CIT Leads $69 Million Financing for Solar Portfolio

• CIT Group Inc. has actually revealed that its Power as well as Energy organization led a $69 million funding for a portfolio of solar centers owned and also operated by Strata Solar LLC, a leading incorporated solar and also storage space power company based in North Carolina.

The 23 operating solar properties in the portfolio, a majority of which lie in North Carolina, have actually a combined capability of greater than 130 megawatts. Output from the solar possessions is covered by acquisition arrangements that make certain a steady demand for the renewable power they generate.

" Solar power is a progressively important resource of clean, renewable energy," claimed Jimmy Chuang, Chief Capital Markets Officer of Strata Solar. "We valued CIT's competence as well as agility in organizing funding for this portfolio of solar centers."

"Strata Solar has a well-earned credibility for quality in solar power advancement, and we are pleased to sustain their proceeding efforts with this latest funding," stated Mike Lorusso, managing director as well as team head of CIT's Power as well as Energy organization.

CIT continually places among the country's leading lenders for renewable resource projects, as reported by market research company Information, an Acruis company. CIT also was acknowledged as Renewable Energy Lead Arranger of the Year in 2020 by Power Finance & Risk, a leading power market profession magazine.

Power and Energy, part of CIT's Commercial Finance department, leverages its deep sector knowledge and expertise to provide comprehensive financing services for eco-friendly and also conventional power generation. The system takes care of a huge, diverse portfolio that includes financial investments in all property classes throughout the power market.