NEW YORK, Aug. 18, 2020 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Power and Energy unit served as sole lead arranger on a $162 million financing for the East Blackland Solar Project in Travis County, Texas.
The financing was arranged on behalf of Recurrent Energy LLC, a wholly owned subsidiary of Canadian Solar Inc. that functions as Canadian Solar's U.S. project development arm. An active player in renewable energy development, Recurrent has already developed more than 2.4 gigawatts of solar projects and is planning another 5 gigawatts to come.
East Blackland, also known as the Pflugerville Solar Farm, is a 144-megawatt (MW) alternating current solar project. Austin Energy, a publicly owned utility providing electrical power to the city of Austin, Texas, and surrounding areas, will buy electricity generated by the project under the terms of a 15-year power purchase agreement.
"This solar project will provide the Austin region with another valuable source of clean, renewable power. In addition, the construction and operation of the project will contribute to the region's economic growth," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. "We are pleased to work with the CIT team on this financing and leverage their expertise and agility to move this project forward."
In leading this financing, CIT extends its track record as one of the top renewable energy lenders nationwide, according to market research firm Inframation, an Acuris company. Earlier this year, CIT's Power and Energy business was recognized with a Stevie American Business Award for its success in financing renewable energy and battery storage projects.
"Recurrent Energy is well recognized as a top developer of renewable energy projects," said Mike Lorusso, managing director and group head for CIT's Power and Energy unit. "We were pleased to work them on this financing and proud to play a continuing role in supporting the expansion of renewable power throughout the U.S."
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.
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