CIT Arranges $85 Mn Financing for 80 MW Solar Project in Colorado

Financial holding company CIT Group through its Power and Energy unit has arranged USD 85 million financings for an 80 MW Pioneer Solar project located in Colorado.

CIT further served as sole lead arranger for financing on behalf of project sponsor Idemitsu Renewables, a leading solar project developer that has successfully built and sold hundreds of MWs of utility-scale solar power since 2015. Idemitsu Renewables was formerly known as Solar Frontier Americas.

Commenting on the financing deal, Mike Lorusso, managing director and group head for CIT’s Power and Energy business, said that “as one of the leading banks financing renewable energy, we are excited to support Idemitsu Renewables in arranging to finance for this important new project that supports the growth of solar power in Colorado.”

According to the agreement, this project will sell power to Intermountain Rural Electric Association (IREA), a nonprofit electric distribution cooperative in Colorado. With respect to the financing, CIT is providing a package of cash management and capital market services.

“This project represents a significant addition of renewable power to the Greater Denver area. We were pleased to leverage the agility and expertise of CIT, which is well-recognized for its capabilities in arranging to finance for solar projects across the US,” said Cary Vandenberg of Idemitsu Renewables.

Meanwhile, the Power and Energy business is part of CIT’s Commercial Finance division and leverages its deep industry knowledge and expertise to offer comprehensive financing solutions for renewable and conventional power generation. It manages a large, diverse portfolio that includes investments in all asset classes across the energy sector.

Earlier, CIT Group’s Power and Energy arm arranged about USD 200 million financings for a 76 MW portfolio of community solar projects. It had arranged the financing on behalf of Clearway Energy Group, one of the leading developers and operators of clean energy generation facilities in the United States.

This community solar projects portfolio spread across twenty-one projects located in 4 states Illinois, Massachusetts, Minnesota and New York.