Energy storage system integrator Advanced Microgrid Solutions (AMS) has secured US$200 million of project finance from Macquarie Capital.
The deal is thought to be the largest project funding deal in the sector so far. Proceeds will be used to design, build and operate facilities at commercial, industrial and government sites.
Raj Prabhu, CEO and co-founder of Mercom Capital Group told Energy-Storage.News the deal had significance for the company and the sector as a whole.
“Advanced Microgrid Solutions’ US$200 million project funding is the largest of its kind. Stem was the only company so far which had raised a three figure project fund for energy storage systems with US$100 million. Access to large amounts of project funds is a big differentiator for energy storage system integrators and this is a very positive development for Advanced Microgrid Solutions.”
Susan Kennedy, CEO of AMS referred to Macquarie as the “MVP in the world of energy infrastructure” while Macquarie looked ahead to global energy storage opportunities.
"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, 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."
The deal is thought to be the largest project funding deal in the sector so far.