PVTIME – PV module manufacturer and energy solutions provider Q CELLS North America recently announced that it has closed an investment into a solar-plus-storage project portfolio developed by Amped Solutions.
Q CELLS was able to provide Amped Solutions with capital in exchange for the rights to future grid service revenue expected to be generated by the portfolio of operation systems deployed in California using a new “Grid Equity” financing structure. Q CELLS believes this Grid Equity structure has applications across multiple states, and for C&I and community solar projects under development or already in operation.
“As part of our growing suite of complete energy solutions, we’re excited to offer our customers and partners investment capital under a new Grid Equity structure. We believe it can be a valuable co-development tool to help them boost the economics and bankability of their solar-plus-storage projects,” said Shane Kim, President of Q CELLS North America.
Dan Martin, CEO of Amped Solutions, added, “This investment from Q CELLS has allowed us to receive capital now and reduce our project risk. We plan to use that capital to upgrade and augment the systems, which will improve their performance for Amped Solutions, for our customers, and for Q CELLS. This is a win-win-win deal.”
Amped Solutions and its partners will retain ownership of the systems, and all other revenue streams associated with the systems, such as bill savings, incentives, and tax benefits.