CIT Leads Financing for 108 MW Solar Project in North Carolina

The CIT Group’s Power and Energy unit served as lead arranger on a USD 126 million financing for the 108 MW Trent River Solar project in North Carolina.

The CIT Group has announced that its Power and Energy unit served as lead arranger on a USD 126 million financing for the 108 MWdc Trent River solar project in Pollocksville, North Carolina.

The financing was arranged on behalf of solar project developer Pine Gate Renewables, a leading utility-scale solar developer headquartered in Asheville, North Carolina. The company currently operates more than 400 MW of renewable energy projects and has an additional 4 gigawatts of projects in different stages of development throughout the country.

The project will sell power to Duke Energy Progress under a 20-year power purchase agreement (PPA). In leading this financing, CIT extends its track record as one of the top renewable energy lenders nationwide, according to market research firm Inframation, an Acuris company.

“We’re excited about this new project that was developed with Silver Pine Energy Holdings in our home state of North Carolina as it continues our mission to grow renewable energy nationwide,” said Ben Catt, CEO of Pine Gate. “After the successful launch of our largest solar partnership last year in South Carolina with Bowman Solar LLC, we are pleased to again leverage the agility and expertise of CIT in arranging the financing to help the Trent River project move forward. Ultimately, this means more clean energy for the planet and more jobs for the local community.”

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. In connection with the financing, CIT will be providing a package of cash management and capital markets services as well.

“We are proud to expand our growing relationship with Pine Gate Renewables by arranging this financing,” said Mike Lorusso, managing director and group head for CIT’s Power and Energy business. “Pine Gate is a recognized leader in the field of utility-scale solar and we look forward to continuing to support their project financings in the future.”

In June, we had reported that the firm had arranged USD 85 million financings for an 80 MW Pioneer Solar project located in Colorado. CIT served as sole lead arranger for financing on behalf of project sponsor Idemitsu Renewables.

In May, the firm had reported 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.