NEW YORK, Dec. 14, 2020 /PRNewswire/ -- CIT Group
Inc. (NYSE: CIT) today announced that its Power and
Energy business served as coordinating lead arranger on a
$323 million refinancing of the Coso
Geothermal power facility in Southern
California.
Originally developed in 1987, the 142-megawatt Coso Geothermal
facility has been a steady source of renewable power for the
Southern California region for
more than three decades. The Coso site is considered one of the top
three producers of geothermal electrical power in the United States.
CIT arranged the financing on behalf of project sponsor Avenue
Capital and its wholly owned asset manager Middle River Power, and
other co-owners Bardin Hill, Corre,
and Voya investment funds, . The project is supported by three
separate power purchase agreements that enable the delivery of
Coso's reliable baseload geothermal-generated electricity to
customers.
"Southern California is a
strong market for the kind of clean, renewable power generated by
the Coso facility," said James
Suehr, CFO of Middle River Power. "With this financing in
place, Coso remains on track to continue delivering renewable
electric power to the region for many years to come."
"Geothermal is a valuable source of renewable power, especially
because of its unique ability to generate electricity around the
clock," said Mike Lorusso, managing
director and group head for CIT's Power and Energy business. " We
are proud to continue our relationship with Avenue Capital and
Middle River Power by arranging this financing for the Coso
project, and we look forward to continuing to support their
financing needs 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
View original content to download
multimedia:http://www.prnewswire.com/news-releases/cit-serves-as-coordinating-lead-arranger-for-323-million-geothermal-financing-301191384.html
SOURCE CIT Group Inc.