CIT Group Inc., a New York-based provider of financing and advisory services, has arranged a $26 million senior secured credit facility to Citizens Solar Holdings for the construction of five ground-mounted solar photovoltaic projects located in Devens, Holyoke, Whately and Agawam, Mass.
Citizens Solar Holdings is part of Citizens Energy, a Boston-based nonprofit originally founded by Joseph Kennedy II in 1979 to use revenues from commercial enterprises to support charitable programs in the U.S. and abroad.
‘Citizens is a well-known and proven electric utility with substantial experience developing, owning and operating power projects,’ says Mike Lorusso, group head of CIT Energy." Completing this transaction further enhances CIT's position in the project finance marketplace for renewable energy transactions while helping to grow the alternative energy sector."
