CIT Leads $126 Million Financing for 108-Megawatt Solar Project in North Carolina

Rhea-AI Summary

CIT Group Inc. (NYSE: CIT) announced it arranged $126 million financing for the 108 MW Trent River Solar project in Pollocksville, North Carolina. This financing supports solar project developer Pine Gate Renewables, which operates over 400 MW of renewable energy projects and has additional 4 GW in development. The project will sell power to Duke Energy Progress under a 20-year agreement. CIT aims to enhance its presence in renewable energy lending and will provide cash management and capital markets services.

Positive

• Arranged $126 million financing for the Trent River Solar project.
• CIT continues to establish itself as a leading renewable energy lender.
• The project will contribute to clean energy production and job creation in the local community.

Negative

• None.

NEW YORK, July 16, 2020 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Power and Energy unit served as lead arranger on a $126 million financing for the 108-megawatt (MW) direct current Trent River Solar project in Pollocksville, North Carolina.

The financing was arranged on behalf of solar project developer Pine Gate Renewables, a leading utility-scale solar developer headquartered in Asheville, North Carolina. The company currently operates more than 400 MW of renewable energy projects and has an additional 4 gigawatts of projects in different stages of development throughout the country.

The Trent River Solar project will sell power to Duke Energy Progress under a 20-year power purchase agreement. In leading this financing, CIT extends its track record as one of the top renewable energy lenders nationwide, according to market research firm Inframation, an Acuris company.

"We're excited about this new project that was developed with Silver Pine Energy Holdings in our home state of North Carolina as it continues our mission to grow renewable energy nationwide," said Ben Catt, CEO of Pine Gate. "After the successful launch of our largest solar partnership last year in South Carolina with Bowman Solar LLC, we are pleased to again leverage the agility and expertise of CIT in arranging the financing to help the Trent River project move forward. Ultimately, this means more clean energy for the planet and more jobs for the local community."

"We are proud to expand our growing relationship with Pine Gate Renewables by arranging this financing," said Mike Lorusso, managing director and group head for CIT's Power and Energy business. "Pine Gate is a recognized leader in the field of utility-scale solar and we look forward to continuing to support their project financings in the future."

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.

About Pine Gate Renewables
Pine Gate Renewables is a leader in the solar industry and an innovator in the movement for clean energy solutions that improve the planet. Headquartered in the second largest solar-producing state in the country, the company develops, finances, constructs, owns and operates utility-scale solar farms in 14 states and counting from its offices in Charlotte and Asheville, NC, and Jacksonville Beach, FL. Its mission is to provide locally-generated renewable solar power for communities nationwide through land origination, project development and environmental preservation. Named #6 on Inc. 500's list of "Fastest Growing Energy Companies" in 2018, Pine Gate Renewables is blazing a trail to "Get Solar Done." For more information, visit www.pgrenewables.com.

MEDIA RELATIONS: 
John M. Moran
212-461-5507
john.moran@cit.com

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SOURCE CIT Group Inc.

FAQ

What is the financing amount CIT arranged for the Trent River Solar project?

CIT arranged $126 million in financing for the Trent River Solar project.

Where is the Trent River Solar project located?

The Trent River Solar project is located in Pollocksville, North Carolina.

Who is the developer of the Trent River Solar project?

The developer of the Trent River Solar project is Pine Gate Renewables.

What is the power purchase agreement duration for the Trent River Solar project?

The Trent River Solar project has a 20-year power purchase agreement with Duke Energy Progress.

How much renewable energy does Pine Gate Renewables currently operate?

Pine Gate Renewables currently operates over 400 MW of renewable energy projects.