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CIT Leads $126MM Financing for 108-Megawatt Solar Project in North Carolina

July 17, 2020, 08:55 AM
Filed Under: Energy

CIT Group Inc. announced that its Power and Energy unit served as lead arranger on a $126 million financing for the 108-megawatt (MW) direct current Trent River Solar project in Pollocksville, NC.

The financing was arranged on behalf of solar project developer Pine Gate Renewables, a utility-scale solar developer headquartered in Asheville, NC. The company operates more than 400 MW of renewable energy projects and has an additional 4 gigawatts of projects in different stages of development throughout the country.

The Trent River Solar project will sell power to Duke Energy Progress under a 20-year power purchase agreement. In leading this financing, CIT extends its track record as one of the top renewable energy lenders nationwide, according to market research firm Inframation, an Acuris company.

“We're excited about this new project that was developed with Silver Pine Energy Holdings in our home state of North Carolina as it continues our mission to grow renewable energy nationwide,” said Ben Catt, CEO of Pine Gate. “After the successful launch of our largest solar partnership last year in South Carolina with Bowman Solar LLC, we are pleased to again leverage the agility and expertise of CIT in arranging the financing to help the Trent River project move forward. Ultimately, this means more clean energy for the planet and more jobs for the local community.”

“We are proud to expand our growing relationship with Pine Gate Renewables by arranging this financing,” said Mike Lorusso, Managing Director and Group Head for CIT's Power and Energy business. “Pine Gate is a recognized leader in the field of utility-scale solar and we look forward to continuing to support their project financings in the future.”

In connection with the financing, CIT is providing a package of cash management and capital markets services.

Power and Energy is part of CIT's Commercial Finance division.

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