Amp secures financing for 120MW solar development in Australia

Amp Energy

Amp power, the Australian operating arm of Amp Energy, secured financing for a giant solar project in South Wales, Australia. Partnered with Export Development Canada and Natixis, Amp announced financing closing for it this week.

The project involved is a 120-megawatts capacity Hillston Solar farm. Its monstrous output will generate around 235,000 GWh per year, the equivalent annual power consumption of approximately 48,000 households.

The financial closing of the project is indeed a milestone for the company and its projected growth in Australia. Earlier this year, the company’s 39MWdc Molong Solar Farm began operating in South Wales. Moreover, it recently announced the establishment of a Renewable Energy Hub for the whole area of South Australia.

According to the statement, this truly gigantic project involves a strategic portfolio of large-scale integrated solar, wind, and also battery energy storage assets. It includes the Robertstown, Bungama, and Yoorndoo Ilga integrated solar farms. The total integrated capacity will be 1,36GW/540MW.

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Amp X, a digital disrupter for integrated solar

Still, the company has a further plan for expansion. Amp’s strategy includes implementing Amp X. This would be a new company, as a proprietary division of Amp. It will be a digital energy platform that would provide interoperable grid edge solutions. Backed with Artificial Intelligence, the platform will enable real-time autonomous management and further optimized dispatch of Battery Energy Storage assets across the grid.

Amp Energy is a Toronto-based company. It has global operations throughout Australia, India, Japan; also, Spain, Czech Republic, UK and North America. Since its inception in 2009, the company has been a high-growth disruptor at scale, backed by major investments. Among its investors is the Carlyle Group, which invested US$374 million into the company in late 2020.

Additionally, Natixis is a French multinational financial services firm specialized in asset & wealth management, corporate & investment solutions, and also insurance and payments. It is in fact a subsidiary of Groupe BPCE, one of France’s largest financial institution groups. Consequently, the partnering of the three was a true enabler for the project and the company’s further plans for expansion.

On the other hand, the Hillson project would begin operations in early 2022. Also, as outlined above, Export Development Canada acted as Lead Arrangers, with Natixis being the LC Provider and Sole Hedging Provider.

Finally, Dean Cooper, Executive Vice President and Head of Amp Australia, said. “Amp is pleased to begin a strategic relationship with Natixis for future financing of Amp projects in Australia and globally, and acknowledge the continued support of EDC.”

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