NEW YORK, Feb. 11, 2021 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Power and Energy business served as a co-lead arranger on a $93.3 million financing for a portfolio of six battery energy storage systems located in Texas.
The battery energy storage systems (BESS) are owned by Key Capture Energy LLC, a leading developer, owner and operator of BESS projects in the United States, with an overall development pipeline of more than 2.5 gigawatts in New York, Texas and New England. Key Capture Energy is a portfolio company of sustainable real asset firm Vision Ridge Partners.
Together, the six BESS projects represent a total of 230 megawatts of energy storage capacity. Three of the six projects are currently operational and completion of the remainder is expected by the end of the year.
"Our latest BESS projects represent a significant addition to the utility-scale battery storage capacity in Texas," said Ann Anthony, CFO and Secretary of Key Capture Energy. "We appreciated CIT's expertise and agility in understanding our projects and helping arrange this innovative financing package."
"Battery storage is an increasingly important contributor to the growth of clean energy across the U.S.," said Mike Lorusso, managing director and group head of CIT's Power and Energy business. "We are pleased to work closely with Key Capture Energy to help meet their financing 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 in 2020 as Renewable Energy Lead Arranger of the Year 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 Key Capture Energy
As more large-scale renewable energy projects come online and intermittent resources are added to the energy mix, it is becoming increasingly important to keep the electrical grid stable. Headquartered in Albany, New York, Key Capture Energy is meeting this need by identifying, developing, constructing and operating energy storage solutions to foster greater deployment of renewable energy, create a more stable electric grid, and provide value to all ratepayers.
Key Capture Energy is targeting to have more than 1 GW of battery storage projects in operation in New York, New England, and Texas by the close of 2023, all under a variety of offtake contracts.
Learn more at keycaptureenergy.com.
SOURCE CIT Group Inc.