Renewables

NY Community Solar projects secure $88 million in funding

Jan. 27, 2022

The 34-MW portfolio will generate clean energy, which will be sold to local businesses and consumers

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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.

About the Author

EnergyTech Staff

Rod Walton is senior editor for EnergyTech.com. He has spent 14 years covering the energy industry as a newspaper and trade journalist.

Walton formerly was energy writer and business editor at the Tulsa World. Later, he spent six years covering the electricity power sector for Pennwell and Clarion Events. He joined Endeavor and EnergyTech in November 2021.

He can be reached at [email protected].

EnergyTech is focused on the mission critical and large-scale energy users and their sustainability and resiliency goals. These include the commercial and industrial sectors, as well as the military, universities, data centers and microgrids.

Many large-scale energy users such as Fortune 500 companies, and mission-critical users such as military bases, universities, healthcare facilities, public safety and data centers, shifting their energy priorities to reach net-zero carbon goals within the coming decades. These include plans for renewable energy power purchase agreements, but also on-site resiliency projects such as microgrids, combined heat and power, rooftop solar, energy storage, digitalization and building efficiency upgrades.