NEW YORK, May 11, 2022 /PRNewswire/ -- CIT, a division of First Citizens Bank, today announced that its Power and Energy business served as coordinating lead arranger on $714 million in financing for a portfolio of thermal generation assets in California.
The proceeds were used to refinance a 1.8-gigawatt portfolio owned by subsidiaries of the Avenue Capital Group and managed by Middle River Power. Assets within the portfolio consist of eight gas-fired peaking plants and two gas-fired combined cycle power plants located near metropolitan centers across California.
Middle River Power is a private equity-sponsored asset management platform focused on U.S. power generation assets. Their assets under management or in development include over 3,000 megawatts of natural gas, coal, geothermal and solar power generation facilities in California, Maryland, Virginia and West Virginia.
"Middle River Power's robust and reliable energy infrastructure is a critical component of economic security and growth across California," said Mike Lorusso, managing director and group head for CIT's Power and Energy business. "We were pleased to collaborate with them to support their financing needs on this portfolio."
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.
SOURCE CIT, a division of First Citizens Bank