NEW YORK, June 24, 2020 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Power and Energy unit served as sole lead arranger on an $85 million financing for the 80-megawatt Pioneer Solar project near Denver, Colorado.
The financing was arranged on behalf of project sponsor Idemitsu Renewables (formerly Solar Frontier Americas), a leading solar project developer that has successfully built and sold hundreds of megawatts of utility-scale solar power since 2015. The project will sell power to Intermountain Rural Electric Association (IREA), a nonprofit electric distribution cooperative based in Sedalia, Colorado.
"This project represents a significant addition of renewable power to the Greater Denver area," said Cary Vandenberg of Idemitsu Renewables. "We were pleased to leverage the agility and expertise of CIT, which is well-recognized for its capabilities in arranging financing for solar projects across the U.S."
"As one of the leading banks financing renewable energy, we are excited to support Idemitsu Renewables in arranging financing for this important new project that supports the growth of solar power in Colorado," said Mike Lorusso, managing director and group head for CIT's Power and Energy business.
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.