Amped Solutions secures institutional financing for solar PV plus storage portfolio across privately held hotel properties in California
Apr 07, 2020, 09:00 ET
SAN FRANCISCO, April 7, 2020 /PRNewswire/ -- Amped Solutions, Inc., a US developer of solar plus storage solutions, announced today the closing of a financing facility with Customers Commercial Finance, LLC, a subsidiary of Customers Bank. Amped's portfolio covers 1.8 MW DC of solar PV plus 1.2 MWh of storage across a portfolio of six privately owned hotels in northern California and San Diego county.
"We see storage becoming an integral part of distributed solar installations in the US and believe our platform is well positioned to help scale the broader deployment of capital into the C&I space," said Dan Martin, Chief Executive Officer of Amped Solutions. The batteries involved in this transaction utilize software by Geli, Inc. to reduce demand charges, shift time of energy use to more off-peak hours, and make optimal decisions about when to self-consume energy versus net meter. Two of the hotels feature microgrids designed by Gridscape Solutions. The microgrids will provide emergency backup power for critical circuits like elevator banks.
"This transaction engaged key partners, allowing institutional financing to be secured with an innovative developer, new credit solutions and an entrepreneurial bank leasing company," said Samuel H. Smith III, President of Customers Commercial Finance, LLC. "The platform will allow us to deploy more capital into the small distributed solar market," he added.
"The hotel sector is historically under-served from a solar financing standpoint," said Channing Chen, Managing Partner of Breakaway Energy Partners, LLC, "and we see this deal as an important indication of what is possible for this sector in the future." Breakaway served as Amped Solutions' structured finance advisor on the transaction and worked closely with Verdant Commercial Capital, LLC as Financial Arranger.
About Amped Solutions, Inc.
Amped Solutions, Inc. (Amped) specializes in behind-the-meter solar + energy storage solutions for commercial and industrial customers. Amped develops, finances, owns, and operates projects throughout the United States and works with a network of engineering, procurement, and construction (EPC) firms to bring projects to life. We specialize in commercial scale projects and bring a deep knowledge of financing energy storage to every project we tackle.
About Customers Commercial Finance
Customers Commercial Finance, LLC (CCF) is an equipment finance and leasing firm delivering the best of both worlds: the responsiveness and deep-domain expertise of a specialty finance company coupled with the stability and low cost of a growing bank. Based in Portsmouth, NH, Customers Commercial Finance services a nationwide client base, focused in several industry silos including Plastics, Packaging, Crane/Construction, Motor Coach, Food Processing, Aircraft, and others. CCF is a subsidiary of $11.5B NYSE-listed, Customers Bank, a community-based, full-service bank with headquarters in Wyomissing, PA.
About Breakaway Energy Partners
Breakaway Energy Partners, LLC (Breakaway) is a seasoned renewable energy finance advisory firm helping solar developers, owners, and investors finance, sell, and acquire solar projects. We have over 13 years of experience transacting on over $1.0B in distributed and utility scale solar projects.
SOURCE Amped Solutions, Inc.
