Amp Energy closes USD-350m credit facility to back renewables

Author: 401(K) 2012 on Flickr, CC BY-SA 2.0

January 21 (Renewables Now) - Toronto-based Amp Energy has closed a USD-350-million (EUR 309m) cross-jurisdictional credit facility that will be used for the construction of renewables and battery storage plants around the world.

The clean energy assets owner and operator said in a statement on Thursday that the new credit facility could potentially be increased to a maximum of USD 700 million. It was secured from a consortium of institutional investors including Brookfield Asset Management, a sovereign wealth fund, and Nomura Securities. Investment firm ECP will join the consortium post-closing.

Amp Energy noted that, initially, the funding will support construction-stage assets in the US, Australia and Japan.

"This landmark financing broadens our reach, optimizes our cost of capital, and enables us to accelerate the decarbonization of flexible power generation infrastructure across our core markets,” said Dave Rogers, founder, CEO and president of Amp.

(USD 1.0 = EUR 0.882)

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