CIT Serves As Sole Lead Arranger on Nearly $36 Million Financing for Nordic Solar
Financing will support operation of community solar projects in Minnesota
NEW YORK: CIT Group Inc. (NYSE: CIT), a leading provider of commercial lending and leasing services, today announced that its Commercial Finance division’s Energy Finance unit served as sole lead arranger and administrative agent for about $36 million in financing for Nordic Solar LLC, a developer and owner of solar energy facilities.
The financing supports the operation of a newly constructed portfolio of nine community solar garden projects in Minnesota comprising nearly 60 megawatts of capacity. The transaction represents CIT’s first financing agreement on a community solar project.
“We were pleased to lead this transaction on behalf of Nordic Solar as renewable power projects continue to gain traction as a viable alternative to conventional power generation,” said Mike Lorusso, managing director of CIT’s Energy Finance business. “CIT has been very active in financing solar and wind projects, which contribute to economic development and sustainability efforts.”
CIT’s Energy Finance unit leverages its deep industry knowledge and expertise to offer comprehensive financing solutions for renewable and conventional power generation.
Founded in 1908, CIT (NYSE: CIT) is a financial holding company with approximately $50 billion in assets as of Dec. 31, 2017. Its principal bank subsidiary, CIT Bank, N.A., (Member FDIC, Equal Housing Lender) has approximately $30 billion of deposits and more than $40 billion of assets. CIT provides financing, leasing, and advisory services principally to middle-market companies and small businesses across a wide variety of industries. It also offers products and services to consumers through its Internet bank franchise and a network of retail branches in Southern California, operating as OneWest Bank, a division of CIT Bank, N.A. For more information, visit cit.com and follow us on Twitter, LinkedIn, YouTube and Facebook.