Fiera Infrastructure & Palisade Infrastructure Group complete the acquisition of Amp US, a Leading Renewable Energy & Battery Storage Platform
TORONTO, Canada and NEW YORK, United States, June 12, 2023 – A consortium comprising funds managed by Fiera Infrastructure Inc. (“Fiera Infrastructure”), an affiliate of Fiera Capital Corporation (TSX: FSZ), and Palisade Infrastructure Group (“Palisade Infrastructure”), have completed the joint acquisition of 100% of the equity interests in Amp US Primary Holdings Inc. (“Amp US”), a US-based renewable energy generation and battery storage business from Amp Solar Group Inc. (“Amp Energy”), a Canadian-based global energy transition platform.
Amp US is a leading developer, owner and operator of US community solar and storage projects with headquarters in Denver, Colorado. Since entering the US market in 2016, the platform has rapidly expanded its scale and currently operates a portfolio with generation capacity of approximately 200 MWDC across 39 operating or under-construction projects expected to be completed in the short term. The company’s large pipeline of solar and storage projects across existing and new US markets, including a recently-acquired 22 MWDC portfolio in New York, and experienced management team, has placed the platform in a primary position within the distributed generation market.
Amp US will now operate under the name PureSky Energy Inc. (“PureSky”). PureSky will remain deeply focused on decarbonization through the development and deployment of renewable energy projects. “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,” said Nicole LeBlanc, PureSky’s acting President. “We are committed to developing and operating renewable projects across the country that have economic, ethical, and environmental benefits.” Additional information about PureSky can be found at www.PureSkyEnergy.com.
"We are pleased to be finalizing our investment into PureSky. As a leading US community solar business, it is very well positioned to benefit from the ongoing energy transition in the US, and we look forward to supporting the management team to expand the platform’s horizons beyond existing markets,” said Mike Reynolds, Managing Director, Americas of Palisade Infrastructure.
“This transaction is the result of many years of strategic and operational success, positioning the company to be a leader in developing sustainable energy solutions,” said Brooks Kaufman, Managing Director of Fiera Infrastructure. “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.”
Amp Energy has seen tremendous growth in all key global markets including the US over the past few years. In 2021, Carlyle became a key equity investor. “Amp has repeatedly demonstrated its ability to build attractive businesses through disruptive investment strategies at the forefront of the Energy Transition. We are proud to have supported the company to reach this milestone and look forward to expanding our partnership with Amp,” said Ferris Hussein, Managing Director at Carlyle.
“I’m particularly proud of the strength and depth of the US team, which has grown as part of Amp Energy’s global platform over the past 7 years. Palisade Infrastructure and Fiera Infrastructure are great partners, and we are excited to see Amp US continue its growth trajectory with its new owners. It was an exceptional joint effort to get this transaction finalized,” said Dave Rogers, Founder and CEO of Amp Energy.
Fiera Infrastructure and Palisade Infrastructure will continue to support the company’s long-term strategy to develop, own and operate its growing portfolio and bring the financial and economic benefits of solar generation and battery storage to local communities across the US, including low-to-moderate income households and housing authorities. Furthermore, the company’s existing portfolio comprising operating and under-construction projects is expected to abate approximately 171,000 tonnes of CO2 annually by 2024.
Macquarie Capital acted as financial advisor and DLA Piper LLP US acted as legal advisor to Fiera Infrastructure and Palisade Infrastructure on the transaction. KeyBanc Capital Markets acted as financial advisor and Milbank acted as legal advisor to Amp Energy on the transaction.
About Fiera Infrastructure
Fiera Infrastructure is a leading global mid-market direct infrastructure investor operating across all subsectors of the infrastructure asset class and an affiliate of Fiera Capital Corporation. Led by a team of highly experienced and specialized professionals, the firm leverages strong global relationships, with a local presence in Toronto, London, and New York. Fiera Infrastructure has assets under management and commitments of C$4.0 billion as of March 31, 2023. Fiera Infrastructure has invested in more than 50 infrastructure assets across utilities, telecommunications, transportation, renewables, and PPPs.
