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CIT Co-Lead Arranger on $93.3MM Battery Storage Portfolio

February 12, 2021, 07:10 AM
Filed Under: Energy

CIT Group Inc. announced its Power and Energy business served as a co-lead arranger on a $93.3 million financing for a portfolio of six battery energy storage systems located in Texas.

The battery energy storage systems (BESS) are owned by Key Capture Energy LLC, a leading developer, owner and operator of BESS projects in the United States, with an overall development pipeline of more than 2.5 gigawatts in New York, Texas and New England. Key Capture Energy is a portfolio company of sustainable real asset firm Vision Ridge Partners.

Together, the six BESS projects represent a total of 230 megawatts of energy storage capacity. Three of the six projects are operational and completion of the remainder is expected by the end of the year.

“Our latest BESS projects represent a significant addition to the utility-scale battery storage capacity in Texas,” said Ann Anthony, CFO and Secretary of Key Capture Energy. “We appreciated CIT's expertise and agility in understanding our projects and helping arrange this innovative financing package."

“Battery storage is an increasingly important contributor to the growth of clean energy across the U.S.,” said Mike Lorusso, Managing Director and Group Head of CIT’s Power and Energy business. “We are pleased to work closely with Key Capture Energy to help meet their financing objectives.”

CIT consistently ranks among the nation's top lenders for renewable energy projects, as reported by market research firm Inframation, an Acruis company. CIT also was recognized in 2020 as Renewable Energy Lead Arranger of the Year by Power Finance & Risk, a top energy industry trade publication.

Power and Energy is part of CIT's Commercial Finance division.

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