NEW YORK, Dec. 2, 2021 /PRNewswire/ -- CIT Group
Inc. (NYSE: CIT) today announced that its Power and
Energy business led the refinancing of a $69 million portfolio of solar facilities owned
and operated by Strata Clean Energy LLC, a leading integrated solar
and storage energy service provider based in North Carolina.
The portfolio consists of 21 operating solar assets located
throughout North Carolina and
totaling more than 130 megawatts of generation capacity. Output
from the solar assets is covered by purchase agreements that ensure
steady market demand for the renewable power they generate.
"Financing this portfolio is another demonstration of how CIT is
continuing to support Strata's ongoing growth," said Jimmy Chuang, Chief Financial Officer of Strata
Clean Energy. "Once again, we appreciated their industry knowledge,
expertise and agility in funding these renewable power assets."
"Strata Clean Energy continues to grow its reputation for
excellence in solar power development," said Mike Lorusso, managing director and group head
of CIT's Power and Energy business. "CIT is proud to play a
role in supporting Strata with financing to advance its business
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 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 Strata Clean Energy
Strata Clean Energy, LLC and its affiliates (collectively "Strata")
are a vertically integrated solar and storage development,
engineering, procurement, construction, and operation &
maintenance company. Strata has deep utility experience with more
than 170 projects in operation, nearly 8 gigawatts of PV and 25GWh
of standalone storage in development and over 3.5GW under
management across the United
States. Strata's end-to-end services reduce risk, increase
efficiency, and maximize cost-competitiveness for our
customers.
MEDIA RELATIONS:
John M.
Moran
212-461-5507
john.moran@cit.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/cit-leads-refinancing-of-69-million-strata-clean-energy-portfolio-301436157.html
SOURCE CIT Group Inc.