SAN FRANCISCO and NEW YORK, July 11, 2016 /PRNewswire/ -- Advanced Microgrid Solutions ("AMS"), a pioneer in the energy storage services market, today announced the completion of a transaction with Macquarie Capital, the corporate advisory, capital markets and principal investing arm of Macquarie Group ("Macquarie") (ASX: MQG; ADR: MQBKY), to provide capital for the joint development and construction of a $200m fleet of the company's landmark energy storage projects.
"AMS is proud to announce this partnership with Macquarie Capital," said Susan Kennedy, Chief Executive Officer of AMS. "Macquarie's financial strength and expertise in large infrastructure development makes them the MVP in the world of energy infrastructure."
"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 for 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."
"Macquarie Capital is the gold standard for investment in critical infrastructure," said Kelly Warner, President of AMS. "Combining our innovative designs and technology with Macquarie's development and financing expertise will enable us to deliver best-in-class storage solutions and build tomorrow's energy grid."
Under the agreement, Macquarie will provide project capital that will be used to design, construct and manage a distributed fleet of AMS's advanced energy storage facilities located at commercial, industrial and government host sites. The energy storage systems will be used for utility grid services, including flexible and reserve capacity, solar integration and voltage management in addition to retail energy services such as demand management, back up generation and enhanced power quality.
AMS's first projects will provide 300 megawatt-hours of capacity resources and demand management for utilities and certain commercial, industrial water and university customers in the West Los Angeles Basin service territory of SCE. SCE, which is California's second largest utility, will purchase capacity from the AMS fleet of behind-the-meter, battery-based energy storage systems under 10-year capacity contracts to provide load reduction services as part of SCE's plan to modernize the grid by 2022.
About Advanced Microgrid Solutions
Advanced Microgrid Solutions (AMS) is pioneering the use of advanced energy storage systems for electric utility grid support. The company designs, finances, installs and manages advanced energy storage solutions for commercial, industrial and government building owners. AMS's unique fleet management software provides optimized resource management, cost reduction and revenue generation for large scale energy users. AMS is developing the first fleet of Hybrid Electric Buildings® in the world for The Irvine Company in Irvine, California. To learn more visit http://www.advmicrogrid.com/.
About Macquarie and Macquarie Capital
Macquarie Group (Macquarie) is a global provider of banking, financial, advisory, investment and funds management services. Macquarie's main business focus is making returns by providing a diversified range of services to clients. Macquarie acts on behalf of institutional, corporate and retail clients and counterparties around the world. Founded in 1969, Macquarie operates in more than 70 office locations in 28 countries. Macquarie employs approximately 14,000 people and has assets under management of over $367.4 billion (as of March 31, 2016).
Macquarie Capital comprises Macquarie Group's corporate advisory, capital markets and principal investing capabilities. Macquarie Capital's expertise spans a variety of industry sectors, including telecommunications, media, entertainment, gaming, financial institutions, industrials, energy, resources, real estate, infrastructure, utilities and renewables.
Macquarie Capital's Power, Utilities and Renewables team combines corporate advisory expertise and principal investing experience with a dedicated focus on companies operating in the generation, transmission, distribution, retail energy marketing, midstream, water, solar, wind, storage, biomass, and waste industries. With dedicated power, utilities and renewables professionals in New York, Toronto and Austin, Macquarie Capital is a substantial and active player in the North American market.
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SOURCE Advanced Microgrid Solutions
