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CIT Serves as Coordinating Lead Arranger for $200MM Illinois Solar Financing

May 28, 2021, 07:22 AM
Filed Under: Energy

CIT Group Inc. announced its Power and Energy business served as coordinating lead arranger for approximately $200 million in financing for the 149-megawatt Big River solar power project in White County, IL.

The project sponsor is D. E. Shaw Renewable Investments (DESRI), a provider of cost-effective renewable energy across North America. DESRI is part of the D. E. Shaw Group, a global investment and technology development firm with more than $55 billion in investment capital.

The project’s 149 megawatts of alternating current power are contracted under multiple purchase power agreements for most of the next two decades, reflecting continued solid demand for renewable power generation.

“Illinois electricity customers are seeing the value of clean, renewable power generation and we are proud to play a role in helping provide that resource,” said Thomas de Swardt, Chief Commercial Officer of DESRI. “In addition, solar energy projects like Big River support economic development, promote energy independence, create jobs and generate local tax revenue. We look forward to the successful completion of this project and to pursing new opportunities throughout the region.”

“We are proud to support financing for this project on behalf of DESRI, which is well-known across the U.S. and all of North America as one of the leading developers of renewable energy,” said Mike Lorusso, Managing Director and Group Head for CIT’s Power and Energy business. “This transaction extends our track record as a financing leader in renewable power generation.”

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

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

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