CIT Group’s Power and Energy unit has served as lead arranger, on behalf of Pine Gate Renewables, on a $126 million financing for the 108-megawatt (MW) direct current Trent River Solar project in Pollocksville, North Carolina.
The Trent River Solar project will sell power to Duke Energy Progress under a 20-year power purchase agreement.
“We’re excited about this new project that was developed with Silver Pine Energy in our home state of North Carolina as it continues our mission to grow renewable energy nationwide. After the successful launch of our largest solar partnership last year in South Carolina with Bowman Solar, 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.”Ben Catt, CEO of Pine Gate.
“We are proud to expand our growing relationship with Pine Gate Renewables by arranging this financing. 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.”Mike Lorusso, managing director and group head for CIT’s Power and Energy business.
In connection with the financing, CIT is providing a package of cash management and capital markets services.