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Amp Energy Secures $350 Million Cross-Jurisdictional Portfolio Financing

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Amp Energy (Amp), a global Energy Transition Platform and renewable energy developer, announced the closing of an innovative $350 million cross-jurisdictional credit facility with a consortium of leading institutional investors including Brookfield Asset Management, a leading sovereign wealth fund, and Nomura Securities. Brookfield Asset Management and the leading sovereign wealth fund served as the main investors in this transaction. ECP will join the consortium post closing.

The facility, with structural features that potentially allow an increase up to $700 million, will be used to support the construction of Amp’s robust and rapidly growing renewables and battery storage asset portfolio globally. The investment will focus initially on funding Amp’s construction-stage assets in the U.S., Australia, and Japan, with the intent to add incremental investment-grade geographic markets as Amp continues to scale.

Amp retained Nomura Securities International (Nomura) as the Sole Lead Arranger.

“Amp is very pleased to partner with such experienced and top-tier institutional investors at attractive terms to accelerate the build-out of our wholly-owned assets at scale,” said Dave Rogers, Founder, CEO & President of Amp. “This landmark financing broadens our reach, optimizes our cost of capital, and enables us to accelerate the decarbonization of flexible power generation infrastructure across our core markets.”

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“Brookfield is delighted to support Amp’s continued success in building essential renewable power and energy transition assets worldwide that advance global decarbonization,” said Hadley Peer Marshall, Brookfield’s Managing Partner, and co-head of Brookfield’s infrastructure debt business. “We are pleased to finance Amp’s portfolio of innovative and diversified renewable power infrastructure assets backed by supportive power regimes and long-term power purchase agreements.”

“Amp’s geographically diverse portfolio of renewable and storage assets across key markets positions the company extremely well for long-term growth and success,” said Mahmud Riffat, Principal and Co-Head of Credit at ECP. “We are excited to partner with Amp to finance projects which will serve as critical resources to facilitate the global energy transition.”

Vinod Mukani, head of Nomura’s Infrastructure and Power Finance (IPF) group said, “Nomura is excited to provide liquidity to Amp as it builds out its asset scale in the US, Australia, Japan, and globally, and extend its relationship with a strong developer. Nomura is always pleased to develop creative solutions for its clients, particularly those like Amp who have talented teams and a compelling business strategy contributing toward the transition to a low carbon economy.”

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Milbank advised Amp and Norton Rose Fulbright advised the consortium.

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