NEW YORK , Nov. 17, 2022 /PRNewswire/ -- CIT, a division of First Citizens Bank, today announced that its Power and Energy business served as lead arranger on $419 million in financing for acquisition of the Broad River power generation facility in Gaffney, South Carolina.
Onward Energy Inc. is acquiring the five-unit, 860-megawatt simple-cycle peaking power plant, which is fully contracted under a long-term power purchase tolling agreement with Duke Energy Progress Inc. The financing package included a term loan, letters of credit and a working capital facility.
"The Broad River power facility is a vital component of the region's energy infrastructure, especially in supporting reliability when energy demands are at their strongest," said Steve Doyon, CEO of Onward Energy. "This acquisition is consistent with our focus on reliability to support further decarbonization in the energy transition, and we appreciated CIT's agility and expertise in working through the financing for this important transaction."
"CIT is well-acquainted with the operation and value of the Broad River facility," said Mike Lorusso, managing director and group head for CIT's Power and Energy business. "We were pleased by the opportunity to arrange this latest financing for the power plant and look forward to working with Onward Energy in the future."
Power and Energy 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 550 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.
Onward Energy is an independent power generator that currently owns and operates over 5GW of solar, wind, and gas generation projects in the U.S. With 45 projects in 18 states, Onward Energy is a national leader in the energy transition, investing in the next generation of reliable, clean technologies that will enable our customers and communities to meet their decarbonization goals faster. Learn more at OnwardEnergy.com
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SOURCE CIT, a division of First Citizens Bank