Tokyo, Japan – 10th October 2024 – Amp Energy, a global energy transition platform, announced today it has secured up to USD 145 million (JPY 20 billion) in equity funding for Amp Japan. The investment comes from Asia-Pacific Sustainable & Decarbonisation Infrastructure Equity, LP (a fund sponsored by Aravest and SMBC Group) (“SDIEF”), and Banpu NEXT Company Limited (“Banpu NEXT”), a subsidiary of Banpu PCL. The funds will be used to accelerate the growth of the Company in Japan, invest into Amp Japan’s assets under development and fund new acquisitions, across the Company’s strategic targets of utility scale and small scale solar, onshore wind and battery storage.
Amp Energy established Amp Japan in 2016 as a wholly- owned subsidiary. Under Amp Energy’s ownership, Amp Japan has become a leading Japanese energy transition platform, developing and building over 300MW of generation assets to date and currently developing an additional 800 MW. Amp Japan was one of the first in Japan to have built scale in the corporate PPA and other non-FIT markets in solar, onshore wind and battery storage. Headquartered in Tokyo with a regional office in Aomori, Amp Japan develops from an early stage and brings to market renewable energy transition assets including utility scale and small scale solar, onshore wind and battery storage. With this new capital injection, great new partners and 800MW of assets in development, Amp Japan’s objective is to create a 2GW platform before the turn of the decade.
Martin Stein, CEO of Amp Japan commented “With this strong commitment from both new and existing investors, we are now among the best-funded energy transition platforms in Japan and well on our way to becoming a leader in the space. I would like to thank our team, which is second to none, our investors for supporting our continued growth, and our customers and partners who have made our success possible.”
Dave Rogers, Founder and CEO of Amp Energy commented "We are incredibly proud of our Japan team, which has been a key part of Amp’s global platform over the past eight years, successfully developing over 300 MW of solar PV projects across the country. Amp remains deeply committed to being at the forefront of the energy transition globally, and with the support of our new co-investors, we are excited to see Amp Japan continue its impressive growth and contribute significantly to Japan's transition toward cleaner and more efficient power generation."
Rohit Nanda, Head of Aravest-SMBC Infrastructure Equity Fund commented “The Japan renewable energy market has shown remarkable resilience and achieved an impressive growth in the last decade or so. We see tremendous potential in the new FIP regime and the potential corporate PPA market and are excited to contribute to lowering the carbon footprint of various corporates in Japan. We are equally thrilled to partner with Amp Japan, its strong on-the-ground team under the leadership of Mr. Martin Stein and further support their work in growing the Japanese renewable energy sector.”
Mr. Smittipon Srethapramote, CEO of Banpu NEXT commented “Japan, one of Banpu NEXT’s key countries, is one of the global leaders in renewable energy market. The country targets 36-38% renewable energy in its electricity structure by 2030 with a focus on increasing domestic renewable energy sources such as solar and wind power, aiming to achieve the Net-Zero emissions goal by 2050*. Aspiring to become Asia Pacific’s Net Zero solutions provider, one of Banpu NEXT’s strategies is to actively collaborate with local partners to realize a sustainable energy future. Together with AMP Japan, we will leverage technological advancements to enhance the energy efficiency and uplift data analysis. We believe that this strategic partnership will accelerate our business growth and diversify our portfolio across various renewable energy assets.”
*Source: Energytrend.com-Japan: Renewable energy account
About SDIEF
SDIEF is an Aravest and SMBC Group backed investment fund committed to sustainable investments and decarbonization across the APAC region. Operating out of Aravest’s Singapore office, the fund’s investment strategy involves acquiring influential stakes in small to mid-market growth equity businesses across the APAC region. The fund targets deals that require equity investments in the range of USD40-50 million, especially in sustainable infrastructure sub-sectors like renewables and digital infrastructure.
About Banpu NEXT
Banpu NEXT Co., Ltd., a subsidiary of Banpu PCL, is a leading smart energy solutions provider in the Asia-Pacific region. The company supports the transition to Net Zero society. The five core business groups are Renewable Power, Energy Storage Systems, Energy Trading, e-Mobility, and Smart Cities & Energy Management. With all these five businesses, the company boasts the capability to offer “Total Smart Energy Solutions” as the long-term partner who combines technology and digital platform with its energy expertise to provide the best tailor-made solutions, empowering organizations to tap into an infinite of clean energy, accelerate smart business transformation. Banpu NEXT is the Thailand Greenhouse Gas Management Organization (TGO)-certified for its Carbon Footprint for Organizations (CFO). In 2023, the company and its Thai subsidiaries operate on 100% renewable energy, offset through the International REC Standard (I-REC). This underscores Banpu NEXT’s commitment to sustainable growth and environmental stewardship.
For more information, visit www.banpunext.co.th, www.facebook.com/banpunext, www.linkedin.com/company/banpu-next-company-limited/
About Amp Energy
Amp Energy is a global energy transition development platform, which delivers renewables, battery storage, Advanced Fuels and green AI data centers at scale, together with proprietary AI-enabled grid flexibility through its Amp X platform. Since its inception 15 years ago, Amp has developed and built or contracted 14 GW of assets globally. Amp is backed by major investments from institutional capital partners including global private equity firm the Carlyle Group, who has invested over US$440 million. The company has global operations throughout North America, the UK, Australia, Japan, and Spain.
