NEW YORK, Oct. 29, 2021 /PRNewswire/ -- CIT Group
Inc. (NYSE: CIT) today announced that its Power and
Energy business served as sole lead arranger for $67.8 million in financing for construction of
the new AMP NY2 community solar and storage portfolio.
CIT led the financing on behalf of Amp Energy, which is
developing a renewable energy portfolio consisting of five separate
solar power generation systems at four project sites located
throughout central New York
State.
Taken together, the portfolio represents about 40 megawatts of
solar generation capacity and includes three sites with battery
storage capabilities of about 9 megawatts each. On-site battery
storage is an increasingly common strategy for ensuring renewable
power is available at times of rising demand or low generation.
Amp is a leading global energy transition platform and renewable
energy developer. Founded in 2009, headquartered in Toronto, Canada with global operations
throughout North America,
Australia, Japan, Spain,
Czech Republic, and the UK, the
company has acquired or developed more than 6 gigawatts of
renewable power generation since its inception.
Renewable power generated by the AMP NY2 portfolio will be fully
contracted on completion by a mix of residential and commercial
customers.
New York Green Bank, a state-sponsored financial entity working
to increase investments into New
York's clean energy markets, is sharing in the debt
financing for the project.
"The AMP NY2 portfolio responds to the growing demand from
customers for increased renewable power generation and the
flexibility that the battery storage capacity can offer when paired
with Amp's proprietary disruptive grid-edge technology platform,
Amp X, utilizing its artificial intelligence expertise," said
Jared Donald, EVP, Head of
USA for Amp. "We appreciated CIT's
expertise and agility in arranging financing to move this project
forward showing confidence in Amp's technology platform to dispatch
the assets as planned."
"Amp is well known throughout the industry for its success and
expertise in developing top-tier renewable power generation
projects," said Mike Lorusso,
managing director and group head for CIT's Power and
Energy business. "We were pleased to work closely with them
and New York Green Bank to make this financing package a
reality."
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.
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.
About CIT
CIT is a leading national bank focused on
empowering businesses and personal savers with the financial
agility to navigate their goals. CIT Group Inc. (NYSE: CIT) 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.
Discover more at cit.com/about.
About Amp
Amp is a global energy transition platform.
We develop, own and operate clean energy assets throughout our core
markets around the world. Alongside Amp X, our disruptive grid-edge
technology platform utilizing proprietary artificial intelligence
expertise, we are reimagining the grid and leading the Energy
Transition. The company is headquartered in Toronto with global operations throughout
North America, Australia, Japan, Spain,
Czech Republic, and the UK.
Founded in 2009, Amp is a high-growth disruptor at scale, backed
by major investments from institutional capital partners including
most recently the Carlyle Group, which invested US$374 million into the company in late 2020.
MEDIA RELATIONS:
John M.
Moran
212-461-5507
john.moran@cit.com
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SOURCE CIT Group Inc.