CIT Group Inc.’s Power and Energy business has served as coordinating lead arranger on nearly $210 million in financing for a solar project in Brazoria County, Texas.
Located in the greater Houston power market, the Brazoria West Solar Project is a utility-scale development with 260 MW DC of generation capacity. Construction is under way, with commercial operation planned for 2022.
“We appreciated CIT’s expertise in developing the financing for this project as we continue to expand our renewable power portfolio in the U.S.,” says Kevin Yaich, president of S&B US Energy Inc.
The project was developed by Savion, an affiliate of Macquarie’s Green Investment Group. Upon closing, the project was sold to and the debt assumed by S&B US Energy Inc., a subsidiary of Shikun & Binui Ltd., an Israeli infrastructure and real estate company. S&B US Energy will take over the development from closing through commercial operations.
“Brazoria West Solar Project is an exciting opportunity to help support the growing demand for solar power in the Houston area while also contributing to the region’s economic development,” states Nick Lincon, Savion’s president. “The Savion team is pleased to have played a key role in making this project possible.”
“Reaching financial close with our financing partners on this valuable asset is a key milestone of our continuing growth in the U.S.,” adds Jeremie Debomy, executive vice president of M&A for S&B US Energy Inc.
