Amp Wins Capacity in Japan's First Ever Feed-in-Premium (FIP) Auction
Tokyo, Japan - July 14, 2022 – Amp Energy, a global Energy Transition Platform and renewable energy developer, today announced it has successfully secured capacity in Japan's first ever FiP (Feed-in-Premium) auction.
Of the 13 projects that were submitted in the inaugural auction, 5 bids were awarded for a total of 128.94 MW of capacity. Amp’s bid for a 14 MWac project, currently in development, was the third highest capacity awarded in the auction, and the awarded FiP price of 9.88Yen/kWh was the second highest among the successful projects.
Last year, the Japanese government announced it would transition from a Feed-in-Tariff (FiT) to a Feed-in-Premium (FiP) starting in April 2022. The new program will allow renewable generators to sell electricity in the spot market at a premium to wholesale prices. The change is designed to increase competition in the renewable space, support the emerging corporate PPA opportunity, while also lightening the consumer cost burdens of the existing FiT program.
Amp will utilize the project with the secured FiP price and to provide clean energy to the off-taker under a PPA (Power Purchase Agreement).
“The result of the FiP auction shows that Amp is one of the most advanced players in the corporate PPA market in Japan”, said Martin Stein, EVP and Head of Amp Japan. “We will continue working to provide advanced and competitive energy sources as a leading corporate PPA provider in Japan.” Earlier this year, Amp released an article with Martin on Japan's Shift to a Feed-in-Premium Renewable Energy Market, on why he believes the new market-based program will create a more level playing field in the country’s drive towards net-zero.
Amp is a global energy transition platform.
We develop, own and operate clean energy assets throughout our core markets around the world. Alongside Amp X, our disruptive grid-edge technology platform utilizing proprietary artificial intelligence expertise, we are reimagining the grid and leading the Energy Transition. The company is headquartered in Toronto with global operations throughout North America, the UK, Australia, Japan, Spain and Czech Republic.
Founded in 2009, Amp is a high-growth disruptor at scale, backed by major investments from institutional capital partners including most recently Carlyle, which invested US$374 million for a minority stake in the company in late 2020.
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