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CIT Serves as Coordinating Lead Arranger for $151MM Solar Project Financing

October 30, 2020, 08:10 AM
Filed Under: Energy

CIT Group announced that its Power and Energy business served as coordinating lead arranger on a $151 million financing for the 250-megawatt Galloway I solar farm planned for Concho County, Texas.

The financing was arranged on behalf of Skyline Renewables and 8minute Solar Energy (8minute), which will continue to jointly oversee development and construction of the project. Galloway I was acquired by Skyline Renewables, an experienced renewables company backed by the infrastructure team at Ardian, a world-leading private investment house.

The project is supported in part by a power purchase agreement with a major energy marketer and a fixed-shape hedge with Morgan Stanley Capital Group. CIT led a group of four other lenders in arranging the financing, with Morgan Stanley Renewables serving as tax equity investor.

“We’re very pleased to be adding such a robust solar project in the dynamic Texas energy market,” said Martin Mugica, Skyline Renewables President & CEO. “This latest project marks another important step forward to becoming a leading North American clean independent energy company.”

“Market demand remains strong for renewable power generated by projects like the Galloway solar farm,” said Dr. Tom Buttgenbach, Founder and CEO of 8minute. “We greatly appreciated the expertise of CIT's Power and Energy team in leading the financing for this exciting new project.”

“8minute and Skyline are well known for developing and operating successful utility-scale renewable projects, and we are pleased to work with them to arrange financing for Galloway I,” said Mike Lorusso, managing director and group head for CIT’s Power and Energy business.

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