Carlyle Makes $374 Million Commitment to Renewable Developer Amp

Carlyle Group Inc. has committed $374 million in equity capital to Amp Solar Group Inc., a Canada-based global renewables developer.

The investment is intended to spur growth in North America, Japan, Australia, Iberia and the U.K., according to a statement. Terms of the deal weren’t disclosed.

The investment comes as more countries prioritize clean electricity to address climate change. But renewables development has sometimes been dictated by government policy, meaning some markets move faster than others.

Amp’s focus on OECD countries enables the firm to pivot quickly when one market gets crowded, said Pooja Goyal, head of Carlyle’s renewable and sustainable energy team and co-head of its infrastructure group, in an interview. “We really like the flexibility that they have.”

Amp has developed more than 1.8 gigawatts of renewables projects. Goyal expects the company to complete another 2 gigawatts of solar and more than a gigawatt-hour of battery storage by the end of 2023.

Capital for the deal comes from Carlyle’s global infrastructure opportunity and renewable & sustainable energy funds.

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