Initial capital commitment of up to £100m for AMPYR Distributed Energy to develop, fund, own and operate sustainable energy assets for business customers in the UK and Europe
LONDON, 16th January 2024 – AGP Sustainable Real Assets (“AGP”), the Singapore-headquartered infrastructure development and asset management group, today announced the launch of AMPYR Distributed Energy (“ADE”), a new business focussing on the development, ownership and operations of B2B energy infrastructure in Europe.
ADE will simplify the transition to net zero for business customers through the addition of rooftop solar PV, energy efficiency, and energy storage solutions. Backed by a significant commitment from AGP, ADE will accelerate the flow of capital into distributed energy projects in the UK and Europe. It will provide innovative financing for business customers, delivering clean energy solutions with no upfront cost. The launch of ADE in Europe expands the existing AGP portfolio of energy transition businesses in Australia, Asia, and the USA.
The creation of ADE builds on the success of OME Capital (“OME”) in establishing the initial platform with a highly experienced management team and a growing development pipeline across multiple target markets.
ADE will be led by John Behan, founder of OME and CEO of newly formed ADE. Behan said, “OME was established to bring together an experienced management team, a material project pipeline and capital behind a clear distributed energy strategy. The launch of ADE demonstrates that plan in action and I’m excited to work with AGP. They’re a leader in the energy transition and understand the operational requirements to build and scale the platform.”
The expansion of clean distributed energy solutions underpins commitments by the UK and EU governments to achieve Net Zero by 2050. Customer demand is being driven by energy price increases, sustainability mandates, new reporting requirements, and concerns about security of power supply. Behan added, “We know that businesses are struggling with the cost and complexity of decarbonisation. Our innovative funding solutions and energy expertise mean that we can make it simple – and profitable – for our customers to go green now.”
Rajpal Chaudhary, AGP Partner, said, “The European market is forecast to be one of the largest distributed energy markets in the world within the next five years. Investors recognise the growth opportunity from distributed energy, as well as the strong regulatory tailwinds. This makes scalability in the sector achievable, with attractive opportunities for investors to deploy material capital. Leaning on our experience and expertise in similar businesses in Australia and India and investing in a strong management team led by John Behan, we are confident that AMPYR Distributed Energy is well positioned for 2024 and beyond.”
About AMPYR Distributed Energy
AMPYR Distributed Energy (ADE), a subsidiary of AGP Sustainable Real Assets, designs, builds, owns, and operates clean energy technologies that help its customers go green and reduce their energy costs. ADE delivers sustainable infrastructure solutions with no upfront expenditure, offering innovative financing options for business customers. ADE’s design-and-build capabilities make it simple for customers to reduce their carbon footprint, and its ongoing management services deliver reliable clean energy for the long-term. ADE is an important step in building a European footprint in a global distributed energy business. For more information, please visit www.ampyrde.com.
About AGP Sustainable Real Assets
AGP Sustainable Real Assets is an infrastructure development and asset management group, investing in, developing, and operating sustainable infrastructure. AGP exclusively invests in sustainable real assets across three key investment themes – Power, Shelter and Natural Capital. AGP established AMPYR Energy, its global renewable energy platform, to power the future and respond to the rapid changes in the energy sector worldwide. With operations and assets in Europe, India and Australia, AMPYR Energy provides low-cost renewable power, battery storage and other network and non-network solutions to customers. For more information please visit: www.agpgroup.com and www.ampyrenergy.com.
About OME Capital
OME Capital is an investment platform that focused on building a distributed energy business for large scale investors. For more information, please visit www.omecapital.com.
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