NEW YORK, May 27, 2021 /PRNewswire/ -- CIT Group
Inc. (NYSE: CIT) today announced that its Power and
Energy business served as coordinating lead arranger for
approximately $200 million in
financing for the 149-megawatt Big River solar power project in
White County, Illinois.
The project sponsor is D. E. Shaw Renewable Investments (DESRI),
a leading provider of cost-effective renewable energy across
North America. DESRI is part of
the D. E. Shaw Group, a global investment and technology
development firm with more than $55
billion in investment capital.
The project's 149 megawatts of alternating current power are
contracted under multiple purchase power agreements for most of the
next two decades, reflecting continued solid demand for renewable
power generation.
"Illinois electricity customers
are seeing the value of clean, renewable power generation and we
are proud to play a role in helping provide that resource," said
Thomas de Swardt, chief commercial
officer of DESRI. "In addition, solar energy projects like Big
River support economic development, promote energy independence,
create jobs, and generate local tax revenue. We look forward to the
successful completion of this project and to pursing new
opportunities throughout the region."
"We are proud to support financing for this project on behalf of
DESRI, which is well-known across the U.S. and all of North America as one of the leading developers
of renewable energy," said Mike
Lorusso, managing director and group head for CIT's Power
and Energy business. "This transaction extends our track
record as a financing leader in renewable power generation."
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.
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.