CIT Group Inc. says its power and energy unit served as sole lead arranger on $42.8 million in debt financing to assist NY Solar Farms, a 70 MW group solar portfolio situated in central and northeastern New York state.
The solar portfolio – one of many largest of its sort, comprising 10 initiatives throughout six totally different websites – is owned by True Green Capital‘s (TGC) third fund. Combined, TGC’s funds have roughly 400 MW of solar initiatives working and over 200 MW beneath development or in growth, together with an extra 80 MW of New York group solar initiatives.
Debt financing for the portfolio was additionally supplied by NY Green Bank, a state-sponsored monetary entity working to extend investments into New York’s clear energy markets.
“Community solar projects are an important pillar of New York’s clean energy strategy,” says Chris Kirkman, head of project finance at TGC. “The NY Solar Farms portfolio is another example of how solar projects can support local economies and power homes and businesses while reducing our reliance on fossil fuels.”
Power and energy, a part of CIT’s business finance division, makes use of its business data to supply financing options for renewable and standard power technology. The unit manages a big, numerous portfolio that features investments in all asset lessons throughout the energy sector.
True Green Capital is an energy infrastructure asset administration agency based mostly in Westport, Conn. TGC is at the moment targeted on the roughly $2 trillion distributed power technology market, with an emphasis on the sub-utility-scale solar power section.
Photo: CIT Group’s touchdown web page