INTERVIEW: GS Power Partners engages Marathon Capital for capital raise
GS Power Partners has initiated a capital raise to build about 300 MW of community solar projects across the Northeast, Mid-Atlantic, and Midwest, company representatives confirmed to NPM this week.
Jason Kuflik, CEO and a founding member of GS Power Partners, formerly Green Street Power Partners, told NPM the company hired Marathon Capital to raise a construction warehouse facility of about USD 250m for a portfolio of about 300 MW distributed generation projects. Teasers for the financing opportunity went out about two weeks ago, Kuflik said.
The projects, located in New York, Illinois, Pennsylvania and Maryland, are expected to reach a notice-to-proceed (NTP) between now through mid-2026.
Those states were identified by GS Power Partners in a December interview as areas the company expects to expand in this year.
In other finance-related news, the company recently secured a USD 22m term financing commitment deal withAmalgamated Bankto fund five of its community solar projects in New York totaling 25.5 MW: East Road North and East Road South in Lowville, which are expected to begin operations within the next month; Little Bow North and Little Bow South in Gouverneur, and the Fox Road project in Marcy—all of which were completed in 2023.
“Amalgamated is a long-standing partner of ours. We’ve financed both tax equity and construction-to-permanent transactions with them,” Kuflik said. “Amalgamated continues to support us, and we support each other in our home state of New York, where we have a significant amount of operating projects and pipeline.”
River Ridge Capital Advisors served as the tax equity counsel for the Amalgamated Bank deal.
GS Power partners recently opened a new office for the firm in a suite at 420 Lexington Ave., New York, New York, adding to the company’s existing corporate presence in Stamford, Connecticut.
The-then DIFCapital Partners acquired a majority interest in Green Street in April 2023. CVC completed a buyout of DIF in June 2024.
The below NPM Interconnection Queue Applications chart (desktop only) highlights GS Power Partners pre-operational project pipeline based on NPM’s Market Research
*This story was originally published exclusively for NPM US subscribers.
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