NEW YORK, Dec. 9, 2020 /PRNewswire/ -- CIT Group
Inc. (NYSE: CIT) today announced that its Power and
Energy business served as coordinating lead arranger on a
$256 million financing for the
250-megawatt (MW) Taygete I Energy Project owned by 7X Energy, Inc
(7X) and located in Pecos County,
Texas.
7X Energy is a leading utility-scale solar developer, owner, and
asset manager that has originated 1,350 (MWac) of solar projects
that are operational or under construction in Texas alone and has a pipeline of over 4,000
MW across the United States.
Construction has been completed by Swinerton Renewable Energy
with full energization to be complete in early 2021. A portion of
the energy generated from the Taygete I solar project will be sold
through a long-term hedge agreement to J. Aron & Company LLC.,
a subsidiary of Goldman Sachs. The other power purchaser is an
S&P A- Rated entity. As coordinating lead arranger, CIT brought
in five other lenders into the transaction.
"Texas is a robust market for
renewable energy, and we are pleased to add Taygete I to the
state's solar generation capacity," said Clay Butler, CEO of 7X Energy. "CIT has
established themselves as a Texas
solar financing thought-leader and their involvement with the
project was critical in achieving this major milestone."
"7X Energy is one of the nation's leaders in solar power
development," said Mike Lorusso,
managing director and group head for CIT's Power and
Energy business. "We are pleased to support their continuing
efforts by arranging the financing for Taygete I and look forward
to working with them again in the future."
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.
MEDIA RELATIONS:
John M.
Moran
212-461-5507
john.moran@cit.com
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SOURCE CIT Group Inc.