NEW YORK, Jan. 21, 2020 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Power and Energy unit arranged approximately $200 million in financing for a 76-megawatt portfolio of community solar projects in four states.
The financing was arranged on behalf of Clearway Energy Group, one of the largest developers and operators of clean energy generation facilities in the U.S. The portfolio consists of 76 megawatts of generation capacity across 21 projects located in Illinois, Massachusetts, Minnesota and New York State.
"Community solar projects are key contributors to the growth of clean energy generation in the U.S.," said Steve Ryder, chief financial officer at Clearway Energy Group. "We appreciated CIT's expertise in financing this important milestone in our community solar business."
"Empowering customers with the financing needed to reach their goals is core to CIT," said Mike Lorusso, managing director and group head for the Power and Energy business. "This is the latest of several financings we have helped arrange for Clearway Energy Group and we are excited to work with them again to help advance the steady progress of solar power generation."
CIT's Power and Energy unit is among the leading arrangers of secured financing for U.S.-based renewable energy projects, according to data compiled by Inframation, an Acuris company.
Power and Energy, part of CIT's Commercial Finance division, leverages its deep industry knowledge and expertise to offer comprehensive financing solutions for renewable and conventional power generation. The unit manages a large, diverse portfolio that includes investments in all asset classes across the energy sector.
CIT is a leading national bank focused on empowering businesses and personal savers with the financial agility to navigate their goals. CIT Group Inc. (NYSE: CIT) is a financial holding company with over a century of experience and operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC, Equal Housing Lender). The company's commercial banking segment includes commercial financing, community association banking, middle market banking, equipment and vendor financing, factoring, railcar financing, treasury and payments services, and capital markets and asset management. CIT's consumer banking segment includes a national direct bank and regional branch network. Discover more at cit.com/about.
SOURCE CIT Group Inc.