CIT Arranges $185 Million Financing for Community Solar Portfolio
NEW YORK, Aug. 10, 2020 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Power and Energy business served as lead arranger for approximately $185 million in financing for a 66-megawatt portfolio of community solar projects.
The financing was arranged on behalf of Clearway Energy Group, one of the largest developers and operators of clean energy generation facilities in the U.S.
The portfolio consists of 19 separate projects totaling 66 megawatts of solar generation capacity located in Massachusetts, Illinois and New York State.
Earlier this year, CIT announced that it had also served as lead arranger on approximately $200 million in financing for another Clearway portfolio of 21 community solar projects encompassing 76 megawatts of generation capacity located in Illinois, Massachusetts, Minnesota and New York State.
"We are proud to continue advancing the development of community solar projects, which are key contributors to the growth of renewable power generation in the United States," said Steve Ryder, chief financial officer at Clearway Energy Group. "CIT's expertise in solar project finance has been helpful and we were pleased to work with them yet again on this latest transaction."
In leading this latest financing, CIT extends its track record as one of the nation's top renewable energy lenders, according to market research firm Inframation, an Acuris company. Earlier this year, CIT's Power and Energy business was recognized with a Stevie American Business Award for its success in financing renewable energy and battery storage projects.
"This is the latest of several financings we have helped arrange for Clearway Energy Group," said Mike Lorusso, managing director and group head for CIT's Power and Energy business. "We are pleased to work with Clearway again and utilize our financing expertise to help further the steady progress of solar power generation nationwide."
In connection with the financing, CIT is providing a package of cash management and capital markets services.
Power and Energy, part of CIT's Commercial Finance division, leverages its deep industry knowledge and expertise to offer comprehensive financing solutions for renewable and conventional power generation. The unit manages a large, diverse portfolio that includes investments in all asset classes across the energy sector.
About CIT
CIT is a leading national bank focused on empowering businesses and personal savers with the financial agility to navigate their goals. CIT Group Inc. (NYSE: CIT) is a financial holding company with over a century of experience and operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC, Equal Housing Lender). The company's commercial banking segment includes commercial financing, community association banking, middle market banking, equipment and vendor financing, factoring, railcar financing, treasury and payments services, and capital markets and asset management. CIT's consumer banking segment includes a national direct bank and regional branch network. Discover more at cit.com/about.
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John M. Moran
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SOURCE CIT Group Inc.
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