Advanced Microgrid Solutions Closes Transaction with Macquarie Capital to Provide Capital for $200 Million of Cutting Edge Energy Storage Projects
Advanced Microgrid Solutions (“AMS”), a pioneer in the energy storage services market, recently announced the completion of a transaction with Macquarie Capital, the corporate advisory, capital markets and principal investing arm of Macquarie Group (“Macquarie”) (ASX: MQG; ADR: MQBKY), to provide capital for the joint development and construction of a $200m fleet of the company’s landmark energy storage projects. “AMS is proud to announce this partnership with Macquarie Capital,” said Susan Kennedy, Chief Executive Officer of AMS. “Macquarie’s financial strength and expertise in large infrastructure development makes them the MVP in the world of energy infrastructure.”
“AMS’s focus on contracted, grid-scale energy storage projects stands out amongst developers forging a path in the energy storage space,” said Rob Kupchak, Head of US Power, Utilities and Renewables for Macquarie Capital. “The next decade is likely to see huge changes in the mix of energy consumed across the globe, and we see energy storage rapidly emerging as a growth market in the next generation of energy infrastructure.””Macquarie Capital is the gold standard for investment in critical infrastructure,” said Kelly Warner, President of AMS. “Combining our innovative designs and technology with Macquarie’s development and financing expertise will enable us to deliver best-in-class storage solutions and build tomorrow’s energy grid.”
Under the agreement, Macquarie will provide project capital that will be used to design, construct and manage a distributed fleet of AMS’s advanced energy storage facilities located at commercial, industrial and government host sites. The energy storage systems will be used for utility grid services, including flexible and reserve capacity, solar integration and voltage management in addition to retail energy services such as demand management, back up generation and enhanced power quality.
AMS’s first projects will provide 300 megawatt-hours of capacity resources and demand management for utilities and certain commercial, industrial water and university customers in the West Los Angeles Basin service territory of SCE. SCE, which is California’s second largest utility, will purchase capacity from the AMS fleet of behind-the-meter, battery-based energy storage systems under 10-year capacity contracts to provide load reduction services as part of SCE’s plan to modernize the grid by 2022.
Source:Yahoofinance