About Fiera Capital Corporation
Fiera Capital Corporation (or “Fiera Capital” or “the Company”) is a leading independent asset management firm with a growing global presence and approximately C$164.7 billion in assets under management as of March 31, 2023. The Company delivers customized and multi-asset solutions across public and private market asset classes to institutional, financial intermediary and private wealth clients across North America, Europe and key markets in Asia. Fiera Capital's depth of expertise, diversified investment platform and commitment to delivering outstanding service are core to our mission of being at the forefront of investment management science to create sustainable wealth for clients. Fiera Capital trades under the ticker FSZ on the Toronto Stock Exchange. www.fieracapital.com
Headquartered in Montreal, Fiera Capital, with its affiliates in various jurisdictions, has offices in over a dozen cities around the world, including New York (U.S.), London (UK), and Hong Kong (SAR).
Each affiliated entity (each an "Affiliate") of Fiera Capital only provides investment advisory or investment management services or offers investment funds in the jurisdictions where the Affiliate and/or the relevant product is registered or authorized to provide services pursuant to an exemption from registration.
In the U.S., asset management services are provided by Fiera Capital’s affiliates who are investment advisers that are registered with the U.S. Securities and Exchange Commission (SEC) or exempt from registration. Registration with the SEC does not imply a certain level of skill or training. For details on the particular registration of, or exemptions therefrom relied upon by, any Fiera Capital entity, please consult this webpage.
Additional information about Fiera Capital Corporation, including the Company's annual information form, is available on SEDAR at www.sedar.com.
About Palisade Infrastructure Group
Palisade Infrastructure Group is a global independent, specialist infrastructure and real assets manager with a local presence in New York, Sydney and Melbourne. Our primary focus is generating outstanding risk-adjusted returns for our institutional and wholesale investors by investing in mid-market infrastructure and infrastructure adjacent assets in a sustainable manner.
Palisade Infrastructure’s North American infrastructure capability leverages its extensive track record of successful investment in Australia & New Zealand and is focused on the energy transition, digitization and transport infrastructure sectors. It employs a partnership-focused approach with a long-term investment horizon.
Palisade Impact is part of the Palisade Infrastructure Group and is a specialist, impact investment manager that provides institutional and wholesale investors with access to investments targeting solutions to environmental and social challenges.
About Amp Energy
Amp Energy is a leading global energy transition platform, which develops renewables, battery storage, and hydrogen at scale, together with proprietary AI-enabled grid flexibility through its Amp X digital technology platform. Since its inception 14 years ago, Amp Energy has developed and built over 3 GW of assets globally, 4 GW either in late-stage development or construction, and over 20GW of a pipeline. Amp Energy is backed by major investments from institutional capital partners including global private equity firm Carlyle, who has invested over US$440 million. The company has global operations throughout North America, the UK, Australia, Japan, and Spain.
Amp X has developed a disruptive grid edge digital platform to allow all forms of distributed generation and load to make a dynamic contribution to the energy system, whether as an individual unit or as an aggregated group of assets, providing flexibility, resilience and system stability at the lowest possible price.
This press release may contain “forward-looking statements” which reflect the current expectations of Fiera Capital, Palisade Infrastructure and/or their affiliates. These statements reflect current beliefs, expectations and assumptions with respect to future events and are based on information currently available. Although based upon what Fiera Capital, Palisade Infrastructure and their affiliates believe to be reasonable assumptions, there is no guarantee that actual results, performance, or achievements will be consistent with these forward-looking statements. There is no obligation for Fiera Capital, Palisade Infrastructure and/or their affiliates to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise.
The information presented is for informational purposes only and is not intended to be, and should not be construed as, an offer to sell, or the solicitation of an offer to buy, any investment product. The information presented in this document, in whole or in part, is not investment, tax, legal or other advice, nor does it consider the investment objectives or financial circumstances of any investor.
For further information please contact:
+ 1 416 646 2707
Managing Director, Americas
+ 1 914 886 7452
+ 1 905 271 7800