CIT Leads $118.5 Million Financing for North Carolina Solar Project
NEW YORK, July 7, 2020 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Power and Energy business served as lead arranger on a $118.5 million financing for the utility-scale Harts Mill Solar project in Edgecombe County, North Carolina.
The project is owned by Kayne Anderson Capital Advisors L.P., a leading alternative investment manager, and marks their first solar investment supplying the PJM Interconnection grid. Kayne has partnered with Birch Creek Development and Pine Gate Renewables, a successful utility-scale solar developer based in Asheville, North Carolina. Pine Gate EPC will also be constructing the 112-megawatt facility.
In leading this financing, CIT extends its track record as one of the top renewable energy lenders nationwide, according to market research firm Inframation, an Acuris company.
"We are very pleased to have closed the Harts Mill financing, and greatly appreciate CIT's expertise and agility in successfully leading this important financing," said Jon Levinson, Managing Partner and co-head of Renewables at Kayne. "We look forward to continuing to execute on our robust pipeline of opportunities, particularly in U.S. solar."
"CIT was pleased to work closely with Kayne Anderson and Pine Gate Renewables in arranging financing to bring this project to fruition," said Mike Lorusso, managing director and group head for CIT's Power and Energy business. "We are proud to play a role in supporting the continued expansion of renewable power throughout the U.S."
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.
About Kayne Anderson
Kayne Anderson Capital Advisors is a leading alternative investment management firm focused on infrastructure, real estate, credit and private equity. Kayne's investment philosophy is to pursue niches, with an emphasis on cash flow, where the firm's knowledge and sourcing advantages enable an ability to deliver above average, risk-adjusted investment returns. Kayne manages over $27 billion in assets (as of 3/31/20) for institutional investors, family office, high net worth and retail clients and employs nearly 370 professionals in five offices across the U.S.
About Pine Gate Renewables
About Pine Gate Renewables Pine Gate Renewables is a developer, owner, and operator of utility-scale solar farms with 400+ MWs of operational sites across the country. To learn more about Pine Gate and their mission to Get Solar Done, visit www.pgrenewables.com.
MEDIA RELATIONS:
John M. Moran
212-461-5507
[email protected]
SOURCE CIT Group Inc.
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