Apollo Investment Corp. backs solar joint venture

A new joint venture company, AMP Solar UK Ltd, launched in mid November, combining the expertise of three established solar energy firms and the financing support of Apollo Investment Corporation. Against a backdrop of steadily increasing energy prices, AMP Solar UK will offer both free and paid-for fully managed solar energy programmes, allowing customers to benefit from cheaper energy, and potential new sources of income.

Among the parties to the joint venture, MAP Environmental Ltd is responsible for origination, lead-generation and marketing, AMP Solar Group Inc contributes experience in solar asset development, finance and asset management globally, while Sustain Energy Solutions Ltd brings extensive knowledge and skill in undertaking EPC and O&M contracts for both ground-mount and rooftop solar projects, including for housing associations. Collectively, the parties have successfully developed and constructed over 400MW of solar assets globally.

AMP Solar UK was established to acquire, build and manage a portfolio of over 300MW of ground-mount, commercial and residential solar energy installations. The company’s special focus will be on social housing rooftop developments, with the goal of bringing at least 75,000 tenants out of fuel poverty. In addition, AMP Solar UK has a significant portfolio of planned ground-mount projects.

Developers, commercial landlords, housing associations and other potential end-users can purchase solar systems outright from AMP Solar UK, thereby producing an income from generated power. Alternatively, end-users can opt for a no-cost managed installation and benefit from a Power Purchase Agreement, through which they will receive heavily discounted energy, with costs fixed over a 20-year term.