CIT was far and away the fastest prospective lender to understand the opportunity
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 released “A Greener Shade of Khaki,” (cit.com/truegreen), an exclusive look at how CIT used its deep industry expertise in renewable energy to finance True Green Capital Management’s installation of a 12-megawatt solar energy system at Joint Military Base McGuire-Dix-Lakehurst in Burlington County, New Jersey. This video is the latest installment in the award-winning CIT: Behind the Deal (cit.com/behindthedeal) series of client case study testimonial videos that showcase how the lending, leasing and advisory expertise of CIT has helped its clients achieve success.
True Green Capital Management LLC is a leading New York-based private investment firm focused on investment opportunities in distributed renewable power. As the sole equity sponsor of the McGuire-Dix-Lakehurst solar project, True Green Capital funded the development and engineering of the project before considering lenders to provide senior secured project financing for the installation and operation of the solar energy system.
“CIT was far and away the fastest prospective lender to understand the opportunity,” said Jeffrey Brown, a Founding Partner of True Green Capital Management. “Pursuing a highly structured transaction like this, without real precedent in the U.S. marketplace, required a depth of expertise in non-traditional energy, project finance and risk management. Working with the CIT team was an extremely collaborative experience and I hope to work with CIT on similar projects across the country.”
Energy generated by True Green Capital’s solar system is sold to the base housing community at a discount to prevailing retail electricity prices. Thanks to the successful completion of this project, one of the largest of its type in the United States, military families at the Joint Base McGuire-Dix-Lakehurst have access to affordable, domestically produced renewable energy today.
“We like to differentiate ourselves from our competition by providing value-added financing to our clients,” said Mike Lorusso, Group Head and Managing Director, CIT Corporate Finance, Energy. “So, the satisfaction we get from a transaction like this is to combine technical analysis, legal analysis and general due diligence to create an innovative, market-leading product. Personally, I was just pleased to be part of a transaction that had environmental, social and technical success.”
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About True Green Capital Management LLC
True Green Capital Management LLC is a privately owned, specialized asset management firm managing investment capital for institutions and high net worth individuals in the United States and abroad. The firm targets directly originated asset-based investment opportunities across the capital structure with a focus on distributed power generation infrastructure in non-traditional energy sectors. Further information is available at truegreencapital.com.
About CIT Corporate Finance, Energy
CIT Corporate Finance, Energy provides value-added financing products and services to growth-oriented companies throughout the energy sector, including oil & gas and power. By combining extensive industry experience, structuring expertise and underwriting capacity, we create comprehensive solutions to our clients’ most critical strategic and funding needs. CIT Corporate Finance, Energy currently manages a large, diverse portfolio, which includes investments in all asset classes across the energy sector. cit.com/energy
Founded in 1908, CIT (NYSE: CIT) is a financial holding company with approximately $35 billion in financing and leasing assets. It provides financing, leasing and advisory services to its clients and their customers across more than 30 industries. CIT maintains leadership positions in middle market lending, factoring, retail and equipment finance, as well as aerospace, equipment and rail leasing. CIT’s U.S. bank subsidiary CIT Bank (Member FDIC), BankOnCIT.com, offers a variety of savings options designed to help customers achieve their financial goals. cit.com
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