Amped Solutions gets grid equity investment from Q Cells
Image by Amped Solutions. All Rights Reserved.
Solar products company Q Cells North America has made an investment into a portfolio of solar-plus-storage projects of Amped Solutions in California which will help the US solar and energy storage project developer to reduce project risks and upgrade its systems.
The fresh capital was provided in the form of a grid equity financing which entitles Q Cells to receive grid service revenues generated by the portfolio in future, Q Cells said on Thursday.
"As part of our growing suite of complete energy solutions, we're excited to offer our customers and partners investment capital under a new Grid Equity structure. We believe it can be a valuable co-development tool to help them boost the economics and bankability of their solar-plus-storage projects," said Q Cells North America's president Shane Kim.
The California-based solar company will keep ownership of the solar power and energy storage facilities and will continue to receive revenues coming from bill savings, tax benefits and incentives.
Amped Solutions, founded by its chief executive Dan Martin, is specialised in the development, financing and operation of hybrid projects combining solar power systems and energy storage sites. It has put online energy storage systems ranging from 10kWh up to 285kW and now has several 1 MWh projects in its pipeline.
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