CIT’s power and energy business served as sole lead arranger for $67.8 million in financing for the construction of the new AMP NY2 community solar and storage portfolio.
CIT led the financing on behalf of Amp Energy, which is developing a renewable energy portfolio consisting of five separate solar power generation systems at four project sites located throughout central New York.
Taken together, the portfolio represents about 40 megawatts of solar generation capacity and includes three sites with battery storage capabilities of about nine megawatts each.
Amp Energy is an energy transition platform and renewable energy developer. Founded in 2009 and headquartered in Toronto with global operations throughout North America, Australia, Japan, Spain, the Czech Republic and the UK, the company has acquired or developed more than six gigawatts of renewable power generation since its inception.
Renewable power generated by the AMP NY2 portfolio will be fully contracted on completion by a mix of residential and commercial customers. New York Green Bank, a state-sponsored financial entity working to increase investments in New York’s clean energy markets, is sharing in the debt financing for the project.
“The AMP NY2 portfolio responds to the growing demand from customers for increased renewable power generation and the flexibility that the battery storage capacity can offer when paired with Amp’s proprietary disruptive grid-edge technology platform, Amp X, utilizing its artificial intelligence expertise,” Jared Donald, executive vice president and head of USA for Amp Energy, said. “We appreciated CIT’s expertise and agility in arranging financing to move this project forward, showing confidence in Amp’s technology platform to dispatch the assets as planned.”
“Amp is well known throughout the industry for its success and expertise in developing top-tier renewable power generation projects,” Mike Lorusso, managing director and group head for CIT’s power and energy business, said. “We were pleased to work closely with them and New York Green Bank to make this financing package a reality.”