This transaction provides CIT an opportunity to partner with an established renewable developer and we look to growing our relationship with Gestamp.
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 $36 million senior secured credit facility to Punta Lima LLC, owner of the Punta Lima Wind Farm in Puerto Rico. The financing was structured through a sale and leaseback of the facility between Sovereign Bank, N.A. (owner of Punta Lima LLC) and Gestamp Wind.
“Wind power facilities are an increasingly important part of the alternative energy mix, a sector CIT Energy has extensive experience in,” said Mike Lorusso, Group Head of CIT Energy. “This transaction provides CIT an opportunity to partner with an established renewable developer and we look to growing our relationship with Gestamp.”
Javier Mateache, Chief Executive Officer of Gestamp Wind, said, “This wind power facility is an exciting development for renewable energy development in Puerto Rico, which traditionally relied heavily on imported petroleum products as their dominant energy source for the island. We selected CIT because the firm is dedicated to its clients and because of their successful track record of supporting our sector.”
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About Gestamp Wind
Gestamp Wind is the wind energy division of Gestamp Renewables, specialized in the development, construction and operation of wind farms with projects in Europe, Brazil, EEUU, Turkey and South Africa. Gestamp Wind is one of the leading companies in the wind energy business. Gestamp Wind integrates vertically, the development, construction and operation of wind farms. The company has over 500 MW in operation and an important pipeline of over 1,400 MW in the different markets where the company is currently active. www.gestampwind.com
About Punta Lima LLC
Punta Lima LLC is wholly owned by Sovereign Bank, N.A., which in turn is a wholly-owned subsidiary of Santander Group SA.
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 & Industrials, Communications, Energy, Entertainment, Gaming, Healthcare, Information Services & Technology, Restaurants, Retail, Sports and 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 June 30, 2013, it had $11.1 billion of deposits and $13.9 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