NEW YORK, Jan. 13, 2021 /PRNewswire/ -- CIT Group
Inc. (NYSE: CIT) today announced that its Power and
Energy business led a $69
million financing for a portfolio of solar facilities owned
and operated by Strata Solar LLC, a leading integrated solar
and storage energy service provider based in North Carolina.
The 23 operating solar assets in the portfolio, a majority of
which are located in North
Carolina, have a combined capacity of more than 130
megawatts. Output from the solar assets is covered by purchase
agreements that ensure a steady demand for the renewable power they
generate.
"Solar power is an increasingly important source of clean,
renewable energy," said Jimmy
Chuang, Chief Capital Markets Officer of Strata Solar. "We
appreciated CIT's expertise and agility in arranging financing for
this portfolio of solar facilities."
"Strata Solar has a well-earned reputation for excellence in
solar power development, and we are pleased to support their
continuing efforts with this latest financing," said Mike Lorusso, managing director and group head
of 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. CIT also was recognized as
Renewable Energy Lead Arranger of the Year in 2020 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 Strata Solar
Strata Solar is a leading provider
of utility-scale solar and battery-energy-storage systems. The
company's integrated approach, which includes development,
financing, engineering, procurement, construction, and operations
and maintenance, allows Strata to consistently develop and build
highly profitable, clean-energy projects for clients with long-term
ownership in mind.
MEDIA RELATIONS:
John M.
Moran
212-461-5507
john.moran@cit.com
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SOURCE CIT Group Inc.