A planned portfolio of new community solar installations in New York state has received a $50.5 million financing package from CIT, a division of First Citizens Bank.
CIT arranged the financing on behalf of a subsidiary of Amp Energy, a global developer of clean energy infrastructure. The portfolio, known as NY3, consists of six solar projects located throughout central New York state, which together comprises 34 megawatts of generation capacity.
Commercial operation is expected to begin in the first quarter of 2022.
CIT previously served as sole lead arranger of financing for Amp Energy’s 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 re
