NEW YORK, Oct. 29, 2020 /PRNewswire/ -- CIT Group
Inc. (NYSE: CIT) today announced that its Power and
Energy business served as coordinating lead arranger on a
$151 million financing for the
250-megawatt Galloway I solar farm planned for Concho County, Texas.
The financing was arranged on behalf of Skyline Renewables and
8minute Solar Energy (8minute), which will continue to jointly
oversee development and construction of the project. Galloway I was
acquired by Skyline Renewables, an experienced renewables company
backed by the infrastructure team at Ardian, a world-leading
private investment house.
The project is supported in part by a power purchase agreement
with a major energy marketer and a fixed-shape hedge with Morgan
Stanley Capital Group. CIT led a group of four other lenders in
arranging the financing, with Morgan Stanley Renewables serving as
tax equity investor.
"We're very pleased to be adding such a robust solar project in
the dynamic Texas energy market,"
said Martin Mugica, Skyline
Renewables President & CEO. "This latest project marks another
important step forward to becoming a leading North American clean
independent energy company."
"Market demand remains strong for renewable power generated by
projects like the Galloway solar
farm," said Dr. Tom Buttgenbach,
Founder and CEO of 8minute. "We greatly appreciated the expertise
of CIT's Power and Energy team in leading the financing for this
exciting new project."
"8minute and Skyline are well known for developing and operating
successful utility-scale renewable projects, and we are pleased to
work with them to arrange financing for Galloway I," said
Mike Lorusso, managing director and
group head for CIT's Power and Energy business.
CIT consistently ranks among the nation's top lenders for
renewable energy projects, as reported by market research firm
Inframation, an Acruis company. Earlier this year, CIT also was
recognized as Renewable Energy Lead Arranger of the Year by
Power Finance & Risk, a top energy industry trade
publication.
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.
About 8minute Solar Energy
As a nationwide leader in
solar-plus-storage, 8minute Solar Energy (8minute) is championing
the clean energy transition in the United
States and shaping the future of energy. Since its founding
in 2009, 8minute has successfully put 2 GW of solar projects into
operation and currently has over 18 GW of solar and storage
projects under development. By focusing on technology and
engineering innovation, 8minute's best-in-class team has continued
to set new industry records, developing the largest solar cluster
in the nation starting in 2011, delivering the first operational
solar plant in the U.S. to beat fossil fuel prices in 2016, and
setting the record for the lowest cost solar and solar-plus-storage
projects in 2019. As the largest solar developer in the country
with an established track record of delivering above-market
profitability, 8minute is pioneering a new generation of
large-scale, fully dispatchable solar power. For more information,
please visit www.8minute.com, and follow 8minute on
Twitter and LinkedIn.
About Skyline Renewables
Skyline Renewables was
created in 2018 to establish a leading North American renewables
platform. With a current wind portfolio of 803 MW and 250MW of
solar, Skyline aims to build a total installed capacity of 3 GW in
the next few years. Skyline is led by a group of renewables
veterans including its CEO, Martin
Mugica, a leading executive within the US clean energy
sector with expertise in wind, solar, natural gas fired generation
and power trading activities. Skyline Renewables' leadership team
features a number of experienced individuals who have been an
integral part of the renewable industry development in the US
during the last 20 years.
About Ardian
Ardian is a world-leading private
investment house with assets of US$100bn managed or advised in Europe, the Americas and Asia. The company is majority-owned by its
employees. It keeps entrepreneurship at its heart and focuses on
delivering excellent investment performance to its global investor
base. Through its commitment to shared outcomes for all
stakeholders, Ardian's activities fuel individual, corporate and
economic growth around the world. Holding close its core values of
excellence, loyalty and entrepreneurship, Ardian maintains a truly
global network, with more than 700 employees working from fifteen
offices across Europe
(Frankfurt, Jersey, London, Luxembourg, Madrid, Milan, Paris
and Zurich), the Americas
(New York, San Francisco and Santiago) and Asia (Beijing, Singapore, Tokyo and Seoul). It manages funds on behalf of around
1000 clients through five pillars of investment expertise: Funds of
Funds, Direct Funds, Infrastructure, Real Estate and Private Debt.
Follow Ardian on Twitter @Ardian.
MEDIA RELATIONS:
John M.
Moran
212-461-5507
john.moran@cit.com
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SOURCE CIT Group Inc.