CIT Arranges $714 Million for Thermal Generation Assets in California

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CIT, a division of First Citizens Bank, announced its role as coordinating lead arranger for $714 million in financing for a portfolio of thermal generation assets in California. The funds will refinance a 1.8-gigawatt portfolio managed by Middle River Power, consisting of gas-fired peaking and combined cycle plants. This move aims to support economic growth and energy infrastructure in California. CIT's Power and Energy business focuses on comprehensive financing solutions across renewable and conventional sectors, with First Citizens being a top 20 U.S. financial institution.

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• Arranged $714 million financing to refinance a 1.8-gigawatt energy portfolio, enhancing energy infrastructure in California.

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NEW YORK, May 11, 2022 /PRNewswire/ -- CIT, a division of First Citizens Bank, today announced that its Power and Energy business served as coordinating lead arranger on $714 million in financing for a portfolio of thermal generation assets in California.

The proceeds were used to refinance a 1.8-gigawatt portfolio owned by subsidiaries of the Avenue Capital Group and managed by Middle River Power. Assets within the portfolio consist of eight gas-fired peaking plants and two gas-fired combined cycle power plants located near metropolitan centers across California.

Middle River Power is a private equity-sponsored asset management platform focused on U.S. power generation assets. Their assets under management or in development include over 3,000 megawatts of natural gas, coal, geothermal and solar power generation facilities in California, Maryland, Virginia and West Virginia.

"Middle River Power's robust and reliable energy infrastructure is a critical component of economic security and growth across California," said Mike Lorusso, managing director and group head for CIT's Power and Energy business. "We were pleased to collaborate with them to support their financing needs on this portfolio."

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 division of First Citizens Bank, the largest family-controlled bank in the United States, continuing a unique legacy of strength, stability and long-term thinking that has spanned generations. Parent company, First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $100 billion in assets. The company's commercial banking segment brings a wide array of best-in-class lending, leasing and banking services to middle-market companies and small businesses from coast to coast. First Citizens also operates a nationwide direct bank and a network of more than 600 branches in 22 states, many in high-growth markets. Industry specialists bring a depth of expertise that helps businesses and individuals meet their specific goals at every stage of their financial journey. Discover more at cit.com/firstcitizens.

MEDIA RELATIONS:
Lexa Tutela
212-461-5305
Lexa.Tutela@firstcitizens.com

 

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SOURCE CIT, a division of First Citizens Bank

FAQ

What was the $714 million financing for by CIT announced on May 11, 2022?

The $714 million financing was arranged to refinance a 1.8-gigawatt portfolio of thermal generation assets in California.

Which company managed the thermal generation assets financed by CIT?

The thermal generation assets are managed by Middle River Power, owned by subsidiaries of Avenue Capital Group.

What types of power plants are included in the financed portfolio?

The portfolio includes eight gas-fired peaking plants and two gas-fired combined cycle power plants.

What is the significance of the financing arranged by CIT for California?

The financing supports economic security and growth in California through reliable energy infrastructure.

What does CIT's Power and Energy business focus on?

CIT's Power and Energy business focuses on providing comprehensive financing solutions for both renewable and conventional power generation.