Partnering with Amalgamated Bank, the independent power producer plans to develop a total of 25.5 MW in three counties in northwest New York state.
GS Power Partners (GSPP), an independent power producer in the distributed generation (DG) solar sector, secured a $22 million term financing commitment from Amalgamated Bank that it will use to build five community solar projects in New York, totaling 25.5 MWdc.
GSPP told pv magazine USA that four of the five projects have carveouts of 40% to 60% for low-income ratepayers.
“As we continue to expand GS Power Partners’ portfolio in key geographies such as New York, our focus on investor returns remains a top priority. Moreover, we continue to construct and manage solar projects that benefit energy customers and advance the energy transition,” said Jason Kuflik, CEO of GSPPs.
The five projects include Little Bow North (6.4 MW) and Little Bow South (6.2 MW) are both in Gouverneur. East Road North (3.0 MW) and East Road South (3 .0 MW) are in Lowville, and Fox Road (6.7 MW) is in Marcy.
PowerMarket is handling subscribers to the two in Lowville, which are expected to begin operations in the next month. These installations use Longi solar modules on Arctech trackers, with Sungrow inverters. Both have a 40% carveout for low-income ratepayers.
The two in Gouverneur were completed in December 2023 and are using Longi modules on Nevados trackers, with Chint inverters. The carveout for these is 60% and subscriptions are handled by Neighborhood Sun.
The Fox Road project in Marcy was completed in May 2023. Powermarket is managing subscribers for this installation, which does not have a low-income carveout. It uses Longi modules on Omco trackers with Chint inverters.
“We appreciate the opportunity to expand our relationship with GSPP in addition to helping hundreds of New Yorkers gain access to renewable energy and the ability to achieve a more sustainable living environment,” said Bill Peterson, director of climate lending at Amalgamated Bank. “These community solar projects are a great example of how public-private collaboration can grow the clean economy and make a difference in people’s lives.”
Since its founding in 2015, GSPP reports it has developed a portfolio of 300+ MW of DG solar assets, mainly concentrated in the Northeast and Midwest. It is backed by CVC DIF, a global investment firm with almost $20 billion in assets under management.
