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AGP joins forces with Hartree Partners and NaGa Solar to develop major solar enterprise: AMPYR Solar Europe

February 1st, 2021 [Singapore] AGP today announces the creation of AMPYR Solar Europe (ASE), a joint venture with Hartree and NaGa Solar, that will develop at least 4GW of solar projects across the UK, the Netherlands and Germany.

ASE brings together AGP’s experience in developing large-scale renewable power projects, Hartree’s cutting edge power trading analytics and zero carbon solutions and NaGa’s in-depth local knowledge and land development prowess. Combining these complementary skills will speed up the build out of solar capacity and offers an attractive opportunity for institutional investors to deploy in excess of €1 billion of capital and generate a reliable, long-term income.

“We’re really excited to be working with AGP and NaGa on this entrepreneurial joint venture,’’ said Stephen Hendel, a founding partner at Hartree. “The scale of the proposed development represents a major addition to Europe’s solar capacity and offers institutional infrastructure investors the opportunity to benefit from the diverse skill sets ASE brings together.”

"We are excited to broaden our footprint from our Asian roots into Europe."

Rajpal Singh Chaudhary Founding partner at AGP

ASE will build on AMPYR Energy UK, Hartree’s existing partnership with AGP, which is developing 1.5GW of onshore wind, solar PV and associated battery storage in the UK. The UK operation will combine its solar assets with those under development in the Netherlands and Germany through NaGa.

“In Asia Pacific, our team developed one of the region’s largest renewable platforms for institutional investors, and delivered over 3GWs of renewable projects. This experience and track record, gives us every confidence in our capacity to make this ambitious European venture a great success,” said AGP founding partner Rajpal Singh Chaudhary. “We are excited to broaden our footprint from our Asian roots into Europe.”

Solar has a key role to play in Europe’s future energy strategy and ambition to achieve net-zero carbon emissions. However, with reduced government subsidies, finding suitable locations for development and Power Purchasing Agreements (PPAs) to generate predictable revenues on a scale that makes them profitable have become harder to find.

“To continue to generate strong consistent returns from solar, we believe investors must deploy capital earlier in the development process as well as embrace new technologies such as batteries and hydrogen,” said Henny Pelsers, CEO of NaGa. “Partnering with AGP and Hartree allows us to accelerate the speed and expand the number of sites we could have developed on our own and will provide the quick deployment of capital necessary to build a large portfolio of attractive solar investment opportunities.”

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