NEW YORK, Aug. 29, 2023 /PRNewswire/ -- First Citizens Bank today announced that its Capital Equipment Finance group, part of the CIT division, served as lead arranger on $200 million in financing for New Fortress Energy Inc.
Headquartered in New York, New Fortress Energy is a global energy infrastructure company founded to help address energy poverty and accelerate the world's transition to reliable, affordable and clean energy. The loan supports New Fortress Energy's grid stabilization project in Puerto Rico.
"We are focused on providing important support for energy availability, grid stability and cleaner power in Puerto Rico," said Wes Edens, Chairman and CEO of New Fortress Energy. "We are pleased to work with the Capital Equipment Finance team, who provided expertise and agility in arranging financing for these generators."
"New Fortress Energy is continuing to grow their reputation for expertise in clean, reliable and affordable energy facilities," said Kevin Ronan, senior vice president and group head for the CIT Capital Equipment Finance team. "I'd like to thank both the New Fortress Energy and Capital Equipment deal teams for their diligent efforts in bringing this financing to a successful closing."
Capital Equipment Finance is a leading provider of equipment financing solutions. Working directly with middle market and large-cap businesses, the unit specializes in providing equipment loans and leases with flexible terms and rates tailored to the equipment and credit strength of the borrower.
About First Citizens Bank
First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. Headquartered in Raleigh, N.C., and now celebrating the 125th anniversary of its founding, First Citizens has built a unique legacy of strength, stability and long-term thinking that has spanned generations. First Citizens offers an array of general banking services including a network of more than 550 branches in 23 states and commercial banking expertise delivering best-in-class lending, leasing and other financial services coast to coast. Parent company First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $200 billion in assets. Discover more at firstcitizens.com.
SOURCE First Citizens Bank