PE Deals

Fiera Infrastructure and Palisade Infrastructure to acquire Amp US

The seller is Amp Energy, a Toronto-based renewable energy infrastructure manager, developer and owner.

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  • Amp US is a renewable energy generation and battery storage business
  • Fiera Infrastructure and Palisade Infrastructure said they will continue to support the company’s long-term strategy
  • Amp Energy is backed by Carlyle Group, which has invested $440 million

Fiera Infrastructure, an affiliate of Fiera Capital, and Palisade Infrastructure Group have agreed to acquire Denver, Colorado-based Amp US, a renewable energy generation and battery storage business.

No financial terms were disclosed. The deal is expected to close in March 2023.

The seller is Amp Energy, a Toronto-based renewable energy infrastructure manager, developer and owner. Amp is backed by Carlyle Group, which has invested $440 million.

Fiera Infrastructure and Palisade Infrastructure said they will continue to support Amp US’ long-term strategy to develop, own and operate its growing portfolio and bring the financial and economic benefits of solar generation and battery storage to local communities across the US, including low-to-moderate income households and housing authorities.

“Fiera Infrastructure is excited to announce its investment in Amp US, a leader in US community solar,” said Brooks Kaufman, managing director of Fiera Infrastructure, in a statement. “We believe the company is well positioned, with a strong management and operations team, to expand through scale acquisitions and new development in an attractive and growing sector with strong tailwinds. We look forward to partnering with Palisade Infrastructure to support the management team and their strategy to provide equitable access to renewable solar power across the communities it serves.”

Fiera Infrastructure is a mid-market direct infrastructure investor. It had assets under management and commitments of C$3.8 billion as of December 31, 2022. Its Montreal-based parent organization, Fiera Capital, had C$158.5 billion in assets under management as of December 31, 2022.

Palisade Infrastructure Group is a specialist infrastructure and real assets manager. It has a local presence in New York as well as in Sydney and Melbourne, Australia.

Macquarie Capital acted as financial advisor to Fiera Infrastructure and Palisade Infrastructure on the deal, while DLA Piper US acted as legal advisor. KeyBanc Capital Markets acted as financial advisor and Milbank as legal advisor to Amp Energy.