CIT Group Gives Financial Providers to Big River Solar Project
- CIT Group Inc., an economic holding firm, states its Power and Energy service functioned as working with lead arranger for roughly $200 million in funding for the 149 MW Big River solar power project in White Area, Ill
The project enroller is D. E. Shaw Renewable Investments (DESRI), a service provider of economical renewable resource across North America. DESRI is part of the D. E. Shaw Group, a global financial investment and modern technology growth company with more than $55 billion in financial investment capital.
The project's 149 MW AC are acquired under numerous purchase power agreements for a lot of the next 20 years, showing proceeded solid demand for renewable power generation.
" Illinois electricity clients are seeing the worth of tidy, renewable power generation, and we are proud to contribute in helping supply that resource," claims Thomas de Swardt, CCO of DESRI. "In addition, solar power projects like Big River support economic development, advertise energy independence, create jobs and generate local tax obligation profits. We anticipate the successful conclusion of this project and to pursuing new chances throughout the area."
Power and Energy, part of CIT's Commercial Finance division, claims it leverages its sector knowledge and proficiency to provide financing services for renewable and traditional power generation. The device handles a large, diverse portfolio that includes financial investments in all possession classes throughout the energy field.
In connection with the funding, CIT is giving a package of cash money monitoring and resources markets solutions.