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AMP ENERGY SECURES TAX EQUITY AND DEBT FINANCING FOR $155M COMMUNITY SOLAR PLUS
STORAGE PORTFOLIO IN REPEAT TRANSACTIONS WITH U.S. BANK AND KEYBANK

PR Newswire
Thursday, August 25, 2022 at 1:00pm GMT


AMP ENERGY SECURES TAX EQUITY AND DEBT FINANCING FOR $155M COMMUNITY SOLAR PLUS
STORAGE PORTFOLIO IN REPEAT TRANSACTIONS WITH U.S. BANK AND KEYBANK

PR Newswire

DENVER, Aug. 25, 2022

DENVER, Aug. 25, 2022 /PRNewswire/ - Amp Energy, a global Energy Transition
Platform and renewable energy developer, today announced it has closed financing
on its 61 MW | 6.5 MWh solar plus storage portfolio in Massachusetts and New
York, valued at $155M. KeyBank led the construction and term debt, with U.S.
Bank investing the tax equity for the portfolio, in the fourth transaction
amongst the three parties since 2017.

Of the 13 projects that make up the portfolio, the majority will reach
commercial operation this year, with the balance occurring in Q2, 2023. Three of
the projects will incorporate DC-coupled energy storage and will be dispatched
by the Amp X optimization and management platform, allowing the assets to
autonomously optimize the battery output to maximize their fixed SMART program
revenues, while participating in the ISO New England wholesale markets.

The integrated designs with DC-coupled energy storage, bifacial modules, along
with proprietary optimization and design, once again highlights Amp's emerging
position as a leader in advanced technology.

"This latest round of financing into community solar transactions pushes Amp's
total tax equity and debt raised past $500M over the last few years in the US
community solar market," said Jared Donald, EVP and Head of Amp's US Operations.
"We're pleased to have once again attracted top tier institutional financing
with KeyBank and U.S. Bank, which speaks to their deep understanding of the
market as well as the knowledge and diverse skillset of the Amp team."

"Community solar makes the benefits of a less expensive, cleaner energy option
accessible to those unable to install panels on their rooftop, and we're proud
to support Amp's expansion in Massachusetts and New York," said Justin Baker,
vice president with U.S. Bancorp Community Development Corporation's
Environmental Finance team. "Being responsible stewards of the environment is
important to U.S. Bank and we're committed to continued investments in solar."

We're excited to continue our partnership with Amp and grow community solar in
Massachusetts and New York," said Tyler Nielsen, Director in KeyBanc Capital
Markets' Utilities, Power & Renewable Energy Group, "Providing financing to
optimize solar and storage also builds on the success of KeyBank's National
Community Benefits Plan which focuses on investments in affordable housing,
mortgage and small business lending, and renewable energy."

This strategic portfolio of solar plus storage assets continues Amp's investment
in the New York and Massachusetts community solar markets, creating jobs and
supporting economic development while also responding to growing consumer demand
for clean, renewable power generation.

Amp's long-term ownership and operation of its projects places a high priority
on working together with landowners, towns and other local stakeholders to
ensure a valuable, long-term partnership in the fight against climate change.

The US operations of Amp, formed in 2016 and headquartered in Denver, Colorado,
saw its real assets business surpass 200 MW of operating and in-construction
assets this year, with a further 500 MW to be built over the coming 2-3 years.

About Amp

Amp is a global energy transition platform.

We develop, own and operate clean energy assets throughout our core markets
around the world. Alongside Amp X, our disruptive grid-edge technology platform
utilizing proprietary artificial intelligence expertise, we are reimagining the
grid and leading the Energy Transition. The company is headquartered in Toronto
with global operations throughout North America, the UK, Australia, Japan, Spain
and Czech Republic.

Founded in 2009, Amp is a high-growth disruptor at scale, backed by major
investments from institutional capital partners including most recently Carlyle,
which invested US$374 million for a minority stake in the company in late 2020.

View original
content:https://www.prnewswire.com/news-releases/amp-energy-secures-tax-equity-and-debt-financing-for-155m-community-solar-plus-storage-portfolio-in-repeat-transactions-with-us-bank-and-keybank-301612024.html

SOURCE Amp Energy

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