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CIT arranges $185M financing for community solar portfolio

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CIT Group’s Power and Energy business has served as lead arranger for approximately $185 million in financing for a 66-megawatt portfolio of community solar projects.

The financing was arranged on behalf of Clearway Energy Group, one of the largest developers and operators of clean energy generation facilities in the U.S.

The portfolio comprises 19 separate projects totaling 66 megawatts of solar generation capacity in Massachusetts, Illinois, and New York State.

Earlier this year, CIT had also served as lead arranger on approximately $200 million in financing for another Clearway portfolio of 21 community solar projects encompassing 76 megawatts of generation capacity in Illinois, Massachusetts, Minnesota and New York State.

“We are proud to continue advancing the development of community solar projects, which are key contributors to the growth of renewable power generation in the United States. CIT’s expertise in solar project finance has been helpful and we were pleased to work with them yet again on this latest transaction.”

Steve Ryder, chief financial officer at Clearway Energy Group.

“This is the latest of several financings we have helped arrange for Clearway Energy Group. We are pleased to work with Clearway again and utilize our financing expertise to help further the steady progress of solar power generation nationwide.”

Mike Lorusso, managing director and group head for CIT’s Power and Energy business.
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