CIT Group Inc. (NYSE: CIT) today (July 13) announced that its Power and Energy business served as lead arranger for $68.4 million in financing for the acquisition of Crane Solar, a 150-megawatt solar farm located in Crane County, Texas, and an adjacent 25-megawatt battery development.
Starwood Energy Group Global LLC ("Starwood Energy"), a leading private investment firm focused on energy infrastructure, acquired the Crane Solar assets from Consolidated Edison Development Inc. with the financing provided by CIT. Electricity generated by Crane Solar is fully contracted through a purchase power agreement with Vistra Corporation, with approximately 11 years of contract life remaining.
"We worked closely with Starwood Energy to understand their goals for this important acquisition and to come up with the financing arrangements to meet their needs," said Mike Lorusso, managing director and group head for CIT's Power and Energy business. "We look forward to the opportunity to support their future growth as they continue to build their portfolio of renewable energy assets."
CIT consistently ranks among the nation's top lenders for renewable energy projects, as reported by market research firm Inframation, an Acuris 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.
In connection with the financing, CIT is providing a package of cash management and capital markets services.
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.
About CIT
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.
MEDIA RELATIONS:
John M. Moran
212-461-5507
john.moran@cit.com
