NEW
YORK, May 11, 2022 /PRNewswire/ -- CIT, a
division of First Citizens Bank, today announced that
its Power and Energy business served as coordinating lead
arranger on $714 million in financing for a portfolio of
thermal generation assets in California.
The proceeds were used to refinance a 1.8-gigawatt portfolio
owned by subsidiaries of the Avenue Capital Group and managed by
Middle River Power. Assets within the portfolio consist of eight
gas-fired peaking plants and two gas-fired combined cycle power
plants located near metropolitan centers across California.
Middle River Power is a private
equity-sponsored asset management platform focused on U.S. power
generation assets. Their assets under management or in development
include over 3,000 megawatts of natural gas, coal, geothermal and
solar power generation facilities in California, Maryland, Virginia and West
Virginia.
"Middle River Power's robust and reliable energy infrastructure
is a critical component of economic security and growth across
California," said Mike Lorusso, managing director and group head
for CIT's Power and Energy business. "We were pleased to
collaborate with them to support their financing needs on this
portfolio."
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 division of First Citizens Bank,
the largest family-controlled bank in the
United States, continuing a unique legacy of strength,
stability and long-term thinking that has spanned generations.
Parent company, First Citizens BancShares, Inc. (NASDAQ: FCNCA) is
a top 20 U.S. financial institution with more than $100 billion in assets. The company's commercial
banking segment brings a wide array of best-in-class lending,
leasing and banking services to middle-market companies and small
businesses from coast to coast. First Citizens also operates a
nationwide direct bank and a network of more than 600 branches in
22 states, many in high-growth markets. Industry specialists bring
a depth of expertise that helps businesses and individuals meet
their specific goals at every stage of their financial journey.
Discover more at cit.com/firstcitizens.
MEDIA RELATIONS:
Lexa
Tutela
212-461-5305
Lexa.Tutela@firstcitizens.com
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SOURCE CIT, a division of First Citizens Bank