CIT Group Inc. announced that its Power and Energy unit served as lead arranger on a $217 million financing for the 200-megawatt Hillcrest solar photovoltaic project in Brown County, Ohio.
The financing was arranged on behalf of Innergex Renewable Energy Inc., a Canada-based independent renewable power producer that develops, acquires, owns and operates hydroelectric facilities, wind farms and solar farms. Innergex’s portfolio includes 68 operating renewable energy facilities with an aggregate net installed capacity of 2,588 megawatts.
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.
“Securing Hillcrest’s financing is an important step forward, and we are very pleased with the agreement we have reached,” said Michel Letellier, President and Chief Executive Officer of Innergex. “We greatly appreciated CIT’s agility and expertise in arranging this financing and ability to deliver despite the current circumstances.”
“We are very pleased to again support Innergex as it continues to expand its portfolio of renewable energy projects,” said Mike Lorusso, managing director and group head for CIT’s Power and Energy business. “Innergex is making major strides in advancing the growth of renewable power and CIT is proud to play a role in facilitating that growth.”
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.
CIT is a leading national bank focused on empowering businesses and personal savers with the financial agility to navigate their goals. CIT Group Inc. is a financial holding company with over a century of experience and operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC, Equal Housing Lender). The company’s commercial banking segment includes commercial financing, community association banking, middle market banking, equipment and vendor financing, factoring, railcar financing, treasury and payments services, and capital markets and asset management. CIT’s consumer banking segment includes a national direct bank and regional branch network.