NEW YORK, Dec. 2, 2021 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Power and Energy business led the refinancing of a $69 million portfolio of solar facilities owned and operated by Strata Clean Energy LLC, a leading integrated solar and storage energy service provider based in North Carolina.
The portfolio consists of 21 operating solar assets located throughout North Carolina and totaling more than 130 megawatts of generation capacity. Output from the solar assets is covered by purchase agreements that ensure steady market demand for the renewable power they generate.
"Financing this portfolio is another demonstration of how CIT is continuing to support Strata's ongoing growth," said Jimmy Chuang, Chief Financial Officer of Strata Clean Energy. "Once again, we appreciated their industry knowledge, expertise and agility in funding these renewable power assets."
"Strata Clean Energy continues to grow its reputation for excellence in solar power development," said Mike Lorusso, managing director and group head of CIT's Power and Energy business. "CIT is proud to play a role in supporting Strata with financing to advance its business objectives."
CIT consistently ranks among the nation's top lenders for renewable energy projects, as reported by market research firm Inframation, an Acruis 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.
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.
About Strata Clean Energy
Strata Clean Energy, LLC and its affiliates (collectively "Strata") are a vertically integrated solar and storage development, engineering, procurement, construction, and operation & maintenance company. Strata has deep utility experience with more than 170 projects in operation, nearly 8 gigawatts of PV and 25GWh of standalone storage in development and over 3.5GW under management across the United States. Strata's end-to-end services reduce risk, increase efficiency, and maximize cost-competitiveness for our customers.
SOURCE CIT Group Inc.