Leading ESG Firms G&S Solar and AVANA Capital To Partner on Over 50 Commercial Rooftop Community Solar Projects, Creating Jobs & Promoting Clean Energy
G&S Solar, a leading clean energy and real estate development company, and AVANA Capital, an entrepreneurial lending company providing financing solutions for small to medium-sized clean energy developers, are pleased to announce their agreement to partner on the development of over 50 rooftop community solar projects in New York. AVANA will be providing over $50 million in debt for the projects, 14 of which G&S has already begun construction. G&S Solar is one of the largest private commercial solar developers in the Con Edison market and shares AVANA’s dedication to ESG (Environmental Social Governance) initiatives.
“We welcome this opportunity to partner with G&S Solar and help fund new solar construction in an urban setting while also creating new clean energy jobs in local communities,” said AVANA CEO, Sundip Patel. “Since we launched our renewable energy vertical 5 years ago, we have directed more of our efforts towards developing clean energy financing solutions for small and medium-sized developers. We will continue to lend our expertise and commitment to supporting developers build community-based solar projects that have a positive impact on the environment through clean energy and a positive impact on their community through the creation of local jobs.”
G&S Solar is a vertically integrated solar developer that was initially founded as a real estate development company. In 2009, it started adding solar arrays to its own properties to reduce the cost of electricity for its tenants. The program was so successful, it was expanded to provide commercial building owners the opportunity to lease rooftop space for community solar installations that provide electricity savings to customers throughout the New York market.
“As a lifelong New Yorker and Con Edison resident, I am excited to see our projects go live in my backyard, serving New York building owners and residents by helping them save money on their utility bills while also contributing to the State’s clean energy goals,” said David Katz, Senior Director at G&S Solar. “While these projects involve complex zoning and permit regulations, we believe so strongly in our mission that we will continue to seek out properties to make solar projects more readily available in this region.”
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G&S Solar develops, constructs, and manages its own solar projects. AVANA has developed a strong relationship with G&S Solar and will continue to invest in future projects.
“These projects will allow New Yorkers to not only save money on their electric bills but also help building owners create additional value by monetizing their unused roof space. These projects equalize the benefits of solar for all, by allowing people who might not be able to put solar on their own roof to enjoy the savings from solar energy,” says Walter Cuculic, EVP Renewable Energy, AVANA Capital.
AVANA lends to solar, energy storage, waste to energy, and energy efficiency projects across the country with the aim of helping small and medium-sized developers build and own their own projects. With extensive experience in providing financing for construction, equipment, and pre-development for clean energy projects, AVANA offers solutions to address challenges at any stage of the process. Its loans are specifically tailored to the needs of each project.
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