Fiera Infrastructure Inc. and Palisade Infrastructure Group have announced the joint acquisition of Amp US Primary Holdings Inc., a renewable energy and battery storage company that was part of Mississauga-headquartered Amp Solar Group Inc.
Amp US has been renamed PureSky Energy Inc. as part of the acquisition.
A release issued by Amp Solar, also known as Amp Energy, says Denver-based PureSky is a developer, owner and operator of community solar and storage projects in the U.S.
"Enabling equitable access to energy is core to our culture and goals. We are excited to continue to scale our platform in this new chapter with Fiera Infrastructure and Palisade Infrastructure as our partners," Nicole LeBlanc, PureSky's acting president, said in the release.
Details of the Amp / PureSky acquisition
PureSky operates a portfolio with a generation capacity of approximately 200 megawatts of direct current across 39 operating or under-construction projects. Its latest acquisition is a 22-megawatt direct current portfolio in New York.
Fiera and Palisade pledge to continue to support PureSky’s long-term strategy to develop solar generation and battery storage to local communities across the U.S., including low-to-moderate income households and housing authorities.
Its portfolio is expected to abate approximately 171,000 tonnes of carbon dioxide per year by 2024.
"We look forward to supporting PureSky as it continues to grow its footprint to deliver solar energy and battery storage in existing and new markets, while strengthening relationships with its customers and local communities,” Brooks Kaufman, managing director of Fiera Infrastructure, said in the release.
Mike Reynolds, Palisade’s managing director, Americas, said the company looks to “expand the platform's horizons beyond existing markets.”
Financial terms of the acquisition were not disclosed.
Neither Fiera nor Palisade responded to requests from SustainableBiz for additional comment on the transaction.
About Fiera, Palisade, Amp Energy
Toronto-based Fiera Infrastructure is an investment firm with $4 billion in assets under management across 15 portfolio companies. It maintains an emphasis on renewable energy and environmental assets, such as Ontario-based Cedar Point Wind, U.K.-based Aegletes and Desert Sky Energy in the U.S.
It is part of Fiera Capital Corporation, the Montreal-headquartered asset management firm with approximately $164.7 billion in assets under management as of Mar. 31.
Palisade is a Sydney, Australia-headquartered infrastructure investor with an office in New York City. Like Fiera Infrastructure, it also specializes in renewables asset investments — largely wind farms in Australia.
Amp Energy operates across North America, Europe, Asia and Australia. It has seven gigawatts of projects built or under construction, including two 400-megawatt battery storage facilities in Scotland. Its business includes wind, solar, green ammonia/hydrogen, energy storage and virtual power plants.
The company website says it powers 36 million average households.