True Green Capital Management LLC and CIT Group Inc. have closed $35 million of financing for a 12.3 MW solar installation under construction at Joint Military Base McGuire-Dix-Lakehurst in Burlington County, N.J.
The installation is a portfolio company of True Green Capital Management, a New York-based private investment firm specializing in asset-based investments in distributed renewable power. In addition to equity contributed by True Green Capital Management, CIT Energy served as sole lead arranger in a $24 million senior secured credit facility provided by CIT Bank, the U.S. commercial bank subsidiary of CIT Group Inc. Terms of the transaction were not disclosed.
True Green Capital Management and CIT partnered with the U.S. Air Force, solar installer Trinity Solar and host United Communities LLC, the privatized military housing community at Joint Base McGuire-Dix-Lakehurst, to create a military community-based solar installation.
The U.S. Air Force granted its support and consent for the solar power plant to provide electricity at a reduced rate for a period of 20 years to the military family housing community.