NEW YORK, July 13, 2021 /PRNewswire/ -- CIT Group
Inc. (NYSE: CIT) today announced that its Power and
Energy business served as lead arranger for $68.4 million in financing for the acquisition of
Crane Solar, a 150-megawatt solar farm located in Crane County, Texas, and an adjacent
25-megawatt battery development.
Starwood Energy Group Global LLC ("Starwood Energy"), a leading
private investment firm focused on energy infrastructure, acquired
the Crane Solar assets from Consolidated Edison Development Inc.
with the financing provided by CIT. Electricity generated by Crane
Solar is fully contracted through a purchase power agreement with
Vistra Corporation, with approximately 11 years of contract life
remaining.
"We worked closely with Starwood Energy to understand their
goals for this important acquisition and to come up with the
financing arrangements to meet their needs," said Mike Lorusso, managing director and group head
for CIT's Power and Energy business. "We look forward to the
opportunity to support their future growth as they continue to
build their portfolio of renewable energy assets."
CIT consistently ranks among the nation's top lenders for
renewable energy projects, as reported by market research firm
Inframation, an Acuris 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.
In connection with the financing, CIT is providing a package of
cash management and capital markets services.
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.