CIT Secures $200 Mn for Clearway Solar Energy’s 76 MW Portfolio

Budget reactions

New York Headquartered bank holding company CIT Group’s Power and Energy arm arranged about USD 200 million financing for a 76 MW portfolio of community solar projects.

The company said that it has arranged the financing on behalf of Clearway Energy Group, one of the leading developers and operators of clean energy generation facilities in the United States.

This community solar projects portfolio spread across twenty one projects located in 4 states Illinois, Massachusetts, Minnesota and New York.

Commenting on the development, Steve Ryder, chief financial officer at Clearway Energy Group, said “community solar projects are key contributors to the growth of clean energy generation in the US.”

“We appreciated CIT’s expertise in financing this important milestone in our community solar business,” Ryder added.

CIT’s Power and Energy arm is one of the leading arrangers of secured financing for US-based renewable energy projects.

“Empowering customers with the financing needed to reach their goals is core to CIT,” said Mike Lorusso, managing director and group head for the power and energy business.

Lorusso further added that “this is the latest of several financings we have helped arrange for Clearway Energy Group and we are excited to work with them again to help advance the steady progress of solar power generation.”

Meanwhile, CIT is among leading national lenders focused on empowering businesses and personal savers with the financial agility to navigate their goals. It’s Power and Energy division offers 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.