NEW YORK, Feb. 11, 2021 /PRNewswire/ -- CIT Group
Inc. (NYSE: CIT) today announced that its Power and Energy
business served as a co-lead arranger on a $93.3 million financing for a portfolio of six
battery energy storage systems located in Texas.
The battery energy storage systems (BESS) are owned by Key
Capture Energy LLC, a leading developer, owner and operator of BESS
projects in the United States,
with an overall development pipeline of more than 2.5 gigawatts in
New York, Texas and New England. Key Capture Energy is a
portfolio company of sustainable real asset firm Vision Ridge
Partners.
Together, the six BESS projects represent a total of 230
megawatts of energy storage capacity. Three of the six projects are
currently operational and completion of the remainder is expected
by the end of the year.
"Our latest BESS projects represent a significant addition to
the utility-scale battery storage capacity in Texas," said Ann
Anthony, CFO and Secretary of Key Capture Energy. "We
appreciated CIT's expertise and agility in understanding our
projects and helping arrange this innovative financing
package."
"Battery storage is an increasingly important contributor to the
growth of clean energy across the U.S.," said Mike Lorusso, managing director and group head
of CIT's Power and Energy business. "We are pleased to work closely
with Key Capture Energy to help meet their financing
objectives."
CIT consistently ranks among the nation's top lenders for
renewable energy projects, as reported by market research firm
Inframation, an Acruis company. CIT also was recognized in 2020 as
Renewable Energy Lead Arranger of the Year by Power Finance
& Risk, a top energy industry trade publication.
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 Key Capture Energy
As more large-scale renewable
energy projects come online and intermittent resources are added to
the energy mix, it is becoming increasingly important to keep the
electrical grid stable. Headquartered in Albany, New York, Key Capture Energy is
meeting this need by identifying, developing, constructing and
operating energy storage solutions to foster greater deployment of
renewable energy, create a more stable electric grid, and provide
value to all ratepayers.
Key Capture Energy is targeting to have more than 1 GW of
battery storage projects in operation in New York, New England, and Texas by the close of 2023, all under a
variety of offtake contracts.
Learn more at keycaptureenergy.com.
MEDIA RELATIONS:
John M.
Moran
212-461-5507
john.moran@cit.com
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SOURCE CIT Group Inc.