CIT Serves as Lead Arranger of $50.5 Million Financing for New York State Solar Portfolio

Rhea-AI Summary

CIT, a division of First Citizens Bank, has arranged $50.5 million in financing for the construction of Amp Energy's NY3 community solar project in New York State. This portfolio includes six solar projects with a total generation capacity of 34 megawatts, set to begin operations in Q1 2022. The energy produced is fully contracted for sale to local consumers. CIT's Power and Energy division remains a key player in renewable energy financing, having previously supported Amp with the AMP NY2 project.

Positive

• CIT arranged $50.5 million financing for community solar projects.
• Projects expected to generate 34 megawatts of capacity.
• Energy fully contracted for local businesses and consumers.
• CIT recognized as a leading lender in renewable energy financing.

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• None.

NEW YORK, Jan. 19, 2022 /PRNewswire/ -- CIT, a division of First Citizens Bank, today announced that its Power and Energy business served as lead arranger of $50.5 million in financing for construction of Amp's NY3 assets, a planned portfolio of new community solar installations in New York State.

CIT arranged the financing on behalf of a subsidiary of Amp Energy, a leading global developer of clean energy infrastructure. NY3 consists of six solar projects located throughout central New York State.

Taken together, they will comprise a total of 34 megawatts of generation capacity. Commercial operation is expected to begin in the first quarter of 2022. Energy generated by the project is fully contracted for sale to area businesses and consumers.

Amp is a leading global energy transition platform. Founded in 2009 and headquartered in Toronto, Canada, with global operations throughout North America, Australia, Japan, Spain, Czech Republic, and the UK, Amp has acquired or developed more than 6 gigawatts of renewable power generation since its inception.

Earlier this year, CIT supported Amp Energy as the sole lead arranger of financing for the AMP NY2 community solar and battery storage portfolio. That project represented 40 megawatts of solar generation capacity across five sites, with three sites having battery storage capabilities of 9 megawatts each.

"This new portfolio of solar power assets continues our investment in NY community solar, creating jobs and supporting economic development while also responding to growing consumer demand for clean, renewable power generation," said Jared Donald, EVP and Head of USA for Amp. "We were pleased to again leverage CIT's industry knowledge and experience to finance this project."

"Amp is recognized industry-wide for its development and operation of top-tier renewable power generation projects," 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 clean 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.

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

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SOURCE CIT, a division of First Citizens Bank

FAQ

What financing did CIT arrange for Amp Energy's solar projects?

CIT arranged $50.5 million in financing for Amp Energy's NY3 community solar projects in New York.

How much generation capacity is included in the NY3 solar project?

The NY3 solar project consists of six projects with a total capacity of 34 megawatts.

When is the commercial operation of the NY3 solar projects expected to begin?

Commercial operations for the NY3 solar projects are expected to start in the first quarter of 2022.

Is the energy generated by NY3 solar projects contracted?

Yes, the energy produced by the NY3 projects is fully contracted for sale to local businesses and consumers.

How does CIT rank in renewable energy project financing?

CIT consistently ranks among the top lenders for renewable energy projects in the U.S.