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CIT Leads $200MM in Financing for Clearway Solar Energy Portfolio

January 22, 2020, 07:20 AM

CIT Group Inc. announced its Power and Energy unit arranged approximately $200 million in financing for a 76-megawatt portfolio of community solar projects in four states.

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 consists of 76 megawatts of generation capacity across 21 projects located in Illinois, Massachusetts, Minnesota and New York State.

“Community solar projects are key contributors to the growth of clean energy generation in the U.S.,” said Steve Ryder, Chief Financial Officer at Clearway Energy Group. “We appreciated CIT’s expertise in financing this important milestone in our community solar business.”

“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. “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.”

CIT’s Power and Energy unit, part of CIT's Commercial Finance division, is among the leading arrangers of secured financing for U.S.-based renewable energy projects, according to data compiled by Inframation, an Acuris company.

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