NEW YORK, Nov. 29, 2021 /PRNewswire/ -- CIT Group
Inc. (NYSE: CIT) today announced that its Power and
Energy business served as coordinating lead arranger on nearly
$210 million in financing for a solar
project in Brazoria County,
Texas.
Located in the Greater Houston
power market Brazoria West Solar Project is a utility-scale solar
project with 260 megawatts of direct current generation capacity.
Construction is underway, with commercial operation planned for
2022.
The project was developed by Savion, an affiliate of Macquarie's
Green Investment Group, a leading developer and owner of renewable
projects with a pipeline exceeding 20 gigawatts globally.
Immediately upon closing, the project was sold to and the debt
assumed by S&B US Energy Inc., subsidiary of Shikun & Binui
Ltd., a global Israeli infrastructure and real estate company.
S&B US Energy will take over the development from closing
through commercial operations.
"Brazoria West Solar Project is an exciting opportunity to help
support the growing demand for solar power in the Houston area while also contributing to the
region's economic development," said Nick
Lincon, Savion president. "The Savion team is pleased to
have played a key role in making this project possible."
"We appreciated CIT's expertise in developing the financing for
this project as we continue to expand our renewable power portfolio
in the U.S.," said Kevin Yaich,
President of S&B US Energy Inc.
"Reaching financial close with our financing partners on this
valuable asset is a key milestone of our continuing growth in the
U.S.," said Jeremie Debomy,
Executive Vice-President of M&A for S&B US Energy Inc.
"Savion and the Green Investment Group are renowned for their
expertise in the power generation space and we are pleased to
collaborate with them to support their financing needs on this
project," said Mike Lorusso,
managing director and group head for CIT's Power and
Energy business. "We are equally excited to help Shikun &
Binui establish a foothold in the U.S. power and infrastructure
markets as they continue to grow their portfolio here."
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.
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.
MEDIA RELATIONS:
John M.
Moran
212-461-5507
john.moran@cit.com
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SOURCE CIT Group Inc.