GS Power Partners Secures $22M Financing From Amalgamated Bank

GS Power Partners (GSPP), a leading Independent Power Producer in the distributed generation (DG) solar sector, has secured a $22 million term financing commitment from Amalgamated Bank. This funding package will support the development and operation of five community solar projects in New York, with a total capacity of 25.5 MWdc. The partnership highlights GSPP’s commitment to expanding access to clean energy while strengthening its presence in the state’s growing renewable energy sector.

Jason Kuflik, CEO of GS Power Partners, mentioned, “We are pleased to announce this financial close, alongside our partnership with Amalgamated Bank. 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.”

Bill Peterson, Director of Climate Lending at Amalgamated Bank, said “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. 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.”

The five projects benefiting from this financing include East Road North and East Road South in Lowville, New York, both of which are expected to begin operations within the next month. Additionally, Little Bow North and Little Bow South in Gouverneur were successfully completed in December 2023, and the Fox Road project in Marcy has been generating power since May 2023. Collectively, these projects will produce more than 25 MW of renewable energy each year, helping to support New York’s transition to a more sustainable and resilient energy grid.