CIT, a division of First Citizens Bank, announced that its Power and Energy business served as lead arranger of $50.5 million in financing for construction of Amp's NY3 assets, a planned portfolio of new community solar installations in New York State.
CIT arranged the financing on behalf of a subsidiary of Amp Energy, a leading global developer of clean energy infrastructure. NY3 consists of six solar projects located throughout central New York State.
Taken together, they will comprise a total of 34 megawatts of generation capacity. Commercial operation is expected to begin in the first quarter of 2022. Energy generated by the project is fully contracted for sale to area businesses and consumers.
Amp is a leading global energy transition platform. Founded in 2009 and headquartered in Toronto, Canada, with global operations throughout North America, Australia, Japan, Spain, Czech Republic, and the UK, Amp has acquired or developed more than 6 gigawatts of renewable power generation since its inception.
Earlier this year, CIT supported Amp Energy as the sole lead arranger of financing for the AMP NY2 community solar and battery storage portfolio. That project represented 40 megawatts of solar generation capacity across five sites, with three sites having battery storage capabilities of 9 megawatts each.
"This new portfolio of solar power assets continues our investment in NY 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."
"Amp is recognized industry-wide for its development and operation of top-tier renewable power generation projects," said Mike Lorusso, managing director and group head for CIT's Power and Energy business. "We look forward to the opportunity to support their future growth as they continue to build their portfolio of clean energy assets."