CIT Group leads financing for solar-plus-storage portfolio

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CIT Group said that its power and energy business group was sole lead arranger for $67.8 million in financing for construction of the new AMP NY2 community solar and storage portfolio.

Amp Energy is developing a renewable energy portfolio made up of five separate solar power generation systems at four project sites in central New York State.

The portfolio represents about 40 MW of solar generation capacity and includes three sites with battery storage capabilities.

Founded in 2009, AMP is based in Toronto, Canada with global operations. It has acquired or developed more than 6 GW of renewable power generation since its inception. In January, U.S.-based investment firm The Carlyle Group committed $374 million in financing to the firm.

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.

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