CIT Leads $217 Mn Financing for 200 MW Solar Project in Ohio

The CIT group’s Power and Energy unit served as lead arranger on a USD 217 million financing for the 200 MW Hillcrest solar PV project in Brown County, Ohio

The CIT group has announced that its Power and Energy unit served as lead arranger on a USD 217 million financing for the 200-megawatt (MW) Hillcrest solar photovoltaic project in Brown County, Ohio.

The financing was arranged on behalf of Innergex Renewable Energy, a Canada-based independent renewable power producer that develops, acquires, owns and operates hydroelectric facilities, wind farms and solar farms. Innergex’s portfolio includes 68 operating renewable energy facilities with an aggregate net installed capacity of 2,588 MW.

“Securing Hillcrest’s financing is an important step forward, and we are very pleased with the agreement we have reached,” said Michel Letellier, President and Chief Executive Officer of Innergex. “We greatly appreciated CIT’s agility and expertise in arranging this financing and ability to deliver despite the current circumstances.”

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.

“We are very pleased to again support Innergex as it continues to expand its portfolio of renewable energy projects,” said Mike Lorusso, managing director and group head for CIT’s Power and Energy business. “Innergex is making major strides in advancing the growth of renewable power and CIT is proud to play a role in facilitating that growth.”

Recently, SunPower Corp had announced that a new USD 1 billion partnership with Technology Credit Union (Tech CU) will increase financing options for qualified US residential solar customers. The new partnership will give SunPower access to capital for its loan program.

In April, Global renewable energy developer, service provider and distributor BayWa r.e. had announced that it has secured tax equity and construction financing for its Fern Solar project in Edgecombe County, North Carolina. Construction of the 133.6 MW solar farm is already underway and is due for completion in the summer of 2020, with full commissioning anticipated in H2 2020.