleased to be partnering with Edinburgh Airport on this important step towards a net-zero future and in support of its impressive “Greater Good” sustainability strategy,” said Andrew Gould, Executive Chairman of ASE. “Edinburgh Airport’s leadership shows a way forward to zero carbon for the airport sector. This is the first of ASE’s five renewable energy projects in Scotland to reach the delivery stage: the commitment and support of the Scottish Government and its strong policy position on climate change is clearly attractive to international investment.”

Edinburgh Airport will purchase the power produced by the solar farm through a long-term Power Purchase Agreement with ASE. This PPA will generate long-term energy and carbon savings for the airport.

“We are delighted to support Edinburgh Airport with its ongoing drive to reduce its carbon impact,” said Matthew van Staden, Senior PPA Originator at Hartree Partners. “Through our expertise within Hartree and AMPYR Solar Europe, we can drive and deliver innovative energy solutions for companies within energy-intensive sectors. Our understanding of sustainable generation and commercially viable strategies in this space helped bring this project to life for Edinburgh Airport.”

The construction is further supported by the Scottish Government’s Low Carbon Infrastructure Transition Programme, which have provided a grant for a portion of the capital expenditure.

“We are proud to be delivering this pioneering project and helping to decarbonise Edinburgh Airport alongside our funding partners ASE and the Edinburgh Airport project team,” said Tom Newall,  Managing Director at Absolute Solar & Wind. “The co-location of utility scale battery storage and solar PV has enabled us to maximise the green energy generation on site whilst working with the grid connection constraints. We look forward to entering the construction phase before progressing to carry out the operation, maintenance and optimisation of the system, as it generates clean power for years to come, providing energy security for a major, Scottish transport hub.”

 

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AMPYR Solar Europe Secures €400 million From CarVal Investors

AMPYR Solar Europe (“ASE”) LP, a pan-European solar IPP established by AGP Sustainable Real Assets,…

AMPYR Solar Europe (“ASE”) LP, a pan-European solar IPP established by AGP Sustainable Real Assets, Hartree Partners and NaGa Solar, today announced the closing of a € 400 million facility with CarVal Investors (“CarVal”) to support ASE’s plans to bring over 2GW of solar power capacity into operation by 2025.

“One year after its inception, we couldn’t be more proud to have reached this key milestone in ASE’s journey to become a leading European solar IPP,” said Andrew Gould, Executive Chairman of ASE. “With the support of CarVal as our capital partner, we are on a steady path to turn our fast-progressing pipeline into a portfolio of large-scale solar power producing assets, that will contribute meaningfully to Europe’s energy transition.”

CarVal has made available an initial tranche of € 250 million as well as a further incremental tranche of € 150 million. This facility will predominantly cover the construction costs of solar assets as well as providing some development capital and operational expenses. The initial focus will be on sites in Germany, Netherlands, and the UK with the facility having the potential to extend to other European jurisdictions as well as allowing for funding of energy storage projects.

“We are excited to have ASE as one of our partners as we expand our footprint in the rapidly evolving clean energy transition,” said Jonathan Hunt, Managing Director at CarVal Investors. “We view the breadth of skills and track record of the team as market leading and look forward to funding their growth. The capital-intensive nature of the clean energy transition means that partnerships like this remain one of the largest opportunity sets for CarVal.”

ASE expects to break ground on its first projects in the second quarter of this year and be operational by the end of the year. By 2025, once fully deployed, the generating portfolio is expected to be among some of the largest utility scale solar platforms in Northern Europe.

“This transaction is yet another testament to the increasing investor engagement on the climate crisis, which cannot be resolved without massive private capital contribution,” said Elmahdi Tahri, AGP Partner and Global CIO of AMPYR Energy. “We are pleased to partner with CarVal Investors to help accelerate the transition to a zero-carbon Europe, and look forward to replicating this model across AMPYR Energy’s renewable platforms globally.”

The recent gas crisis in Europe has highlighted the urgent need for more renewable energy sources to reduce the continent’s dependency on gas and other fossil fuel sources. This initial 2GW development forms a significant part of ASE’s overall ambition to roll out 5GW of large-scale solar projects in Northwest Europe.

“Volatile and competitive power markets increasingly require solar developers to optimise between long-term power purchasers, the grid and storage assets,” said Abraham Kozhipatt, Partner and Co-Head of Renewable Infrastructure Assets at Hartree Partners. “ASE combines the partners’ strengths in asset development and merchant market risk management and we are delighted that CarVal recognise and support our strategy.”

Akereos Capital acted as sole bookrunner, structurer and exclusive debt advisor to AMPYR that was also advised by Reed Smith (legal). CarVal was advised by Norton Rose Fulbright (legal), ARUP (technical) and Baringa Partners (commercial).

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