CIT Group announced that its Power and Energy business served as sole lead arranger for $67.8 million in financing for 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 State.

Taken together, the portfolio represents about 40 megawatts of solar generation capacity and includes three sites with battery storage capabilities of about 9 megawatts each. On-site battery storage is an increasingly common strategy for ensuring renewable power is available at times of rising demand or low generation.
 
Amp is a leading global energy transition platform and renewable energy developer. Founded in 2009, headquartered in Toronto, Canada with global operations throughout North America, Australia, Japan, Spain, Czech Republic, and the UK, the company has acquired or developed more than 6 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 into New York's clean energy markets, is sharing in the debt financing for the project.