NEW YORK, Feb. 17, 2022 /PRNewswire/ -- CIT, a division of First Citizens Bank, today announced that its Power and Energy business served as coordinating lead arranger on a $71.4 million in financing for a portfolio of solar projects.
The borrower, Arches Solar LLC, a subsidiary of CleanCapital, owns a portfolio of distributed generation solar projects being developed in Howard County, Maryland. Electricity generated by the projects is fully contracted under a master purchase power agreement—the largest such agreement signed to date in the state.
CleanCapital is well known in the industry for accelerating investment in distributed solar and energy storage. Since its founding in 2015, the company has deployed more than $800 million into more than 200 projects, becoming one of the leading owner-operators of commercial solar and energy storage assets in the U.S.
"We are delighted to support the municipality of Howard County, Maryland, in its efforts to supply clean solar electricity to its buildings and facilities," said Melinda Baglio, Chief Investment Officer and General Counsel at CleanCapital. "We appreciated CIT's agility and expertise in serving as coordinating lead arranger for this financing."
"We are pleased to work again with CleanCapital, an industry leader in solar and energy storage," said Mike Lorusso, managing director and group head for CIT's Power and Energy business. "This transaction is another example of our market-leading position in arranging financing for renewable power assets."
CIT consistently ranks among the nation's top lenders for renewable energy projects, as reported by market research firm 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 division of First Citizens Bank, the largest family-controlled bank in the United States, continuing a unique legacy of strength, stability and long-term thinking that has spanned generations. Parent company, First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $100 billion in assets. The company's commercial banking segment brings a wide array of best-in-class lending, leasing and banking services to middle-market companies and small businesses from coast to coast. First Citizens also operates a nationwide direct bank and a network of more than 600 branches in 22 states, many in high-growth markets. Industry specialists bring a depth of expertise that helps businesses and individuals meet their specific goals at every stage of their financial journey. Discover more at cit.com/firstcitizens.
John M. Moran
SOURCE CIT, a division of First Citizens Bank