Amp sells US business to funds of Fiera, Palisade

Canada’s Amp Solar Group Inc said today it is selling its US-based business Amp US Primary Holdings Inc to a consortium of funds managed by Fiera Infrastructure Inc, which is an affiliate of Montreal-based Fiera Capital Corp (TSE:FSZ), and Sydney, Australia-based Palisade Infrastructure Group.

Denver, Colorado-headquartered Amp US develops, owns and operates community solar and storage projects in the US. It has a portfolio of 200 MW DC in operation or under construction across 39 projects, as well as a pipeline of further projects.

The deal, expected to close in March, follows the adoption of the Inflation Reduction Act last year, which provides a strong framework for renewables and “accelerates the strong policy momentum for state-level community solar programmes,” says the announcement.

According to Mike Reynolds, managing director, Americas of Palisade Infrastructure, community solar is one of the most attractive segments of the US renewables market. “There is growing subscriber demand and policy support nationwide for community solar programmes, which provides strong tailwinds for Amp US to build out its diversified project pipeline across the country,” said Reynolds.

"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 [...],” the executive added.

Brooks Kaufman, managing director of Fiera Infrastructure, thinks Amp US is well positioned to expand through scale acquisitions and new development.

Fiera Infrastructure president Alina Osorio added that the investment will diversify the business’ portfolio of clean energy investments in wind, utility-scale solar, energy from waste and hydroelectric generation.

Financial details were not provided.

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