NEW YORK, May 27, 2021 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Power and Energy business served as coordinating lead arranger for approximately $200 million in financing for the 149-megawatt Big River solar power project in White County, Illinois.
The project sponsor is D. E. Shaw Renewable Investments (DESRI), a leading provider of cost-effective renewable energy across North America. DESRI is part of the D. E. Shaw Group, a global investment and technology development firm with more than $55 billion in investment capital.
The project's 149 megawatts of alternating current power are contracted under multiple purchase power agreements for most of the next two decades, reflecting continued solid demand for renewable power generation.
"Illinois electricity customers are seeing the value of clean, renewable power generation and we are proud to play a role in helping provide that resource," said Thomas de Swardt, chief commercial officer of DESRI. "In addition, solar energy projects like Big River support economic development, promote energy independence, create jobs, and generate local tax revenue. We look forward to the successful completion of this project and to pursing new opportunities throughout the region."
"We are proud to support financing for this project on behalf of DESRI, which is well-known across the U.S. and all of North America as one of the leading developers of renewable energy," said Mike Lorusso, managing director and group head for CIT's Power and Energy business. "This transaction extends our track record as a financing leader in renewable power generation."
CIT consistently ranks among the nation's top lenders for renewable energy projects, as reported by market research firm Inframation, an Acuris company. CIT also was recognized as Renewable Energy Lead Arranger of the Year in 2020 by Power Finance & Risk, a top energy industry trade publication.
In connection with the financing, CIT is providing a package of cash management and capital markets services.
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.
John M. Moran
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SOURCE CIT Group Inc.