CIT Leads Financing for 108 MW Solar Project in North Carolina

Jul 20, 2020 02:07 PM ET
  • The CIT Group's Power and Energy system acted as lead arranger on a USD 126 million financing for the 108 MW Trent River Solar project in North Carolina.

The CIT Group has actually revealed that its Power and also Energy system worked as lead arranger on a USD 126 million funding for the 108 MWdc Trent River solar project in Pollocksville, North Carolina.

The funding was arranged on behalf of solar project programmer Pine Gate Renewables, a leading utility-scale solar developer headquartered in Asheville, North Carolina. The company presently runs more than 400 MW of renewable energy projects and has an additional 4 gigawatts of projects in different stages of development throughout the country.

The project will sell power to Duke Energy Progress under a 20-year power purchase arrangement (PPA). In leading this financing, CIT prolongs its track record as one of the top renewable energy lenders nationwide, according to marketing research company Inframation, an Acuris firm.

" We're thrilled concerning this brand-new project that was established with Silver Pine Energy Holdings in our house state of North Carolina as it continues our objective to grow renewable resource across the country," claimed Ben Catt, CEO of Pine Gate. "After the successful launch of our biggest solar collaboration last year in South Carolina with Bowman Solar LLC, we delight in to once more leverage the dexterity and knowledge of CIT in arranging the financing to help the Trent River project move on. Ultimately, this means more tidy energy for the planet as well as even more tasks for the local area."

Power and also Energy, part of CIT's Commercial Finance division, leverages its deep sector knowledge and also know-how to supply comprehensive financing options for renewable and traditional power generation. The system takes care of a large, diverse portfolio that includes financial investments in all property courses throughout the power field. In connection with the funding, CIT will be offering a bundle of cash administration as well as funding markets services also.

" We are proud to increase our growing connection with Pine Gate Renewables by organizing this financing," stated Mike Lorusso, taking care of director and team head for CIT's Power as well as Energy organisation. "Pine Gate is an identified leader in the field of utility-scale solar and also we look forward to continuing to sustain their project financings in the future."

In June, we had reported that the company had actually set up USD 85 million fundings for an 80 MW Pioneer Solar project situated in Colorado. CIT worked as single lead arranger for financing on behalf of project sponsor Idemitsu Renewables.

In May, the firm had actually reported that its Power and also Energy system worked as lead arranger on a USD 217 million funding for the 200-megawatt (MW) Hillcrest solar photovoltaic project in Brown County, Ohio. The funding was set up on behalf of Innergex Renewable Energy, a Canada-based independent eco-friendly power manufacturer.