A year after they launched a Europe solar focused joint venture (JV) with NaGa Solar, asset management group AGP Sustainable Real Assets and merchant commodities firm Hartree Partners have forged another utility scale solar platform, this time for the US market with a 5 GW mandate.
To be headquartered in New York, AMPYR Energy USA will build this 5 GW solar capacity across multiple US markets. The duo sees the US market as a 'core strategic priority' to realize AMPYR's ambition to become one of the largest independent renewables developer and operator globally.
The new platform will leverage AGP's experience of developing large scale renewable power projects globally and Hartree's power trading analytics and zero carbon solutions. "With the US business, AMPYR offers a highly attractive opportunity for institutional investors to deploy capital in a diversified, long term revenue generating global platform," stated the company.
The US is a strong utility solar market, having installed at total of 23.6 GW DC capacity in 2021 of which ground-mount systems accounted for 17 GW DC alone. The utility volume could have been higher had it not been for logistical, supply chain challenges and headwinds. Its total pipeline for this segment at the end of 2021 stood at a massive 80.2 GW DC, hence no wonder the interest (see US Installed 23.6 GW DC Solar In 2021).
Launched in February 2021, AMPYR Solar Europe (ASE) was established by the trio to develop a minimum of 4 GW solar capacity across the UK, Netherlands and Germany. In February 2022, it raised €400 million for 2 GW solar by 2025 (see Financial Closure For 2 GW European Solar).