Global renewable energy platform, Amp, has secured community solar financing via KeyBank and US Bank to support an increase in Massachusetts’ current portfolio. The projects, which are estimated to generate 29.4-megawatts or 42-megawatt-hours, were secured by $100 million in funds from US Bank and KeyBank. According to the funding arrangement, US Bank will provide tax equity and KeyBank will work on term debt and construction.
The community solar financing is slated to go toward four new projects. These will be the first in the United States under the Amp X platform to maximize SMART program revenues through the optimization of battery output. The designs for each project include DC-coupled storage, proprietary design and optimization, and bifacial modules. Amp continues to use new technologies to drive its position as a leader in innovation.
Lowe’s and Hannaford have also entered into agreements with Amp to serve as anchors for the projects. Amp is also working with BlueWave Solar for off-takers. According to Amp, the four new projects are expected to enter into operation by Q1 2021 and Q2 2022.
According to Amp’s senior vice president, Jared Donald, optimization is an important component of the evolving community solar market. He states that keeping multiple variables in mind helps maximize returns.
Originally formed in 2016, Amp’s US operations are based out of Denver, CO. Recently, the energy platform stretched beyond 150-megawatts of solar facilities in operation and under construction. An additional 500-megawatts are planned for completion over the next two to three years. At the close of 2019, Amp USA developed a total of more than 80-megawatts of projects. In New York and Massachusetts, the team added 69-megawatts of storage.
Amp has been able to thrive despite the COVID-19 pandemic. Its operations and construction will be essential in creating local short and long-term jobs. Additional increases in the workforce may be seen in New York as the company recently closed transactions in New York to increase its portfolio to more than 140-megawatts in the state.