NEW YORK, April 28, 2021 /PRNewswire/ -- CIT Group Inc.
(NYSE: CIT) today announced that its Power and Energy business
served as coordinating lead arranger on a $84 million financing for a new 140-megawatt
solar farm in Fort Bend County,
Texas.
Cutlass Solar is a utility-scale project to be built about 40
miles southwest of Houston. Its
sponsor, Advanced Power, is a leader in power generation with
numerous projects in the U.S., Canada and Europe.
"The Cutlass Solar project is the first project of Advanced
Power's +1 GW solar development pipeline to reach financial close
and will add significantly to the renewable generation capacity in
the Greater Houston area," said
Jonathan Winslow, COO of Advanced
Power Development. "We have worked successfully with CIT on
multiple project financings, so we were confident in their
capabilities when we called on them again to arrange financing for
this important project."
"Advanced Power is well known for its expertise in power
generation, and we were pleased to collaborate with them once again
to support their financing needs on this project," said
Mike Lorusso, managing director and
group head for CIT's Power and Energy business.
Overcoming market disruptions caused by winter storms, CIT
arranged financing by creatively structuring a transaction that
balanced the strengths of Advanced Power's development expertise
with market demand for merchant commodity risk.
CIT consistently ranks among the nation's top lenders for
renewable energy projects, as reported by market research firm
Inframation, an Acuris company. CIT also was recognized as
Renewable Energy Lead Arranger of the Year in 2020 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.
MEDIA RELATIONS:
John M. Moran
212-461-5507
john.moran@cit.com
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SOURCE CIT Group Inc.