CIT Serves as Lead Arranger on Community Solar Financing

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CIT Group Inc. says its Power and Energy business served as lead arranger for approximately $185 million in financing for a 66 MW portfolio of community solar projects.

The financing was arranged on behalf of Clearway Energy Group, an operator of clean energy generation facilities in the U.S. The portfolio consists of 19 separate projects totaling 66 MW of solar generation capacity located in Massachusetts, Illinois and New York State.

Earlier this year, CIT announced that it had also served as lead arranger on approximately $200 million in financing for another Clearway portfolio of 21 community solar projects encompassing 76 MW of generation capacity located in Illinois, Massachusetts, Minnesota and New York.

“We are proud to continue advancing the development of community solar projects, which are key contributors to the growth of renewable power generation in the U.S.,” says Steve Ryder, CFO at Clearway Energy Group. 

“CIT’s expertise in solar project finance has been helpful and we were pleased to work with them yet again on this latest transaction,” he adds.

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 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.

Photo: CIT’s About web page

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