Amp Energy Secures Innovative $350 million Cross-Jurisdictional Portfolio Financing with a Consortium of Leading Institutional Investors – EQ Mag Pro
Toronto, Canada : Amp Energy (“Amp”), a global Energy Transition Platform and renewable energy developer, announced today the closing of an innovative $350 million cross-jurisdictional credit facility with a consortium of leading institutional investors including Brookfield Asset Management, a leading sovereign wealth fund, and Nomura Securities.
Brookfield Asset Management and the leading sovereign wealth fund served as the main investors in this transaction. ECP will join the consortium post closing.
The facility, with structural features that potentially allow an increase up to $700 million, will be used to support the construction of Amp’s robust and rapidly growing renewables and battery storage asset portfolio globally. The investment will focus initially on funding Amp’s construction-stage assets in the U.S., Australia, and Japan, with the intent to add incremental investment-grade geographic markets as Amp continues to scale.
Amp retained Nomura Securities International (“Nomura”) as the Sole Lead Arranger.
“Amp is very pleased to partner with such experienced and top-tier institutional investors at attractive terms to accelerate the build-out of our wholly-owned assets at scale,” said Dave Rogers, Founder, CEO & President of Amp. “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.”
“Brookfield is delighted to support Amp’s continued success in building essential renewable power and energy transition assets worldwide that advance global decarbonization,” said Hadley Peer Marshall, Brookfield’s Managing Partner, and co-head of Brookfield’s infrastructure debt business. “We are pleased to finance Amp’s portfolio of innovative and diversified renewable power infrastructure assets backed by supportive power regimes and long-term power purchase agreements.”
“Amp’s geographically diverse portfolio of renewable and storage assets across key markets positions the company extremely well for long-term growth and success,” said Mahmud Riffat, Principal and Co-Head of Credit at ECP. “We are excited to partner with Amp to finance projects which will serve as critical resources to facilitate the global energy transition.”
Vinod Mukani, head of Nomura’s Infrastructure and Power Finance (IPF) group said, “Nomura is excited to provide liquidity to Amp as it builds out its asset scale in the US, Australia, Japan, and globally, and extend its relationship with a strong developer. Nomura is always pleased to develop creative solutions for its clients, particularly those like Amp who have talented teams and a compelling business strategy contributing toward the transition to a low carbon economy.”
Milbank advised Amp and Norton Rose Fulbright advised the consortium.
Amp is a global energy transition platform.
We develop, own and operate clean energy assets throughout our core markets around the world. Alongside Amp X, our disruptive grid-edge technology platform utilizing proprietary artificial intelligence expertise, we are reimagining the grid and leading the Energy Transition.
The company is headquartered in Toronto with global operations throughout North America, Australia, Japan, Spain, Czech Republic, and the UK.
Founded in 2009, Amp is a high-growth disruptor at scale, backed by major investments from institutional capital partners including most recently the Carlyle Group, which invested US$374 million into the company in late 2020.
About Brookfield Asset Management:
Brookfield is a leading global alternative asset manager with approximately US$650 billion of assets under management across real estate, infrastructure, renewable power, private equity and credit. Brookfield owns and operates long-life assets and businesses, many of which form the backbone of the global economy. Utilizing its global reach, access to large-scale capital and operational expertise, Brookfield offers a range of alternative investment products to investors around the world — including public and private pension plans, endowments and foundations, sovereign wealth funds, financial institutions, insurance companies and private wealth investors. Brookfield is listed on the New York and Toronto stock exchanges under the symbol BAM and BAM.A respectively.
ECP, founded in 2005, is a leading investor across energy transition, electrification and decarbonization infrastructure assets, including power generation, renewables and storage solutions, environmental infrastructure and efficiency & reliability assets facilitating the energy transition. The ECP team, comprised of 61 people with 500 years of collective industry experience, deep expertise and extensive relationships, has consummated more than 60 transactions over the last 10 years, representing more than $45 billion of enterprise value.
About Nomura Securities:
Nomura is a global financial services group with an integrated network spanning over 30 countries and regions. By connecting markets East & West, Nomura services the needs of individuals, institutions, corporates and governments through its three business divisions: Retail, Wholesale (Global Markets and Investment Banking), and Investment Management. Founded in 1925, the firm is built on a tradition of disciplined entrepreneurship, serving clients with creative solutions and considered thought leadership. Nomura’s Infrastructure and Power Finance business provides a diverse pool of financing solutions to project owners globally.