Fiera Infrastructure and Palisade Infrastructure Group to acquire Amp US, a leading renewable energy and battery storage platform

A consortium comprising funds managed by Fiera Infrastructure Inc. and Palisade Infrastructure Group has agreed to jointly acquire 100% of the equity interests in Amp US Primary Holdings Inc., a US-based renewable energy generation and battery storage business from Amp Solar Group Inc., a Canadian-based global energy transition platform.

Amp US is a leading developer, owner and operator of US community solar and storage projects. Since entering the US market in 2016, the company has experienced significant growth, placing the platform in a primary position within the distributed generation market. With headquarters in Denver, Colorado, the company has built a portfolio with generation capacity of approximately 200 MWDC across 39 operating or under construction projects expected to be completed in the short term. Additionally, the company has a large pipeline of solar and storage projects expected to be developed and built across existing and new US markets. Its management team has deep experience in greenfield development, asset management, offtaker and subscriber management, project acquisitions and financing.

The transaction follows the passing of the Inflation Reduction Act in August 2022, which provides a robust and long-term renewable energy policy framework in the United States and accelerates the strong policy momentum for state-level community solar programs.

Fiera Infrastructure and Palisade Infrastructure will continue to support the company’s long-term strategy to develop, own and operate its growing portfolio and bring the financial and economic benefits of solar generation and battery storage to local communities across the US, including low-to-moderate income households and housing authorities. Furthermore, the company’s existing portfolio comprising operating and under-construction projects is expected to abate approximately 171,000 tonnes of CO2 annually by 2024.

Palisade Infrastructure is pleased to secure this high-quality renewable energy platform on behalf of our investors and to partner with Fiera Infrastructure on this transaction,” said Mike Reynolds, Managing Director, Americas of Palisade Infrastructure. “We believe community solar is one of the most attractive segments of the US renewables market and this investment allows us to leverage our strong existing expertise in the broader renewables sector. There is growing subscriber demand and policy support nationwide for community solar programs, which provides strong tailwinds for Amp US to build out its diversified project pipeline across the country. We are excited to invest in and support the management team and look forward to maintaining an ongoing relationship with the global Amp Energy platform.

Reynolds added, “The transaction will increase the Palisade Infrastructure Group’s total renewables capacity under management to over 1.8 GW and represents our third North American investment, demonstrating our continued appetite for high quality infrastructure businesses in this market. The transaction is also an excellent opportunity for Palisade Impact, given the community solar sector’s undisputed social and environmental benefits.

Fiera Infrastructure is excited to announce its investment in Amp US, a leader in US community solar,” said Brooks Kaufman, Managing Director of Fiera Infrastructure. “We believe the company is well positioned, with a strong management and operations team, to expand through scale acquisitions and new development in an attractive and growing sector with strong tailwinds. We look forward to partnering with Palisade Infrastructure to support the management team and their strategy to provide equitable access to renewable solar power across the communities it serves.

Alina Osorio, President of Fiera Infrastructure, remarked, “Amp US will play a meaningful role in Fiera Infrastructure’s continued commitment to support energy transition across our core markets. The investment will further diversify our portfolio of clean energy investments in wind, utility-scale solar, energy from waste, and hydroelectric generation.”

We are proud of the tremendous growth of the US platform and the world-class team we have developed,” said Dave Rogers, Founder and CEO of Amp Energy. “Palisade Infrastructure and Fiera Infrastructure are focused on the continued scaling of the business, and we look forward to them carrying on the mission to drive the energy transition forward with our high-growth fully integrated platform. Over the last five years, our US business has grown to become a leading player in the community solar market. We are excited to see the US team partner with Palisade Infrastructure and Fiera Infrastructure to continue to accelerate the core mission of building the top distributed generation platform in the US.

Fiera Infrastructure’s acquisition is being made on behalf of funds managed by Fiera Infrastructure. Palisade Infrastructure’s acquisition is being made on behalf of funds managed by Palisade Americas Management LLC and its Australian-based affiliate Palisade Impact.

The transaction is expected to close in March 2023, subject to customary closing conditions and regulatory approvals.

Macquarie Capital acted as financial advisor and DLA Piper LLP US acted as legal advisor to Fiera Infrastructure and Palisade Infrastructure on the transaction. KeyBanc Capital Markets acted as financial advisor and Milbank as legal advisor to Amp Energy on the transaction.

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