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CIT Arranges $419MM in Financing for Broad River Power Facility in SC
Friday, November 18, 2022

Lenders/Participants CIT Power & Energy [Lead Arranger]
Structure Term Loan; Letters of Credit; Working Capital Facility
Amount $419.000 Million
Borrower(s) Onward Energy Inc.
Description Financing for acquisition of the Broad River power generation facility in Gaffney, South Carolina. Onward Energy Inc. is acquiring the five-unit, 860-megawatt simple-cycle peaking power plant, which is fully contracted under a long-term power purchase tolling agreement with Duke Energy Progress Inc. The financing package included a term loan, letters of credit and a working capital facility.
Industry Energy
Location SC
Related Tags CIT First Citizens, CIT Power & Energy