AMP aims to grow assets under management, build up off-balance sheet carried interest together with making long-term equity investments in companies aligned to our corporate strategy.
Aggregated Micro Power Infrastructure 2 plc (AMPIL) is a special purpose vehicle which is wholly owned by Law Debenture Intermediary Corporation PLC as trustee for general charitable purposes. To date, AMPIL has issued £52m 8% Loan Notes. The Loan Notes are listed on the Official List of the Cayman Islands Stock Exchange and are redeemable at par on 31 December 2036.
The Loan Notes are issued to fund the acquisition or provision of debt finance to: (i) biomass boiler projects or other assets or projects that seek to deliver a carbon emissions reduction; and/or (ii) assets or projects which support the de-carbonisation of the UK electricity grid, which may include grid balancing projects acquired from AMPH and/or other developers.
Under the terms of its contract with AMPIL, AMP receives an upfront 10% development fee on each project and when AMPIL Loan Notes are repaid, AMP is entitled to receive 100% of the excess returns in the form of deferred development fees.
Ashford Power Limited
In January 2017 AMP secured £14.1m of funding for the financing of its first peaking plant project Ashford Power Limited.
The project is situated on the Kingsnorth Industrial Estate in Kent and is for 21MW of natural gas reciprocating engines selling power to the grid at times of peak demand.
The project won a Capacity Market agreement in 2015 and has commenced construction with commercial operations expected to start during October 2017.
Finance was provided from funds managed by Triple Point Investment Management LLP and Triple Point Lease Partners.
AMP has a 28.8% stake in IncubEx LLC, a private limited company with headquarters in Chicago.
IncubEx is an incubator for exchange traded products, services, and technology solutions. At its core, IncubEx is a product and business development company. The company works in conjunction with its global exchange partner, European Energy Exchange (EEX) and other leading service providers and stakeholders to design and develop new financial products in global environmental, reinsurance and related commodity markets. The company has a specific focus on innovation and continuous improvement of products and services, including technology, trading solutions and operational efficiencies.
The IncubEx team is comprised of former key Climate Exchange executives and is uniquely positioned to capture these opportunities with its partners.
With the increased development of solar and wind assets globally, power markets are changing rapidly and IncubEx operates in markets that are core to AMP and its grid balancing business.
Neil Eckert is the Chairman of IncubEx which was founded in 2016 and currently has offices in Chicago and London.