NEW YORK, Jan. 13, 2021 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Power and Energy business led a $69 million financing for a portfolio of solar facilities owned and operated by Strata Solar LLC, a leading integrated solar and storage energy service provider based in North Carolina.
The 23 operating solar assets in the portfolio, a majority of which are located in North Carolina, have a combined capacity of more than 130 megawatts. Output from the solar assets is covered by purchase agreements that ensure a steady demand for the renewable power they generate.
"Solar power is an increasingly important source of clean, renewable energy," said Jimmy Chuang, Chief Capital Markets Officer of Strata Solar. "We appreciated CIT's expertise and agility in arranging financing for this portfolio of solar facilities."
"Strata Solar has a well-earned reputation for excellence in solar power development, and we are pleased to support their continuing efforts with this latest financing," said Mike Lorusso, managing director and group head of CIT's Power and Energy business.
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 Solar
Strata Solar is a leading provider of utility-scale solar and battery-energy-storage systems. The company's integrated approach, which includes development, financing, engineering, procurement, construction, and operations and maintenance, allows Strata to consistently develop and build highly profitable, clean-energy projects for clients with long-term ownership in mind.
SOURCE CIT Group Inc.