Green Street Power Partners, LLC (GSPP) will use more than $6 million in loan funding to provide permanent debt financing for a 6.751-megawatt, ground-mounted, solar project in Marcy, near Utica. It’s among nine projects seeking to combat climate change across rural parts of New York to which the U.S. Department of Agriculture (USDA) is awarding […]
Green Street Power Partners, LLC (GSPP) will use more than $6 million in loan funding to provide permanent debt financing for a 6.751-megawatt, ground-mounted, solar project in Marcy, near Utica.
It’s among nine projects seeking to combat climate change across rural parts of New York to which the U.S. Department of Agriculture (USDA) is awarding more than $11 million. Brian Murray, USDA New York State director for rural development, announced the funding Aug. 24.
GSPP is headquartered in Stamford, Connecticut. GSPP 7024 Fox Rd LLC is one of multiple commercial-scale solar projects that GSPP is building in New York with the same organizational structure, the USDA said. The solar array is expected to produce nearly 7.6 million kilowatt hours of electricity in the first full year.
Funding includes a nearly $894,000 applicant contribution and $3.36 million from tax equity investors, per the USDA news release.
Besides the Marcy project, USDA also awarded funding to projects in Saratoga and Columbia counties in eastern New York.
The $11 million in funding for New York is part of a nationwide announcement where Deputy Secretary Dr. Jewel Bronaugh also announced USDA is investing $121 million in critical infrastructure to combat climate change across rural America. The investments include $111 million for 289 projects to help people living in socially vulnerable communities. The funding will help people in 49 states, Guam, and Puerto Rico.