New Joint Venture Formed by Prospect14 and Investment and Operating Partners to Develop Utility-Scale Solar Projects
Wednesday, September 14, 2022
The new group, Ampliform, will develop more than 10GW of solar projects in North America by 2025.
The joint venture’s consortium of investors led by the Jones Family Office, alongside Barings, the George Kaiser Family Foundation, and others.
Prospect14, a leading solar energy developer, today announced it has partnered with a group of experienced energy investors and operators with deep expertise in power generation and quantitative trading to launch Ampliform, a joint venture that will originate, develop, build, operate and optimize utility-scale solar and solar + storage projects in the United States.
Ampliform is backed by a significant equity commitment from a consortium of investors led by the Jones Family Office, alongside Barings, the George Kaiser Family Foundation, and others.
Prospect14, led by energy industry veterans Carl Jackson, Geoff Underwood, and Charles Silio, will provide greenfield origination, development and construction services to Ampliform, leveraging Prospect14’s experience in data-driven, scaled project origination and project delivery. Also investing in Ampliform and serving on its executive leadership team on behalf of Greens Ledge Renewable Partners (GLRP) are Brad Romine and Steve Culliton, who previously led North American power generation investments, power trading and asset optimization for Castleton Commodities International, John Vivenzio, who previously served as Chief Technology Officer of King Street Capital Management, a leading global alternative asset manager, and Mikael Andren, who serves as Chief Executive Officer and President of the Jones Family Office and related entities.
“We are very excited to partner with such experienced investors and power plant operators to drive the deployment and optimization of solar + storage projects at scale,” said Carl Jackson, Partner, Prospect14. “Brad, Steve, and John have had tremendous success optimizing power plants, managing quantitative energy trading operations, building robust trading and operational data analysis infrastructure, and putting in place innovative financing for energy projects. That experience combined with our ability to pinpoint interconnection opportunities and scale them quickly in targeted markets is unique within the industry and will be invaluable as Ampliform transitions towards a merchant model.”
“We’re partnering with Prospect14 on this joint venture because they have built a unique platform with a track record of using data-driven methods to site and develop solar + storage projects at scale in the nation’s most competitive energy markets,” said Brad Romine, Partner, Greens Ledge Renewable Partners. “We are developing our projects with the intent to own and operate them efficiently, so we begin projects with the end in mind and implement creative, data-driven approaches to optimizing plant design, development, and construction. This will make Ampliform faster and more efficient at every stage from greenfield development through to operations.”
Ampliform launches with more than 3GW of early- and mid-stage projects under development, the first of which are expected to begin construction in 2023. Ampliform is actively pursuing additional greenfield project origination as well as acquisition opportunities of solar projects and interconnection capacity, with a plan to build a development pipeline of more than 10GW by 2025.
“Solar energy is an increasingly important part of the U.S. energy mix. In Ampliform, we see a tremendous opportunity to build a leading, highly differentiated company to help drive the energy transition,” said Paul Tudor Jones II. “Ampliform has a significant competitive advantage because of its ability to scale rapidly, leverage technology and data, and take innovative approaches in bringing its assets to market.”
Guggenheim Securities served as the financial advisor on the formation of the joint venture and as structuring advisor, private placement agent and arranger on the financing of Ampliform. Sullivan & Cromwell LLP served as counsel to the investor group and to Ampliform. Jefferies LLC acted as financial adviser, and GreeneHurlocker, PLC is legal adviser to Prospect14.