Carlyle invests in Amp Energy to expand renewables and battery storage

by Michael Green
Solar and battery storage tech 'propelled by energy transition'. Photo: Pexels/Pixabay
US-based private equity firm Carlyle Group has committed an investment of $374m (£275m) to expand global renewable energy and battery storage projects through the Amp Solar Group.

Amp Energy, which is based in Canada, has developed more than 1.8 GW of distributed and utility-scale renewable generation projects, hybrid generation plus storage projects, and stand-alone battery storage facilities worldwide since 2009. The group has further assets in late-stage development or construction.

Carlyle said its investment would support the continued growth of Amp and its proprietary digital energy platform, Amp X, within its core markets of North America, Japan, Australia, Iberia and the UK.

Pooja Goyal, head of Carlyle's renewable and sustainable energy team and co-head of Carlyle's infrastructure group, said: "This transaction demonstrates Carlyle's continued focus on identifying and executing upon attractive investment opportunities such as solar projects and battery storage technologies around the world that are being propelled by the energy transition.”

Equity capital for the transaction has been committed from Carlyle’s Global Infrastructure Opportunity Fund and Carlyle’s Renewable & Sustainable Energy Fund.

Last month, Amp Japan secured JPY 7.3bn (£52m) in financing from Deutsche Bank for a 20 MW solar park in Fukuoka, Japan.

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