First Citizens Bank division CIT’s Power and Energy business has served as coordinating lead arranger on a $71.4 million financing for a portfolio of solar projects.
The borrower, Arches Solar LLC, a subsidiary of CleanCapital, owns a portfolio of distributed generation solar projects being developed in Howard County, Md. Electricity generated by the projects is fully contracted under a master purchase power agreement.
“We are delighted to support the municipality of Howard County, Maryland, in its efforts to supply clean solar electricity to its buildings and facilities,” says Melinda Baglio, chief investment officer and general counsel at CleanCapital. “We appreciated CIT’s agility and expertise in serving as coordinating lead arranger for this financing.”
“We are pleased to work again with CleanCapital, an industry leader in solar and energy storage,” comments Mike Lorusso, managing director and group head for CIT’s Power and Energy business. “This transaction is another example of our market-leading position in arranging financing for renewable power assets.”