CIT Leads $69 Million Financing for Solar Portfolio

Rhea-AI Summary

CIT Group Inc. (NYSE: CIT) announced a $69 million financing for a portfolio of solar facilities operated by Strata Solar LLC. The financing supports 23 solar assets, primarily in North Carolina, with a combined capacity exceeding 130 megawatts. This initiative is part of CIT's commitment to renewable energy, solidifying its position as a leading lender in the sector. The solar output is secured by purchase agreements, ensuring consistent demand for the renewable energy produced. CIT has been recognized as a top lender for renewable projects, reaffirming its expertise in the energy financing market.

Positive

• Secured $69 million financing for a solar portfolio, enhancing renewable energy investment.
• Portfolio includes 23 solar assets with over 130 megawatts capacity, ensuring significant production capabilities.
• CIT recognized as a top lender for renewable energy projects by Inframation.
• Engagement with a reputable partner, Strata Solar, known for excellence in solar power development.

Negative

• None.

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.

FAQ

What financing did CIT announce on January 13, 2021?

CIT announced a $69 million financing for a solar portfolio owned by Strata Solar LLC.

How many solar assets are included in CIT's financing?

The financing includes 23 operating solar assets.

What is the combined capacity of the solar facilities financed by CIT?

The combined capacity of the solar facilities is over 130 megawatts.

Where are the solar facilities financed by CIT located?

A majority of the solar facilities are located in North Carolina.

Why is CIT's financing significant for renewable energy?

It supports the development of clean energy and solidifies CIT's role as a leading lender in renewable projects.