GS Power Partners Secures $22M in Financing with Amalgamated Bank

GS Power Partners (GSPP), a leading Independent Power Producer in the distributed generation (DG) solar sector, announced it has secured a $22 million term financing commitment from Amalgamated Bank (Nasdaq: AMAL). The financing package encompasses five GSPP community solar projects in New York, totaling 25.5 megawatts (MWdc). 

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

The partnership between GSPP and Amalgamated Bank covers five community solar projects. East Road North and East Road South in Lowville, New York are anticipated to commence operations in the next month. The three other projects include Little Bow North and Little Bow South in Gouverneur, New York, which were completed in December 2023, and the Fox Road project in Marcy, New York which was completed in May 2023. In total, these five projects will generate 25+MW of clean energy annually.

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

Winthrop & Weinstine served as the Lender Counsel.

GS Power Partners | www.gspowerpartners.com