CIT Group Inc. says its power and energy unit served as sole lead arranger on $42.8 million in debt financing to support NY Solar Farms, a 70 MW community solar portfolio located in central and northeastern New York state.
The solar portfolio – one of the largest of its type, comprising 10 projects across six different sites – is owned by True Green Capital‘s (TGC) third fund. Combined, TGC’s funds have approximately 400 MW of solar projects operating and over 200 MW under construction or in development, including an additional 80 MW of New York community solar projects.
Debt financing for the portfolio was also provided by NY Green Bank, a state-sponsored financial entity working to increase investments into New York’s clean energy markets.
“Community solar projects are an important pillar of New York’s clean energy strategy,” says Chris Kirkman, head of project finance at TGC. “The NY Solar Farms portfolio is another example of how solar projects can support local economies and power homes and businesses while reducing our reliance on fossil fuels.”
Power and energy, part of CIT’s commercial finance division, utilizes its industry knowledge to offer 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.
True Green Capital is an energy infrastructure asset management firm based in Westport, Conn. TGC is currently focused on the approximately $2 trillion distributed power generation market, with an emphasis on the sub-utility-scale solar power segment.
Photo: CIT Group’s landing page