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CIT Leads $118.5MM Financing for North Carolina Solar Project

July 08, 2020, 07:09 AM
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CIT Group Inc. announced its Power and Energy business served as lead arranger on a $118.5 million financing for the utility-scale Harts Mill Solar project in Edgecombe County, NC.

The project is owned by Kayne Anderson Capital Advisors L.P., a leading alternative investment manager, and marks its first solar investment supplying the PJM Interconnection grid. Kayne has partnered with Birch Creek Development and Pine Gate Renewables, a successful utility-scale solar developer based in Asheville, NC. Pine Gate EPC will also be constructing the 112-megawatt facility.

In leading this financing, CIT extends its track record as one of the top renewable energy lenders nationwide, according to market research firm Inframation, an Acuris company.

“We are very pleased to have closed the Harts Mill financing, and greatly appreciate CIT’s expertise and agility in successfully leading this important financing,” said Jon Levinson, Managing Partner and co-head of Renewables at Kayne. “We look forward to continuing to execute on our robust pipeline of opportunities, particularly in U.S. solar.”

“CIT was pleased to work closely with Kayne Anderson and Pine Gate Renewables in arranging financing to bring this project to fruition,” said Mike Lorusso, Managing Director and Group Head for CIT’s Power and Energy business. “We are proud to play a role in supporting the continued expansion of renewable power throughout the U.S.”

In connection with the financing, CIT is providing a package of cash management and capital markets services.

Power and Energy, part of CIT's Commercial Finance division, leverages its deep industry knowledge and expertise to offer 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.

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