CIT Arranges $185 Million Financing for 66 MW Community Solar Portfolio

New York headquartered CIT Group said that its Power and Energy business served as lead arranger for about $185 million financing for a 66 MW portfolio of community solar projects.

Further, the company has arranged the financing on behalf of Clearway Energy Group, one of the largest developers and operators of clean energy generation facilities in the United States.

This 66 MW solar portfolio consists of 19 separate projects located in Massachusetts, Illinois and New York State.

Commenting on the development, Steve Ryder, chief financial officer at Clearway Energy Group, said that “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 United States.”

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

As per the market research firm Inframation, after leading the latest financing, CIT extends its track record as one of the nation’s top renewable energy lenders.

“This is the latest of several financings we have helped arrange for Clearway Energy Group,” said Mike Lorusso, managing director and group head for CIT’s Power and Energy business.

Lorusso further added “we are pleased to work with Clearway again and utilize our financing expertise to help further the steady progress of solar power generation nationwide.”

The company’s financing services include a package of cash management and capital markets services.

Power and Energy unit, part of CIT’s Commercial Finance division, manages a large, diverse portfolio that includes investments in all asset classes across the energy sector.

Earlier this year, the company had announced that it had also served as lead arranger on approx USD 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 State.