CIT Serves as Lead Arranger in up to $120 Million Financing for Sunlight Financial LLC
September 24 2015 - 8:30AM
Business Wire
- Financing Provided by CIT Bank, N.A.
Will Enable Sunlight Financial to Grow Residential Solar Loan
Program
- Program Designed to Originate and
Manage Financing for Consumers Seeking Residential Solar-Powered
Systems
CIT Group Inc. (NYSE:CIT), a leading provider of commercial
lending and leasing services, today announced that CIT Energy
Finance served as lead arranger in a senior secured credit facility
of up to $120 million for Sunlight Financial LLC, a provider of
financing for the residential solar market. Sunlight Financial is
backed by private equity firms Tiger Infrastructure Partners and
Hudson Clean Energy Partners. The facility will be used to
partially fund loans to consumers purchasing residential solar
panel systems. Financing was provided by CIT Bank, N.A., the
principal bank subsidiary of CIT. Terms of the transaction were not
disclosed.
“We are pleased to partner with CIT on this financing, as it
will allow us to offer longer term solar loans to homeowners across
the United States,” said Matt Potere, CEO of Sunlight Financial.
“Sunlight Financial is well positioned to capitalize on the
thriving residential solar market, which is projected to continue
its growth and maturation over the coming years.”
Mike Lorusso, Group Head of CIT Energy Finance, said, “This is
an exciting transaction that further demonstrates our commitment to
supporting the renewable energy sector. Our deep industry expertise
enabled us to design a creative financing solution for Sunlight
Financial. We look forward to building on this relationship and
continuing our leadership in the solar sector.”
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About Sunlight Financial LLC
Sunlight Financial provides long-term loans to finance the
installation of residential rooftop solar systems. Sunlight offers
its financing products to market-leading installers and large
equipment distribution companies (channel partners). These channel
partners originate installations with homeowners, who typically
choose to install a rooftop solar system to save on their utility
bill. The company’s strategy is to grow with several installers by
providing cost-effective capital and robust service offerings,
enabling it to scale quickly while minimizing customer acquisition
costs and overhead. The company was founded by Hudson Clean Energy
Partners and is backed by Tiger Infrastructure Partners. For more
information, please visit www.sunlightfinancial.com.
About Tiger Infrastructure Partners
Tiger Infrastructure Partners is an independent private equity
firm focused on investments in middle-market infrastructure assets
and businesses in North America and Europe. Tiger Infrastructure
targets investments in the power, renewable energy, natural
resources infrastructure, waste management, water, transportation,
communications, and related sectors. Tiger Management LLC and
members of the Ziff family are significant investors in Tiger
Infrastructure. tigerinfrastructure.com
About Hudson Clean Energy Partners
Hudson Clean Energy Partners is a private equity firm making
privately negotiated investments in the dynamic and expected
high-growth clean energy industry. Global in scope, Hudson is
dedicated to investing exclusively in renewable power, alternative
fuels and energy smart technologies in sectors that include wind
and solar energy, biofuels, biomass, geothermal energy, energy
efficiency and storage. Hudson typically invests in high-growth,
asset-based, capital-intensive segments of the clean energy value
chain with minimal technology development risk, primarily in
control and shared-control positions. hudsoncep.com
About CIT
Founded in 1908, CIT (NYSE:CIT) is a financial holding company
with more than $65 billion in assets. Its principal bank
subsidiary, CIT Bank, N.A., (Member FDIC, Equal Housing Lender) has
more than $30 billion of deposits and more than $40 billion of
assets. It provides financing, leasing and advisory services
principally to middle market companies across more than 30
industries primarily in North America, and equipment financing
and leasing solutions to the transportation sector. It also offers
products and services to consumers through its Internet bank
franchise and a network of retail branches in Southern California,
operating as OneWest Bank, a division of CIT Bank, N.A. cit.com
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version on businesswire.com: http://www.businesswire.com/news/home/20150924005097/en/
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.comorSUNLIGHT
FINANCIAL:Michael Simmons,
714-504-7932michael@antennagroup.com
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