– Q CELLS accelerates its complete energy solutions for customers and partners with a new financing structure to maximize project value and bankability
[Irvine, United States, August 26, 2021] Today Q CELLS North America, a leading manufacturer of PV modules and provider of complete energy solutions, announced that it closed on an investment into a portfolio of solar-plus-storage projects developed by Amped Solutions.
The investment was made using a new ‘Grid Equity’ financing structure, under which Q CELLS provided Amped Solutions with capital in exchange for the rights to future grid services revenue expected to be generated by the portfolio of operating systems deployed in California. 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.
Shane Kim, President of Q CELLS North America, said, “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.”
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.”
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.