We saw a great company with potential to grow in a financially underserved niche in Canada, and we knew our team was uniquely positioned to deliver industry-leading expertise and financing products.
TORONTO--(BUSINESS WIRE)--CIT Group Inc. (NYSE:CIT) cit.com, a leading provider of commercial lending and leasing services, today released the next installment in its CIT: Behind the Deal (cit.com/solarize) series of client case studies that showcase how the lending, leasing, and advisory expertise of CIT executives has helped their clients achieve success. This installment features Solarize Energy, an end-to-end solar project development and management company, and highlights how CIT Canada supported the company when it was looking to grow, but had limited capital.
Solarize, which specializes in installations of photovoltaic cells on the roofs of large agricultural buildings, found that many lenders had limited interest or experience in lending to a middle market solar company. CIT Corporate Finance, Energy & Infrastructure, a unit of CIT Canada, was able to offer Solarize financial advisory services and commercial financing that allowed the company to invest in several new projects.
“Our team has a great deal of experience as an advisor and arranger of energy and infrastructure projects across Canada, and we’re comfortable lending to middle market clients in growing industries like solar power generation,” said Terry Parco, Managing Director, CIT Corporate Finance, Energy & Infrastructure. “We saw a great company with potential to grow in a financially underserved niche in Canada, and we knew our team was uniquely positioned to deliver industry-leading expertise and financing products.”
Carlos Leite, Co-Founder and Managing Director of Solarize Energy, said, “CIT shared our vision of supporting a robust, dynamic solar industry in Ontario. They recognized that we had a history of successful solar installations and that we had a pipeline of opportunities to pursue, focused on projects similar to our past successes. We felt CIT understood what we were hoping to accomplish and would be a financial partner for the long term.”
CIT also offered Solarize a turnkey financial solution, including coordination of the consulting, engineering, legal, insurance and other services required to finalize an energy project, significantly reducing the substantial expenses associated with these services. In addition to reducing the project’s upfront costs, the turnkey solar financing solution enabled Solarize to make use of more experienced service providers with established track records.
To learn more about CIT’s work with Solarize and how CIT Canada helps energy companies grow, please visit cit.com/canada.
View CIT’s corporate overview video (cit.com/corporatevideo) and View from the Middle™ (cit.com/viewfromthemiddle), which showcases our insights and ability to put our knowledge to work for the small business, middle market and transportation sectors. Follow us on Twitter, LinkedIn, YouTube and Facebook or register to receive press releases at cit.com/newsalerts
About Solarize Energy
As the social consciousness of the world shifts towards environmental responsibility, it is essential that financial investments follow suit. Solarize Energy couples smart and compliant system designs, practical and safe installations, and regular maintenance to yield the most profit for our investors, and the most benefit for our earth. We want to do good and invest wisely. Solarize Energy L.P. is a locally-owned company registered under the laws of Ontario, Canada. Together with our strategic partners, we offer a one-stop shop for those interested in harnessing the sun. solarpowergeneration.ca
About CIT Canada
CIT Canada provides lending, leasing and advisory services to small businesses and middle market companies. It offers tailored cash flow and asset-based leveraged financing solutions, as well as equipment and project financing and leasing products to the Construction, Food Franchise, Healthcare, IT, Office Product, Private Equity, Renewable Energy & P3 and Transportation sectors.cit.com/canada
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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