Renewables developer Amp has closed financing for the construction of six community solar projects in New York.
The lead arranger for the $88 million in debt financing was the Power and Energy business of CIT Group, along with the City National Bank and Cadence Bank.
The 34-MW portfolio will generate clean energy, which will be sold to local businesses and consumers. The commercial operation of the projects is expected to start in the first quarter of 2022.
"This new portfolio of solar power assets continues our investment in New York community solar, creating jobs and supporting economic development while also responding to growing consumer demand for clean, renewable power generation," said Jared Donald, EVP and Head of USA for Amp. “We were pleased to again leverage CIT’s industry knowledge and experience to finance this project.”
The projects will help the state achieve its climate and sustainability goals, including the goal of ensuring a minimum of 10 GW of installed solar capacity by 2030. Moreover, it will help farmers maximize or repurpose their land, create jobs and maintain biodiversity by integrating pollinator-friendly seed mixes for the vegetation that will be planted under the solar arrays.
