AMP Clean Energy Funding Partners ULC

Archway Solar Project - USA, Japan, Australia - Financing

Industry
Power/PV solar
Area of finance
Project & Infrastructure Finance
Region
North America
Countries
United States

Deal Overview

Project Archway;- New to the market funding structure to enable the construction of an international portfolio of solar and solar storage assets (ESG) with a leading global developer (“Amp Energy”) Attributes:• $350M mezzanine debt facility funding • International in...

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Project Archway;- New to the market funding structure to enable the construction of an international portfolio of solar and solar storage assets (ESG) with a leading global developer (“Amp Energy”) 

Attributes:

• $350M mezzanine debt facility funding 

• International in scope; Construction of a portfolio of 628MW solar and solar plus storage assets across the world including the US, Japan and Australia. Due to the international nature of the transaction it addressed and resolved multi-currency and cross border capital needs.

• ESG - All assets in the transaction have significant ESG attributes and they support the de-carbonization of power infrastructure.  

• Cutting Edge Developer: Amp: Amp, supported by the Carlyle Group (“Carlyle”), is a leading global renewables developer at scale, with a track record across key markets and technologies. 

                         oAmp is focused on purchasing development projects, build the asset and sell to a long-term buyer– They have been successfully deploying this strategy since 2009 and currently manage a 4.5GW backlog of projects.

• Unique structural components: Recyclable delayed draw structure. In order to meet the financing goals of the market and sponsors, Nomura implemented a market 1st, revolving delayed draw construction facility. This customized financing structure allows strong market access and Amp to recycle the debt proceeds. .Further the structure provides tailored leverage  providing Amp and Carlyle with optimized capital return.


Details on the transaction

While operating on a global scale the transaction allowed for the financing and execution of key regional strategies which include 

In the US:

Development of portfolio of Community Solar Gardens (“CSG”) in select markets with attractive risk-adjusted returns, building out utility-scale storage and hybrid generation and storage assets in select states, utilizing storage and Amp X platform to optimize dispatch and revenue streams 


In Australia

Take advantage of significant thermal retirements in South Australia and New South Wales and strong demand for renewables, use storage and Amp X to take advantage of significant duck curve, massive long-term hydrogen opportunity in Southern Australia. 

In Japan: 

Acquire attractive FiT-qualified projects pre-NTP and realize significant margin on sell-down due to high FiT tariffs, Early-mover in emerging corporate PPA market, with new FiP tariff regime.  The financing allows Amp to accelerate its buildout of a global renewables portfolio anchored in the US, Australia and Japan. 

Nomura's experience and knowledge in these different markets allowed for financing execution.

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Deal Volume
$ 350m
Financial Close
30 December 2021
Sources
Submitted by participant(s), Proximo article

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Projects

Archway Solar Project - USA, Japan, Australia

Greenfield
PV solar
North America
United States
$ 350m