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.
MEDIA RELATIONS:
John M.
Moran
212-461-5507
john.moran@cit.com
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SOURCE CIT Group Inc.