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CIT Provides Financing to Silvercreek Solar Park

March 27, 2014, 06:00 AM
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CIT Canada announced that it has provided financing to Silvercreek Solar Park, Inc., which will utilize Ontario-made Canadian Solar modules for a ground-mounted utility-scale solar power plant in Elgin County.  This is Silvercreek’s first utility scale solar power project in Ontario and is being developed as part of the Ontario Power Authority (OPA) Feed-in Tariff contract. Financing was provided by CIT Financial Ltd., a CIT Group affiliate. Terms of the transaction were not disclosed. CIT Group is a U.S. bank holding company.

“CIT is pleased to provide this financing to Silvercreek, a firm that’s committed to the Ontario solar industry,” said Terry Parco, Managing Director, CIT Canada, Energy and Infrastructure. “This deal highlights our specialized renewable energy industry expertise and our ability to put our knowledge to work for our clients.”

Dave Moerman, President of Silvercreek Solar Park, said, “As a milestone for the community, this solar farm will cover approximately 88 acres of land and is expected to create more than 150 new jobs throughout the development and construction phase of the project. CIT’s team, led by Murray Eastwood brought their depth of industry knowledge to the transaction along with their expertise in project finance. We look forward to building this relationship.”

The 10.MW.AC solar power plant, which is located in Elgin County, south of the Town of Alymer, Ontario, is scheduled to be completed and connected to the Ontario grid in July 2014. It is projected to generate over 17,500,000 kilowatt-hours per year.  The Silvercreek solar power plant is powered by 48,384 Canadian Solar high performance CS6X modules. Once connected to the grid, the plant is expected to power approximately 1,699 houses annually and is expected to displace approximately 246,940 metric tons of carbon dioxide emissions over its 20-year operational period.  

CIT Canada provides lending, leasing and other financial and advisory services to the small business and middle market sectors, with a focus on specific industries: chemicals, communications, energy, entertainment, gaming, healthcare, industrials, public sector debt, information services and technology, restaurants, aerospace, retail, sports and media, and transportation and construction. It creates tailored equipment financing and leasing programs for manufacturers, distributors and product resellers across industries that are designed to help them increase sales. Through these programs, it provides equipment financing and value-added services.

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