Completing this transaction further enhances CIT’s position in the project finance marketplace for renewable energy transactions while helping to grow the alternative energy sector.
NEW YORK--(BUSINESS WIRE)--CIT Group Inc. (NYSE: CIT) cit.com, a leading provider of financing and advisory services to small businesses and middle market companies, today announced that it arranged a $26 million senior secured credit facility to Citizens Solar Holdings for the construction of five ground-mounted solar photovoltaic power generation facilities located in Devens, Holyoke, Whately and Agawam, Massachusetts. Citizens Solar Holdings is part of Citizens Energy, a 501(c)4 non-profit originally founded by Joseph Kennedy II in 1979 to use revenues from commercial enterprises to support charitable programs in the U.S. and abroad.
CIT Corporate Finance served as Sole Lead Arranger in the transaction and financing was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT. Bostonia Partners acted as Financial Advisor to Citizens Energy for these projects. Terms of the transaction were not disclosed.
“Citizens is a well-known and proven electric utility with substantial experience developing, owning and operating power projects,” said Mike Lorusso, Group Head of CIT Energy. “Completing this transaction further enhances CIT’s position in the project finance marketplace for renewable energy transactions while helping to grow the alternative energy sector.”
Joseph Kennedy II, Chairman and President of Citizens Energy, said, “We’re so grateful to CIT for their faith in us and our solar projects. Thanks to their financing expertise, we’re able to deliver greener and cleaner low-cost energy and at the same time generate revenues to help the poor."
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About Citizens Energy
Citizens Energy is a non-profit company founded in 1979 by Joseph P. Kennedy to provide low-cost heating oil to the poor and elderly. The company grew to encompass seven separate for-profit subsidiaries, including the largest energy conservation firm in the U.S. Citizens was a pioneer in the natural gas industry, becoming the first non-producer to move gas from the wellhead to over 30 states. As a precursor to market changes under electricity deregulation in the late 1990s, Citizens was the first non-utility to market electrical power across state lines. More recently, Citizens has expanded its oil heat program to serve customers in 23 states and the District of Columbia, as well as pursue renewable energy projects involving wind, green transmission, solar and geothermal generation. Each commercial venture is aimed at generating revenues that in turn are used to assist the poor and those in need in the United States and abroad. citizensenergy.com
About CIT Corporate Finance
CIT Corporate Finance provides lending, leasing and other financial and advisory services to the small business and middle market sectors, with a focus on specific industries, including: Chemicals, Commercial Real Estate, Communications, Energy, Entertainment, Gaming, Healthcare, Industrials, Information Services & Technology, Restaurants, Retail, and Sports & Media.cit.com/CorporateFinance
About CIT Bank
Founded in 2000, CIT Bank (Member FDIC, Equal Housing Lender) is the U.S. commercial bank subsidiary of CIT Group Inc. (NYSE: CIT). It provides lending and leasing to the small business, middle market and rail sectors. Through its online bank, BankOnCIT.com, CIT Bank offers a suite of savings options designed to help customers achieve a range of financial goals. As of March 31, 2013, it had $10.6 billion of deposits and $13.3 billion of assets. cit.com/CITBank
Founded in 1908, CIT (NYSE:CIT) is a bank holding company with more than $35 billion in financing and leasing assets. It provides financing and leasing capital and advisory services to its clients and their customers across more than 30 industries. CIT maintains leadership positions in small business and middle market lending, factoring, retail finance,aerospace, equipment and rail leasing, and vendor finance. CIT operates CIT Bank (Member FDIC), its primary bank subsidiary, which, through its online bank BankOnCIT.com, offers a suite of savings options designed to help customers achieve a range of financial goals. cit.com