CIT Provides $75 Million Financing to AES Distributed Energy
June 25 2015 - 8:30AM
Business Wire
- Supports Acquisition of Residential
Solar Systems Across the United States
- CIT Corporate Finance, Energy Serves as
Lead Arranger, Administrative Agent and Sole Bookrunner
CIT Group Inc. (NYSE:CIT) cit.com, a leading provider of
commercial lending and leasing services, today announced that it
provided a $75 million senior secured credit facility to an
affiliate of AES Distributed Energy, Inc., a subsidiary of The AES
Corporation, to finance its acquisition of residential solar
systems across the United States through its MySolarSM program.
CIT Corporate Finance, Energy served as Lead Arranger,
Administrative Agent and Sole Bookrunner. Financing was provided
by CIT Bank, the U.S. commercial bank subsidiary of CIT.
MySolarSM is a strategic partnership formed by affiliates of AES
Distributed Energy and Morgan Stanley for the purpose of financing,
owning and operating residential solar systems, which provide
low-cost, reliable solar energy to consumers across the country
under the terms of long-term, fixed-rate solar leases.
“We are excited to partner with CIT on this financing, allowing
us to increase the amount of low-cost, reliable solar energy we are
providing to residential customers across the United States,” said
Phil Henson, CFO of AES Distributed Energy.
Mike Lorusso, Group Head of CIT Corporate Finance, Energy, said,
“As solar power continues to increase in popularity, we remain at
the forefront of alternative energy financing. We are pleased to
have arranged this financing for AES Distributed Energy to support
their acquisition of newly constructed residential solar
photovoltaic energy systems across the United States.”
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About AES Distributed Energy
AES Distributed Energy brings reliable and affordable solar
power to schools, municipalities, utilities, residential marketers
and private-sector commercial entities. We develop, own and operate
distributed generation solar PV projects. Our partnerships with EPC
contractors, equipment manufacturers and project financiers enable
us to build and structure turnkey, distributed solar PV solutions
that require no upfront capital outlay. Formed by the acquisition
of Main Street Power Company in February 2015, and through our
ongoing business relationship with MS Solar Solutions Corp, a
wholly-owned subsidiary of Morgan Stanley, AES Distributed Energy
has over 60 MW of distributed generation solar PV projects in
operation across North America with an additional 100 MW in
development in the US, Caribbean and Latin America. To learn more,
please visit www.aesdistributedenergy.com
About MS Solar Investments
MS Solar Investments LLC (MSSI) is an indirect wholly owned
subsidiary of Morgan Stanley (NYSE: MS), one of the world’s leading
financial institutions. MSSI focuses on making equity investments
in companies that own, directly or indirectly, solar photovoltaic
projects.
About CIT Bank
Founded in 2000, CIT Bank (Member FDIC, Equal Housing Lender) is
the U.S. commercial bank subsidiary of CIT Group Inc. (NYSE:
CIT). It provides lending and leasing to the small business, middle
market and transportation sectors. CIT Bank (BankOnCIT.com) offers
a variety of savings options designed to help customers achieve
their financial goals. As of March 31, 2015, it had more than $16
billion of deposits and more than $21 billion of assets.
cit.com/CITBank
About CIT
Founded in 1908, CIT (NYSE: CIT) is a financial holding company
with more than $35 billion in financing and leasing assets. It
provides financing, leasing and advisory services principally to
middle market companies across more than 30 industries primarily in
North America, as well as equipment financing and leasing solutions
to the transportation industry worldwide. Its U.S. commercial bank
subsidiary, CIT Bank (Member FDIC) BankOnCIT.com, offers a variety
of savings options designed to help customers achieve their
financial goals. cit.com
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CIT MEDIA RELATIONS:C. Curtis Ritter, 973-740-5390Senior
Vice President of Corporate CommunicationsCurt.Ritter@cit.comorMatt
Klein, 973-597-2020Vice President, Media
RelationsMatt.Klein@cit.comorCIT INVESTOR RELATIONS:Barbara
Callahan, 973-740 -5058Senior Vice
PresidentBarbara.Callahan@cit.com
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