Amp closes financing for 40-MW solar-storage portfolio in New york city

• Toronto-based renewables developer Amp revealed that it has actually shut financing on its USD-106.5-million (EUR 91.8 m) portfolio of community solar-plus-storage projects in the state of New York.

Amp said it had actually performed a tax equity agreement with Advantage Capital and a financial debt financing arrangement with the Power and Energy organization of monetary holding company CIT Group Inc (NYSE: CIT).

In a separate statement, CIT said it had functioned as single lead arranger for USD 67.8 million in financing to sustain Amp's strategies to build the AMP NY2 portfolio.

In the portfolio are 5 area solar projects with an incorporated capability of 40 MW. At 3 of the sites, Amp will match the solar plants with 9-MW battery storage systems, claimed CIT.

The outcome from the AMP NY2 plants will be fully acquired by a mix of household and business clients.