CIT Provides $50.5MM Financing to Amp Energy

The power and energy business of CIT, a division of First Citizens Bank, served as lead arranger on $50.5 million in financing to support the construction of Amp Energy’s NY3 assets, a planned portfolio of new community solar installations in New York.

CIT arranged the financing on behalf of a subsidiary of Amp Energy, a global developer of clean energy infrastructure. NY3 consists of six solar projects located throughout central New York. Taken together, they will comprise a total of 34 megawatts of generation capacity. Commercial operation is expected to begin in Q1/22. Energy generated by the project is fully contracted for sale to area businesses and consumers.

Founded in 2009 and headquartered in Toronto, Amp Energy has acquired or developed more than six 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 nine megawatts each.

“This new portfolio of solar power assets continues our investment in [New York] community solar, creating jobs and supporting economic development while also responding to growing consumer demand for clean, renewable power generation,” Jared Donald, executive vice president and head of the United States for Amp Energy, said. “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,” Mike Lorusso, managing director and group head for CIT’s power and energy business, said. “We look forward to the opportunity to support their future growth as they continue to build their portfolio of clean energy assets.”

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