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CIT Leads Refinancing of $69MM Strata Clean Energy Portfolio

December 03, 2021, 07:45 AM
Filed Under: Energy

CIT Group's Power and Energy business led the refinancing of a $69 million portfolio of solar facilities owned and operated by Strata Clean Energy LLC, a leading integrated solar and storage energy service provider based in North Carolina.
The portfolio consists of 21 operating solar assets located throughout North Carolina and totaling more than 130 megawatts of generation capacity. Output from the solar assets is covered by purchase agreements that ensure steady market demand for the renewable power they generate.

"Financing this portfolio is another demonstration of how CIT is continuing to support Strata's ongoing growth," said Jimmy Chuang, Chief Financial Officer of Strata Clean Energy. "Once again, we appreciated their industry knowledge, expertise and agility in funding these renewable power assets."

"Strata Clean Energy continues to grow its reputation for excellence in solar power development," said Mike Lorusso, managing director and group head of CIT's Power and Energy business. "CIT is proud to play a role in supporting Strata with financing to advance its business objectives."

CIT consistently ranks among the nation's top lenders for renewable energy projects, as reported by market research firm Inframation, an Acruis 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.

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.

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