AMP Clean Energy and Eden Sustainable have announced a new funding partnership to develop and finance solar projects in a post-subsidy environment.
The organisations already have a 30MW pipeline (15MW of it advanced), representing around a £10 million investment including SME’s, academies, Industrial and Provident Societies and listed companies.
The first deals announced under the partnership include the installation of a 190kW PV array supplying electricity to a FMCG business, 200kW across a multi academy trust, both in the north of England; and the acquisition of a suite of existing installations totalling 240kW, supplying electricity to an electrical wholesaler in Gloucestershire.
AMP Clean Energy and Eden Sustainable will work together to recommend solar assets to be purchased by Aggregated Micro Power Infrastructure 2 Limited (“AMPIL”). AMPIL can issue listed loan notes to fund renewable energy projects acquired from AMP and/or other developers. AMPIL has to date raised £52m from institutional and other investors.
AMP Clean Energy and Eden Sustainable are now looking for channel partners, such as solar installers, property managers and equipment manufacturers, who know of possible sites to join them. The partnership can fully fund a solar PV installation on the right sites, delivering substantial savings on electricity bills to the customer, future proofing for up to 25 years.
Richard Burrell, Chief Executive Officer of distributed energy company AMP Clean Energy, said: “We are very excited to be entering the post-subsidy solar industry with Eden Sustainable, an experienced and credible player in this market. As a developer and investor of low carbon projects, expanding into the solar market is a natural progression which provides a wider breadth to our renewables portfolio.”
Scott Burrows, Managing Director of Eden Sustainable Ltd, said: “We’re delighted that AMP Clean Energy has become our strategic funding partner and are looking forward to supercharging solar PPA deals in the new post-subsidy world. We’re urging anyone with PPA opportunities to come and talk to us about how we can work together.”