Module manufacturer and energy solutions company Q CELLS North America has invested in a portfolio of solar-plus-storage projects developed by Amped Solutions via a grid equity investment.
The deal saw Q CELLS provide 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. The companies have been contacted for further details.
The deal was conducted through a ‘Grid Equity’ financing structure, which Q CELLS said had applications across more US states, and could be used for commercial and industrial (C&I) and community solar projects that are under development or in construction.
“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,” said Shane Kim, president of Q CELLS North America.
California-based 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.
“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,” said Dan Martin, CEO of Amped Solutions.
In July, Q CELLS signed a memorandum of understanding (MOU) with electronics giant Samsung to develop a ‘zero energy homes’ strategy for global markets.
And, back in March, the Seoul, South Korea, headquartered company filed patent infringement complaints in Germany against Astronergy, with a separate filing also made in France relating to the unlawful incorporation of Q CELL technology into modules produced by three major suppliers.