CIT Serves as Coordinating Lead Arranger for $210 Million Financing for Brazoria West Solar Project in Texas
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.
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SOURCE CIT Group Inc.