CIT Group’s Power and Energy unit has served as sole lead arranger on a $162 million financing for the East Blackland solar project in Travis County, Texas.

The financing was negotiated on behalf of Recurrent Energy, a wholly owned subsidiary of Canadian Solar that serves as the U.S. project development arm of Canadian Solar.

Recurrent, an influential participant in the production of renewable energy, has already built more than 2,4 gigawatts of solar projects, and is planning a further 5 gigawatts.

East Blackland is a 144-megawatt (MW) alternating current solar plant, also known as the Pflugerville solar farm. Austin Power, a publicly owned utility supplying energy to the city of Austin, Texas, and surrounding areas, will purchase electricity generated by the project under a 15-year power purchase agreement.

“This solar project will provide the Austin region with another valuable source of clean, renewable power. In addition, the construction and operation of the project will contribute to the region’s economic growth. We are pleased to work with the CIT team on this financing and leverage their expertise and agility to move this project forward.”

Dr. Shawn Qu, chairman and CEO of Canadian Solar

“Recurrent Energy is well recognized as a top developer of renewable energy projects. We were pleased to work them on this financing and proud to play a continuing role in supporting the expansion of renewable power throughout the U.S.”

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