NEW YORK, Aug. 18, 2020 /PRNewswire/ -- CIT Group
Inc. (NYSE: CIT) today announced that its Power and
Energy unit served as sole lead arranger on a $162 million financing for the East Blackland
Solar Project in Travis County,
Texas.
The financing was arranged on behalf of Recurrent Energy LLC, a
wholly owned subsidiary of Canadian Solar Inc. that functions as
Canadian Solar's U.S. project development arm. An active player in
renewable energy development, Recurrent has already developed more
than 2.4 gigawatts of solar projects and is planning another 5
gigawatts to come.
East Blackland, also known as the Pflugerville Solar Farm, is a
144-megawatt (MW) alternating current solar project. Austin Energy,
a publicly owned utility providing electrical power to the city of
Austin, Texas, and surrounding
areas, will buy electricity generated by the project under the
terms of a 15-year power purchase agreement.
"This solar project will provide the Austin region with another valuable source of
clean, renewable power. In addition, the construction and operation
of the project will contribute to the region's economic growth,"
said Dr. Shawn Qu, Chairman and
Chief Executive Officer of Canadian Solar. "We are pleased to work
with the CIT team on this financing and leverage their expertise
and agility to move this project forward."
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. 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.
"Recurrent Energy is well recognized as a top developer of
renewable energy projects," said Mike
Lorusso, managing director and group head for CIT's Power
and Energy unit. "We were pleased to work them on this
financing and proud to play a continuing role in supporting the
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.
MEDIA RELATIONS:
John M.
Moran
212-461-5507
john.moran@cit.com
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SOURCE CIT Group Inc.