Initial capital commitment of up to £100m for AMPYR Distributed Energy to develop, fund, own and operate sustainable energy assets for business customers in the UK and Europe.
LONDON, 16th January 2024 – AGP Sustainable Real Assets (“AGP”), the Singapore-headquartered infrastructure development and asset management group, today announced the launch of AMPYR Distributed Energy (“ADE”), a new business focussing on the development, ownership and operations of B2B energy infrastructure in Europe.
ADE will simplify the transition to net zero for business customers through the addition of rooftop solar PV, energy efficiency, and energy storage solutions. Backed by a significant commitment from AGP, ADE will accelerate the flow of capital into distributed energy projects in the UK and Europe. It will provide innovative financing for business customers, delivering clean energy solutions with no upfront cost. The launch of ADE in Europe expands the existing AGP portfolio of energy transition businesses in Australia, Asia, and the USA.
The creation of ADE builds on the success of OME Capital (“OME”) in establishing the initial platform with a highly experienced management team and a growing development pipeline across multiple target markets.
ADE will be led by John Behan, founder of OME and CEO of newly formed ADE. Behan said, “OME was established to bring together an experienced management team, a material project pipeline and capital behind a clear distributed energy strategy. The launch of ADE demonstrates that plan in action and I’m excited to work with AGP. They’re a leader in the energy transition and understand the operational requirements to build and scale the platform.”
The expansion of clean distributed energy solutions underpins commitments by the UK and EU governments to achieve Net Zero by 2050. Customer demand is being driven by energy price increases, sustainability mandates, new reporting requirements, and concerns about security of power supply. Behan added, “We know that businesses are struggling with the cost and complexity of decarbonisation. Our innovative funding solutions and energy expertise mean that we can make it simple – and profitable – for our customers to go green now.”
Rajpal Chaudhary, AGP Partner, said, “The European market is forecast to be one of the largest distributed energy markets in the world within the next five years. Investors recognise the growth opportunity from distributed energy, as well as the strong regulatory tailwinds. This makes scalability in the sector achievable, with attractive opportunities for investors to deploy material capital. Leaning on our experience and expertise in similar businesses in Australia and India and investing in a strong management team led by John Behan, we are confident that AMPYR Distributed Energy is well positioned for 2024 and beyond.”
