Private investment firm Starwood Energy Group Global LLC has acquired the 150 MW Crane Solar project in Crane County, Texas, from Consolidated Edison Development Inc., with $68.4 million in financing provided by CIT Group Inc.
The project, which includes an adjacent 25 MW battery development, has a purchase power agreement with Vistra Corp., with approximately 11 years of contract life remaining.
“We worked closely with Starwood Energy to understand their goals for this important acquisition and to come up with the financing arrangements to meet their needs,” says Mike Lorusso, managing director and group head for CIT’s Power and Energy business. “We look forward to the opportunity to support their future growth as they continue to build their portfolio of renewable energy assets.”
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, offers 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.